1986 CC MIN SEP 02 - Laserfiche WebLink

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248 RECESS: The City Council recessed at 5:35 p. m., to conduct the business of the Redevelopment Agency for the City of Colton, and reconvened at 5:50 pe m. nnnAa /Ane Mr. Francis Baum, Legal Counsel, stated pursuant to the actions just taken by the Redevelopment Agency regarding the Cooley Ranch Redevel- opment Project No. 4, it would now be in order for the City Council to consider Resolution No. R-132-86, approving the issuance of Tax Alloca-. tion Bonds and Escrow Agreement. Mr. Baum advised that Resolution No. R-132-86 is in a draft form, with spaces provided in Section 3, regarding appointment of escrow holders. Mr. Baum stated as soon as the City has decided which bank they wish to go with, either First Interstate or Bank of America, Section 3 can be filled in and the resolution completed. Mr. Mike Whipple, M. F. Whipple & Company, Inc., spoke to the Council Members with regard to the assessment bonds and escrow holders, saying the City has worked with both banks, and he recommended that Staff be authorized to determine which bank would be used, based on the low cost, etc. After discussion, moved by Councilwoman Cisneros, seconded by Council- woman Garcia, to approve Resolution No. R-132-86, leaving the name of the escrow holder blank until final determination by Staff. Vote was unanimous. RESOLUTION NO. ADJOURNMENT: R-132-86 - RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON APPROVING THE ISSUANCE BY THE RE- DEVELOPMENT AGENCY FOR THE CITY OF ITS COOLEY RANCH REDEVELOPMENT PROJECT NO. 4 1986 TAR ALLOCATION BONDS AND A FORM OF ESCROW AGREE- MENT AND MAKING CERTAIN DETERMINATIONS RE- LATING THERETO. Moved by Councilwoman Cisneros, seconded by Councilman Rios and unani- mously passed, Mayor Huntoon adjourned the meeting at 6:00 p. m. a. 7?a- HELEN A. RAMOS, CMC City Clerk City of Colton Approved this 2nd day of Septanber, 1986. * * * * * * * * * * * * * * * * COUNCIL MEETING SEPTEMBER 2, 1986 A Regular Meeting of the City Council of the City of Colton was held on the above given date at 7:30 p. m., in the Council Chambers of City Hall, Mayor Huntoon presiding. Mayor Huntoon led the group in the Pledge of Allegiance to the Flag. Invocation was offered by Councilman Leroy Rehrer. ROLL CALL: Council Members present were Rios, Cisneros, Rehrer, Garcia, and Mayor Huntoon. Also present were City Manager Benest, City Attorney Edwards, and City Clerk Ramos. CONSENT CALENDAR: SEP 2 3 i (1) Minutes August 19, 1986r August 21, 1986 I j_1