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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-93-13 <br />RESOLUTION NO. CHA-05-13 <br />A JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON AND THE COLTON HOUSING AUTHORITY APPROVING AND <br />AUTHORIZING THE REDEMPTION OF THE OUTSTANDING PRINCIPAL <br />AMOUNT FOR REASSESSMENT DISTRICT BONDS 00-1 ("RAD 00-1") <br />WITHIN RANCHO MEDITERRANIA MOBILE HOME PARK ESTATES; <br />AND CREATING A BUDGET APPROPRIATION FOR THE COLTON <br />HOUSING AUTHORITY FOR REVENUES AND EXPENDITURES RELATED <br />TO REDEMPTION OF THE BONDS AND FUTURE PROGRAMS OF THE <br />COLTON HOUSING AUTHORITY <br />WHEREAS, in 1994, the City Council of the City of Colton (the "City") issued <br />assessment district bonds ("AD 94-1") related to the Rancho Mediterrania Mobile Home <br />Park Estates ("Rancho Med"); and <br />WHEREAS, the City refinanced the AD 94-1 bonds in 2000 with reassessment <br />district bonds ("RAD 00-1") that are paid through an assessment against each lot in <br />Rancho Med; and <br />WHEREAS, the RAD 00-1 assessment on 213 of the 259 lots was paid off, as the lots <br />were sold by the former Redevelopment Agency for the City of Colton ("Agency"), in <br />exchange for affordability covenants; and <br />WHEREAS, on December 29, 2011, in California Redevelopment Association, et al. <br />v. Ana Matosantos, et al., Case No. S194861, the California Supreme Court upheld AB 1X <br />26, invalidated AB 1X 27, and thereby dissolving all redevelopment agencies throughout the <br />State effective February 1, 2012; and <br />WHEREAS, the Colton Housing Authority ("Authority") is a California housing <br />authority formed and existing pursuant to the Housing Authorities Law (Health & Safety <br />Code, § 34200 et seq.) as provided for in City Council Resolution No. R-28-11 adopted on <br />March 15, 2011; and <br />WHEREAS, on July 12, 2012, the Oversight Board adopted Resolution OB -09-12, <br />directing the transfer of certain housing assets from the Agency to the Authority pursuant to <br />Health and Safety Code sections 34176, 34177 and 34181; and <br />WHEREAS, the Authority owns 29 lots that remain unsold, as successor housing <br />agency to the former Agency; and <br />Ill <br />