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J <br />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. 4404 <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON AMENDING RESOLUTION NO. 4398 <br />WHEREAS, the City of Colton (the "City") is authorized <br />pursuant to Chapter 7 (commencing with Section 52075) of Part 5 <br />of Division 31 of the California Health and Safety Code to provide <br />assistance in financing multifamily residential rental housing <br />developments within the City-, and <br />WHEREAS, on December 20, 1983, the City Council of the <br />City ("this City Council") adopted Resolution No. 4398 approving <br />documents for the issuance of the City's multifamily housing reve- <br />I nue bonds for the development of an approximately 360 -unit multi- <br />Ifamily rental housing project to be constructed in the City by <br />First City Development Corp. of California; and <br />WHEREAS, pursuant to Section 10 of Resolution No,. 4398, <br />this City Council authorized the City Manager, based on such <br />advice of Bond Counsel as he might deem necessary, to act on <br />behalf of this City Council to establish and determine the final <br />principal amount of bonds to be issued, which amount was not to <br />exceed $9,000,000 and which authorization was to be valid for a <br />period of thirty days from the adoption of Resolution 4398; and <br />WHEREAS, this City Council has been informed that the <br />developer of the project will now be First City Properties, Inc., <br />which is the parent corporation of First City Development Corp. of <br />California, and that the maximum principal amount of the City's <br />bonds proposed to be issued is $9,775,000; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Colton as follows: <br />