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382 Councilman Arnett moved to accept the Official Statement , seconded by Councilman Rosselli , Councilman Henderson questioned lack of statement to be furnished by Appraiser , Mr . Clark , and whether it included a more recent estimate of fair market values . Mr . Zelles advised Mr . Clark ' s statement would not go back and revalue , but makes projections on what fair market is going to be . Councilman Henderson requested record indicate her opposing the Official Statement under consideration , based primarily on her personal opinion that the assessed valuation as estimated may be essentially too optimistic . Motion carried , Councilman Henderson voting no ( MINUTE ORDER #69 - 128 ) Councilman Weymputh moved to adopt RESOLUTION NO , 6018 PROVIDING FOR THE ISSUANCE OF $ 360 , 000 PRINCIPAL AMOUNT OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO , 1 -64 1964 RECLAMATION BONDS , SERIES D ; AND AUTHORIZING AND DIRECTING THE SALE THEREOF , AND OF $2 , 340 , 000 PRINCIPAL AMOUNT OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO , 1 -64 1964 FACILITIES BONDS , SERIES D , seconded by Councilman Rosselli . Councilman Henderson advised she would indicate for both actions requested for reclama - tion and facilities measures , her opposition for reason these are unparalleled times in financing and it was ironic District able to proceed with potential sale of bonds using a discount , whereas public agencies that need to sell bonds to provide needed services are unable to do so . She feels this competition for money is part of the present problem being created in municipal financing , and seemed apparent to her good community development would require opposition to further sales of bonds for this type of project reducing available funds further . Motion carried on roll call vote , Councilman Henderson voting no , Councilman Keckley and Mayor Bury being noted absent . Councilman Arnett moved to adopt RESOLUTION NO . 6019 , PROVIDING FOR THE ISSUANCE OF $2 , 340 , 000 PRINCIPAL AMOUNT OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO , 1 -64 1964 FACILITIES BONDS , SERIES D ; AND AUTHORIZIIO AND DIRECTING THE SALE THEREOF , seconded by Councilman Weymouth , ( Councilman Henderson ' s remarks indicating opposition to this action to be considered a part of this action , also ) Vice Mayor Petersen felt it incumbent to respond to Councilman Henderson ' s concerns and state he was convinced all of Council members aware of the present situation but nevertheless Council did act as the Board of Directors of this project and when an opportunity was present to go forward on something believed to be as good a project as this on a good financing plan , felt this fact should be taken into consideration also . City Manager felt it also noteworthy to state that in the Official Statement for this particular bond issue is also the requirement for Leslie participation of over three million dollars , which is greater than District participation of over two million . Motion carried on roll call vote , Councilman Henderson voting no , Councilman Keckley and Mayor Bury being noted absent , Legislative Committee report and recommendations submitted previously to Council for --- review on the following pending legislation : SB 700 and SCA 25 ( constitutional authorization ) would phase out local sales , use , and business license taxes and impose in lieu thereof gross margins and services taxes . Recommended for opposition , as representing a piecemeal effort at tax reform . Committee does believe that overall tax reform is necessary , and would view favorably such a reform based on thorough studies and projections which would indicate assurance that revenues lost would be replaced by other types of taxes . -- SB 994 proposing that local agencies repay to subdividers or their successors the original cost of lands required by local ordinances for dedication as park and recrea - tional lands . Committee recommends opposition for reason that it is contrary to the basic purpose of the park lands dedication provisions of the Business and Professions Code . SB 1 -77 proposing to forbid any city to franchise or license CATV companies , but permit cities to levy a tax not to exceed five per cent of adjusted gross receipt of such companies within the territory of the taxing entity . Committee recommends opposition for reason that such franchising has been determined to be , and is , a legitimate exercise of a local governmental agency . tni 2310