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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-71-07 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, <br />CALIFORNIA APPROVING THE ISSUANCE OF NOT TO EXCEED <br />$17,000,000 AGGREGATE PRINCIPAL AMOUNT OF BONDS IN ONE OR <br />MORE SERIES ON A TAX-EXEMPT OR TAXABLE BASIS BY THE <br />COLTON PUBLIC FINANCING AUTHORITY, APPROVING AN <br />INSTALLMENT PURCHASE AGREEMENT, AN INDENTURE OF TRUST, A <br />CONTINUING DISCLOSURE AGREEMENT, AN ESCROW AGREEMENT <br />AND A BOND PURCHASE CONTRACT, AUTHORIZING THE DELIVERY <br />OF A PRELIMINARY OFFICIAL STATEMENT, AUTHORIZING THE <br />EXECUTION AND DELIVERY OF AN OFFICIAL STATEMENT, <br />APPROVING THE APPOINTMENT OF A TRUSTEE, AND AUTHORIZING <br />CERTAIN ACTIONS IN CONNECTION THEREWITH <br />WHEREAS, the City of Colton (the "City") and the Redevelopment Agency for <br />the City of Colton have heretofore entered into a Joint Exercise of Powers Agreement <br />establishing the Colton Public Financing Authority (the "Authority") for the purpose, among <br />others, of issuing the Authority's bonds to finance public capital improvements of the City; <br />and <br />WHEREAS, it has been proposed that the Authority assist the City in the <br />financing of the acquisition, construction and installation of a substation for the City's electric <br />system (the "Facilities"); and <br />WHEREAS, the City has heretofore executed and delivered an Installment <br />Sale Agreement, dated as of April 1, 1997 (the "1997 Installment Sale Agreement"), by and <br />between the City and the Financing Authority for Resource Efficiency of California under its <br />Capital Improvements Program, pursuant to which the City is obligated to make installment <br />payments in the aggregate principal amount of $19,985,000, of which $15,530,000 principal <br />amount is currently outstanding and unpaid; and <br />WHEREAS, in connection with the 1997 Installment Sale Agreement, the City, <br />pursuant to Resolution No. R-24-97 adopted by the City Council on March 18, 1997, <br />authorized and approved the execution and delivery of the Financing Authority for Resource <br />