AgdaPkt 2017-01-23 Closed and Joint

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-17- The City also agrees in the 2017 Installment Purchase Contract to procure and maintain commercial general liability insurance covering claims against the City for bodily injury or death, or damage to property and worker’s compensation insurance to cover all persons employed in connection with the Enterprise. Any policy of insurance required under the 2017 Installment Purchase Contract may be maintained by the City in the form of self-insurance, subject to the conditions set forth in the 2017 Installment Purchase Contract. Condemnation Awards. If all or any part of the Enterprise shall be taken by eminent domain proceedings, the Net Proceeds thereof shall be applied as follows: (a) If (1) the City prepares a report showing (i) the estimated loss of annual Net Revenues, if any, suffered or to be suffered by the City by reason of such eminent domain proceedings, (ii) a general description of the additions, betterments, extensions or improvements to the Enterprise proposed to be acquired by the City from any Net Proceeds, and (iii) an estimate of the additional annual Net Revenues to be derived from such additions, betterments, extensions or improvements, and (2) on the basis of such certificate, the City determines that the estimated additional annual Net Revenues will sufficiently offset the estimated loss of annual Net Revenues resulting from such eminent domain proceedings so that the ability of the City to meet its obligations under the 2017 Installment Purchase Contract will not be substantially impaired (which determination shall be final and conclusive); then the City shall promptly proceed with the acquisition of such additions, betterments, extensions or improvements substantially in accordance with such report and such Net Proceeds shall be applied for the payment of the costs of such acquisition, and any balance of such Net Proceeds not required by the City for such purpose will be applied to prepay the 2017 Installment Payments and any Parity Obligations, on a pro rata basis in the manner provided in the 2017 Installment Purchase Contract and in the instruments authorizing such Parity Obligations. (b) If the conditions described above are not met, then such Net Proceeds shall be applied to the prepayment of 2017 Installment Payments. THE AUTHORITY The Authority was established pursuant to a Joint Exercise of Powers Agreement, dated June 18, 1991 (the “JPA Agreement”), between the City and the former Redevelopment Agency of the City of Redwood City (the “Agency”). The Agency has been succeeded by the Successor Agency to the Redwood City Redevelopment Agency (the “Successor Agency”). The JPA Agreement was entered into pursuant to the provisions of Articles 1 through 4 of Chapter 5 of Division 7 of Title 1 of the California Government Code. The members of the governing board of the Authority consist of the members of the City Council of the City. The Authority was formed for the purpose of implementing the construction, acquisition, maintenance and improvement of public facilities and infrastructure within the City. Among the powers expressly granted to the Authority is the power to acquire property and to borrow money to provide funds for the construction, acquisition, maintenance or improvement of public facilities and infrastructure and to issue in its name revenue bonds to evidence the indebtedness created by such borrowing. Although the Agency has been dissolved pursuant to State law and the Successor Agency has succeeded to the Agency as a party to the JPA Agreement, the Authority expects to remain in existence through the final maturity of the Bonds and each of the Authority and the 8.C. - Page 42