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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-03-03 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON, CALIFORNIA, APPROVING THE EXECUTION AND <br />DELIVERY OF THAT CERTAIN TAX ALLOCATION LOAN <br />AGREEMENT BYAND BETWEEN REDEVELOPMENTAGENCY <br />FOR THE CITY OF COLTON AND CALIFORNIA <br />INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK <br />WHEREAS, the Redevelopment Agency for the City of Colton, a public body <br />corporate and politic (the "Agency"), organized and existing pursuant to the Community <br />Redevelopment Law (California Health and Safety Code Section 33000, et se�c .) (the <br />"Redevelopment Lav�l'), by Resolution No. 790 adopted November 6, 2001, authorized the <br />submission of an application to the California lnfrastructure and Economic Development Bank <br />("Infrastructure Bank") for a loan under its Infrastructure State Revolving Fund Program in an <br />amount not to exceed $2,000,000 (the "Loan") to finance those costs associated with the <br />construction of certain public infrastructure improvements, including the construction of a portion of <br />Cooley Drive and the construction of two new streets and associated underground public utilities <br />located within the public right of way (the "Project") to serve a new industrial development in the <br />Cooley Ranch Redevelopment Project Area (the "Project Area"), which costs the Cityof Colton (the <br />°City") has insufficient resources to pay; and <br />WHEREAS, the City desires that the Agency engage in the Project; and <br />WHEREAS, Infrastructure Bank has by resolution approved the making of the Loan <br />to the Agency under and pursuant to the terms of that certain Tax Allocation Loan Agreement dated <br />as of April 30, 2002 (the "Loan Agreement") by and between the Agency and Infrastructure Bank; <br />and <br />WHEREAS, the Loan Agreement provides that the Agency shall repay the Loan <br />from taxes eligible for allocation to the Agency with respect to the Project Area (the "Project Area") <br />pursuant to the Redevelopment Law (exGusive of (a) amounts, if any, which may be required by <br />law to be set aside for certain housing purposes, (b) amounts, if any, received pursuant to Section <br />16111 of the Government Code and (c) certain pass-through payments), together with all <br />