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aggregate principal amount of not to exceed $48,500,000 (the <br />"Bonds") for the purpose of providing funds to make a loan to the <br />Agency for the aforesaid purposes pursuant to a Loan Agreement <br />dated as of July 15, 1991 and for the purpose of providing funds <br />to enable the City to undertake the aforesaid municipal <br />improvements and refinance its obligations under the 1986 Lease <br />Agreement, pursuant to a Lease Agreement dated as of July 15, 1991 <br />(the "Lease Agreement"); and <br />WHEREAS, the City Council has heretofore adopted its <br />Ordinance approving the act of entering into the Lease Agreement <br />N <br />in accordance with the requirements of Section 54242 of the <br />O <br />N <br />Government Code of the State of California; and <br />WHEREAS, the City Council has duly considered such <br />N <br />transactions and wishes at this time to approve said transactions <br />in the public interests of the City; <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the <br />City of Redwood City as follows: <br />Section 1. Findings and Determinations. Pursuant to <br />the Act, the City Council hereby finds and determines that the <br />issuance of the Bonds will result in savings in effective interest <br />rates, bond underwriting costs and bond issuance costs and thereby <br />results in significant public benefits to its members within the <br />contemplation of Section 6586 0£ the Act. <br />Section 2. Approval of Lease Financing. The 'City <br />Council hereby authorizes and approves the lease financing of the <br />Project for the benefit of the City pursuant to and in accordance <br />with the provisions of the Lease Agreement, which is hereby <br />-2- <br />