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CITY OF COLTON <br />AGENDA REPORT fo <br />For Council Meeting of April 6, 1993 <br />TO: HONORABLE MAYOR AND CrrY COUNCIL DATE: March 15, 1993 <br />FROM: HELEN A. RAMOS, CNIC <br />City Clerk <br />SUBJECT: Community Facilities District No. 89-2, <br />Special Tax Bonds, Series A <br />Back2round: <br />The City Council at its meeting of February 6, 1990, adopted Resolution No. 89-2-1, as <br />amended, pertaining to Community Facilities District 89-2 (CFD), Special Tax Bonds, Series <br />A. <br />Discussion: <br />The City has received the attached notice to cure a defect pertaining to permitted investments <br />from Union Bank, the fiscal agent. Union Bank is requesting an amendment to the resolution <br />to delete the language in paragraph (ix), since it is not feasible for the Fiscal Agent to obtain a <br />first perfected security interest in the collateral to such investments. Bond Counsel, Mr. Stan <br />Walcott of Ruttan & Tucker advises that article seven of the resolution enables modification or <br />amendment at any time by supplemental resolution adopted by the Legislative Body (the City <br />Council) without owner consent for the purpose of curing any defects in the resolution. <br />Staff has prepared the attached resolution amending the said resolution by deleting the language <br />as requested by Union Bank. <br />Fiscal Impac: None. <br />Recommendation: <br />Staff recommends adoption of the attached resolution. <br />� y;16CC"-' ( <br />Aw ft. 13 <br />