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8.A. - Page 10 Attachment 2
<br /> RESOLUTION NO. PFA 15-
<br /> A RESOLUTION OF THE CITY OF REDWOOD CITY PUBLIC
<br /> FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF
<br /> NOT TO EXCEED $21,055,000 PRINCIPAL AMOUNT OF
<br /> WATER REVENUE REFUNDING BONDS, SERIES 2015,
<br /> APPROVING THE FORM AND AUTHORIZING AND DIRECTING
<br /> EXECUTION OF AN INDENTURE OF TRUST AND AN
<br /> INSTALLMENT PURCHASE CONTRACT, APPROVING THE
<br /> FORM AND AUTHORIZING THE SALE OF BONDS PURSUANT
<br /> TO A NOTICE OF SALE, APPROVING AN OFFICIAL
<br /> STATEMENT AND PROVIDING OTHER MATTERS PROPERLY
<br /> RELATING THERETO
<br /> WHEREAS, the City of Redwood City Public Financing Authority (the "Authority") is a joint
<br /> powers authority duly organized and existing under and pursuant to that certain Joint Exercise of
<br /> Powers Agreement dated as of June 18, 1991, by and between the City of Redwood City (the
<br /> "City") and the City of Redwood City Redevelopment Agency (the "Agency"), and under the
<br /> provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of
<br /> Title 1 of the Government Code of the State of California (the "Act"), and is authorized pursuant
<br /> to Article 4 of the Act to, among other things, borrow money for the purpose of financing and
<br /> refinancing public capital improvements of the City; and
<br /> WHEREAS, pursuant to an Indenture of Trust, dated as of February 1, 2006 (the "2006
<br /> Indenture") between the Authority and The Bank of New York Mellon Trust Company, N.A., as
<br /> trustee (the "Prior Trustee"), the Authority issued its Water Revenue Bonds, Series 2006A, In the
<br /> original principal amount of $26,000,000, of which $20,705,000 remains outstanding (the
<br /> "Refunded Bonds"); and
<br /> WHEREAS, the Refunded Bonds are special obligations of the Authority payable from the
<br /> revenues pledged under the 2006 Indenture, consisting primarily of installment payments (the
<br /> "2006 Installment Payments") to be made by the City under an installment purchase contract,
<br /> dated as of February 1, 2006, between the Authority and the City (the "2006 Installment Purchase
<br /> Contract"); and
<br /> WHEREAS, the Authority has determined that it is in the interests of the Authority and the
<br /> City at this time to provide for the refinancing of the Refunded Bonds; and
<br /> WHEREAS, in order to provide funds to refinance the Refunded Bonds, the Authority
<br /> proposes to issue its City of Redwood City Public Financing Authority Water Revenue Refunding
<br /> Bonds, Series 2015, in the aggregate principal amount of not to exceed $21,055,000 (the
<br /> "Bonds"), under the provisions of an Indenture of Trust (the "Indenture"), currently dated as of
<br /> May 1, 2015 between the Authority and U.S. Bank National Association, as trustee (the"Trustee");
<br /> and
<br /> WHEREAS, the Bonds are to be issued pursuant to Article 4 of the Act; and
<br /> WHEREAS, the Authority and the City propose to sell and purchase the Project (as
<br /> defined in the Installment Purchase Contract) as provided in an Installment Purchase Contract,
<br /> currently dated as of May 1, 2015 (the "Installment Purchase Contract"), between the Authority
<br /> and the City, for the purpose (among others) of providing amounts sufficient to provide for the
<br /> ATTY/RES0.3070/CC RESO PFA AUTHORITY
<br /> REV:03-30-15 MLG
<br /> Page 1 of 4
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