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<br />., <br /> <br />"' <br /> <br />aggregate principal amount of not to exceed $48,500,000 <br /> <br />(the <br /> <br />"Bonds") for the purpose of providing funds to make a loan to the <br /> <br />Agency for the aforesaid purposes pursuant to a Loan Agreement <br /> <br />dated as of July 15, 1991 and for the purpose of providing funds <br /> <br />to <br /> <br />enable <br /> <br />the <br /> <br />City <br /> <br />to <br /> <br />undertake <br /> <br />the <br /> <br />aforesaid <br /> <br />municipal <br /> <br />improvements and refinance its obligations under the 1986 Lease <br /> <br />Agreement, pursuant to a Lease Agreement dated as of July 15, 1991 <br /> <br />(the "Lease Agreement"); and <br /> <br />WHEREAS, <br /> <br />the <br /> <br />City <br /> <br />Council <br /> <br />has <br /> <br />heretofore <br /> <br />adopted <br /> <br />its <br /> <br />Ordinance approving the act of entering into the Lease Agreement <br /> <br />WHEREAS, <br /> <br />the <br /> <br />City <br /> <br />Council <br /> <br />has <br /> <br />duly <br /> <br />considered <br /> <br />such <br /> <br />CD <br />... <br />~ <br />Q <br />N <br />:I <br />... <br /> <br />in accordance with the requirements of Section <br /> <br />54 2 4 2 0 f the <br /> <br />Government Code of the State of California; and. <br /> <br />transactions and wishes at this time to approve said transactions <br /> <br />in the public interests of the City; <br /> <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the <br />City of Redwood City as follows: <br /> <br />Section <br /> <br />1. <br /> <br />Findings <br /> <br />and <br /> <br />Determinations. <br /> <br />Pursuant to <br /> <br />the Act, the City Council hereby finds and determines that the <br /> <br />issuance of the Bonds will result in savings in effective interest <br /> <br />rates, bond underwriting costs and bond issuance costs and thereby <br /> <br />results in significant public benefits to its members within the <br /> <br />contemplation of Section 6586 of the Act. <br /> <br />Section <br /> <br />2. <br /> <br />Approval <br /> <br />of <br /> <br />Lease <br /> <br />Financing. <br /> <br />The. City <br /> <br />Council hereby authorizes and approves the lease financing of the <br /> <br />Project for the benefit of the City pursuant to and in accordance <br /> <br />wi th the provis ions of the Lease Agreement, <br /> <br />which is hereby <br /> <br />-2- <br />