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05/23/2016 WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the Bonds as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act and the Refunding Law. NOW THEREFORE, BE IT RESOLVED by the Council of the City of Redwood City, as follows: Section 1. Pursuant to the Refunding Law, the Act, this Resolution and the Fiscal Agent Agreement, special tax refunding bonds of the City for and on behalf of the District designated as "City of Redwood City Community Facilities District No. 2010-1 (One Marina) 2016 Special Tax Refunding Bonds" in an aggregate principal amount not to exceed $6,000,000, are hereby authorized to be issued. The Bonds shall be executed in the form set forth in and otherwise as provided in the Fiscal Agent Agreement. In furtherance of the issuance of the Bonds, the City Council hereby makes the following findings and determinations: (i) it is prudent in the management of the fiscal affairs of the City, the City Council and the District to issue the Bonds for the purpose of refunding the Prior Bonds, (ii) the total interest cost to maturity on the Bonds plus the principal amount of the Bonds will not exceed the total interest cost to maturity on the Prior Bonds to be refunded plus the principal amount of the Prior Bonds to be refunded, (iii) the final maturity date of the Bonds will not exceed the final maturity date of the Prior Bonds, (iv) the Bonds satisfy the requirements of Section 53345.8(a) of the Act in that the assessed value of the land in the District is more than three times the principal amount of the Bonds, and (v) the Bonds are in compliance with the City's Local Goals and Policies Concerning Use of Mello-Roos Community Facilities Act of 1982 (the "Goals and Policies"), a copy of which are attached hereto as Exhibit A; except that, given the development status of the taxable property in the District, the reserve fund securing the Bonds is expected to be established and maintained at a level equal to seventy-five percent (75%) of the largest amount, for any bond year during the term of the Bonds, of principal and interest on the Bonds, rather than at one-hundred percent (100%) of such amount as is specified in Section II of the Goals and Policies, and this City Council hereby waives such requirement of the Goals and Policies as applicable to the Bonds. The City Council hereby further finds and determines that (i) the issuance of the Bonds should proceed for the public policy reason that, as a result of such issuance, the annual special taxes to be levied in the District will be lower than if the refunding contemplated with the proceeds of the Bonds did not occur, and (ii) the sale of the Bonds by negotiated sale to the Underwriter as contemplated by the Bond Purchase Agreement will result in a lower overall cost. The City Council hereby approves the Fiscal Agent Agreement in the form on file with the City Clerk. The Mayor, the City Manager and the Director of Finance (each, an "Authorized Officer"), each acting alone, are hereby authorized to execute the Fiscal Agent Agreement in such form, together with any additions thereto or changes therein deemed necessary or advisable by the Director of Finance upon consultation with Bond ATTY/RES0.0046/CC RE50 APPROVING SALE OF BONDS RESO.#15494 REV:05-24-16 JS MUFF#505 Page 2 of 8