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8.B. - Page 6 <br /> WHEREAS, the Board of Port Commissioners of the Port, after due investigation <br /> and deliberation, has determined by its Resolution No. P-2267 adopted on April 8, 2015, <br /> that it is in the interests of the Port at this time to provide for the issuance of its Refunding <br /> Revenue Bonds, Series 2015 (the "2015 Bonds") for the purpose of refunding the 1999 <br /> Bonds, funding a debt service reserve account for the 2015 Bonds, and paying certain <br /> expenses related to issuing the 2015 Bonds; and <br /> WHEREAS, the 2015 Bonds will be secured by and payable from Net Revenues <br /> on a parity basis with the 2012 Bonds. <br /> NOW THEREFORE, the City Council of the City of Redwood City hereby resolves <br /> as follows: <br /> Section 1. The City Council hereby approves the sale and issuance of not to <br /> exceed $8,100,000 aggregate principal amount of 2015 Bonds pursuant to Section 50b <br /> of the City Charter. <br /> Section 2. Each of the Mayor, the City Manager and the Assistant City Manager <br /> of the City and a written designee of any such officer is hereby authorized and directed, <br /> jointly and severally, to do any and all things and execute and deliver any and all <br /> documents, certificates and other instruments which such officer deems necessary or <br /> advisable in order to consummate the issuance, sale and delivery of the 2015 Bonds by <br /> the Board of Port Commissioners of the Port, and to execute and deliver such certificates <br /> and other documents such officer may deem appropriate and otherwise to carry out, give <br /> effect to and comply with the terms and intent of this Resolution. Any actions heretofore <br /> taken by such officers are hereby ratified and approved. <br /> Section 3. This Resolution shall take effect from and after its passage and <br /> approval. <br /> * * * <br /> ATTY/RES0.3072/CC RESO APPROVING ISSUANCE OF PORT REFUNDING REVENUE BONDS <br /> REV:04-01-15 MLG <br /> Page 3 of 4 <br />