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2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />ill <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-75-11 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />WITHDRAWING FROM THE JOINT EXERCISE OF POWER AGREEMENT OF <br />THE RIVERSIDE -SAN BERNARDINO HOUSING & FINANCE AGENCY AND <br />APPROVING THE DISSOLUTION OF THE RIVERSIDE -SAN BERNARDINO <br />HOUSING AND FINANCE AGENCY AND CORPORATION <br />WHEREAS, the City of Colton and certain other local government agencies in <br />Riverside and San Bernardino Counties, including the City of Colton, entered into that certain <br />Joint Exercise of Powers Agreement Creating the Riverside -San Bernardino Housing & <br />Finance Agency ("Agreement'), dated June 1, 1999, creating the Riverside -San Bernardino <br />Housing & Finance Agency ("Agency"), and subsequently amended the Agreement by that <br />certain First Amended and Restated Joint Exercise of Powers Agreement ("First <br />Amendment'), dated June 1, 2000; and <br />WHEREAS, in addition to the Agency, the Riverside -San Bernardino Housing & <br />Finance Agency Corporation ("Corporation") was formed by the City of Colton and certain <br />other local government agencies in Riverside and San Bernardino Counties; and <br />WHEREAS, the stated purpose of the Agency was to provide a program "of <br />fiuthering home ownership in the geographical area of the member agencies and of financing <br />other capital improvements, through the sale of revenue bonds, the purchase, construction or <br />rehabilitation of housing or other capital improvements, the entering into of leases, the sale of <br />housing, [and] the provision of low -down -payment mortgages for buyers"; and <br />WHEREAS, the Agency carried out its purpose through a lease -purchase program that <br />provided home ownership opportunities for persons and families who would otherwise not <br />qualify for typical first-time and other affordable housing programs offered by individual <br />member agencies ("Program"); and <br />