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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 />211 <br />27 <br />O <br />Item <br />ORDINANCE NO. 0-08-02 <br />AN ORDINANCE OF THE CITY OF COLTON, CALIFORNIA, APPROVING THE <br />ENTERING INTO OF A LEASEBACK AGREEMENT (ELECTRIC <br />GENERATION FACILITY PROJECT) <br />WHEREAS, the City of Colton (the "City") and the Redevelopment Agency of the City <br />of Colton have heretofore entered into a Joint Exercise of Powers Agreement establishing <br />the Colton Public Financing Authority (the "Authority") for the purpose, among others, of <br />issuing the Authority's bonds to finance public capital improvements of the City; and <br />WHEREAS, it has been proposed that the Authority assist the City in the financing of <br />the acquisition, construction and installation of a generation facility for the City's electric <br />system (the "Facilities"); and <br />WHEREAS, it is in the best interest of the Authority, the City and the citizens of the <br />City to authorize the Authority's acquisition, construction and installation of the Facilities and <br />the City's purchase of such Facilities from the Authority pursuant to an Installment Purchase <br />Agreement, between the City and the Authority (the "Installment Purchase Agreement"), <br />pursuant to which the City will agree to make certain purchase payments in connection <br />therewith; and <br />WHEREAS, payments by the City pursuant to the Installment Purchase Agreement <br />will be used in part by the Authority for payment of the principal of, premium, if any, and <br />interest on the bonds issued by the Authority to finance the acquisition, construction and <br />installation of the Facilities. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CIN OF COLTON, <br />CALIFORNIA, DOES HEREBY ORDAIN AS FOLLOWS: <br />1 <br />