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bonds rests solely with the commercial properties that comprise the Improvement District. <br />The authority to issue the bonds and levy the taxes to pay the principal and interest was <br />obtained through a property owner election that occurred on July 30, 1999 which was then <br />ratified by the Council on August 9, 1999. On December 4, 2000, Council approved the <br />construction agreement to being the improvements that have been contemplated for some <br />time. Should the approvals be made, it is expected the preliminary statement will be <br />circulated in early January, targeting of closing the bonds in January. <br />M/S Ira/Howard to adopt a resolution: <br />i) Authorizing issuance of Special Tax Bonds for and on behalf of the Redwood <br />Shores Community Facilities District No. 99 -1 (Shores Transportation Improvement <br />District); <br />ii) Approving and directing the execution of a fiscal agent agreement; <br />iii) Approving the form of a preliminary official statement; <br />iv) Approving a continuing disclosure agreement; <br />V) Approving a bond purchase agreement; <br />vi) Approving the sale of bonds; <br />vii) Approving an increase in the fee of the City's financial advisor /special tax <br />consultant; <br />viii) Approving other related documents and actions; <br />RESOLUTION 14112 OF THE COUNCIL OF THE CITY OF REDWOOD CITY, ACTING <br />AS THE LEGISLATIVE BODY OF REDWOOD SHORES COMMUNITY FACILITIES <br />DISTRICT NO. 99 -1 (SHORES TRANSPORTATION IMPROVEMENT PROJECT) OF <br />THE CITY OF REDWOOD CITY, STATING ITS INTENTION TO ISSUE BONDS AND <br />AUTHORIZING THE ISSUANCE OF ITS SPECIAL TAX BONDS, SERIES 2001A, IN AN <br />AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $5,500.000 AND APPROVING <br />CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN <br />CONNECTION THEREWITH; <br />The motion passed by a unanimous roll call vote. <br />REDEVELOPMENT AGENCY (SEE SEPARATE MINUTES) <br />11. WRITTEN COMMUNICATIONS — None <br />12. BOARDS, COMMISSION AND COMMITTEE REPORTS - None <br />13. CLOSED SESSION - None <br />14. ADJOURNMENT — 10:20 P.M. <br />REGULAR COUNCIL MEETING <br />MINUTES <br />DECEMBER 18, 2000 <br />PAGE 11 <br />MINUTES Book No.58 <br />Page N6 295' <br />