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<br />30.2( <br /> <br />DEPOSIT /REIMBURSEMENT AGREEMENT <br /> <br />City of Redwood City <br />Community Facilities District No. 2000-1 <br />(Pacific Shores Project) <br /> <br />THIS DEPOSITIREIMBURSEMENT AGREEMENT (the "Agreement") is by and <br />between the City of Redwood City (the "City") for and on behalf of the proposed City of <br />Redwood City Community Facilities District No. 2000-1 (Pacific Shores Project) (the "CFD"), <br />and Pacific Shores Center Limited Partnership, a Delaware limited partnership (the "Property <br />Owner"). <br /> <br />RECITALS: <br /> <br />WHEREAS, the Property Owner has requested that the City consider the creation of the <br />CFD and issuance of bonds for the CFD (the "Bonds") under Sections 53311 et seq. of the <br />California Government Code (the "Act"); and <br /> <br />WHEREAS, the Property Owner is willing to deposit funds with the City to ensure <br />payment of the costs of the City in forming the CFD and otherwise in connection with the <br />issuance of bonds for the CFD and the proposed expenditure of the proceeds thereof, provided <br />that such funds so advanced are reimbursed to the Property Owner from the proceeds of the <br />Bonds issued by the City for the CFD to the extent provided herein; and <br /> <br />WHEREAS, the City and the Property Owner now desire to specify the terms of said <br />deposit and reimbursement. <br /> <br />AGREEMENT: <br /> <br />NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set <br />forth herein, and for other consideration the receipt and sufficiency of which is hereby <br />acknowledged, the parties hereto agree as follows: <br /> <br />Section 1. The Deposit; Additional Advances. The Property Owner has provided to the <br />City $40,000 (the "Deposit"), to be used by the City to pay the costs in conducting proceedings <br />for the issuance of bonds for the CFD (as more fully described in Section 2(a) below, the "Initial . <br />Costs"), said amount having been heretofore delivered by the Property Owner to the Director of <br />Finance of the City, by means of a check made payable to the "City of Redwood City." .The <br />City, by its execution hereof, acknowledges receipt of the Deposit. The check representing the <br />Deposit shall be cashed by the Director of Finance, and the Deposit may then be commingled <br />with other funds of the of the City for purposes of investment and safekeeping, but the City shall <br />at all times maintain records as to the expenditure of the Deposit. <br /> <br />195317 l.DOC <br /> <br />.. o>.._~_._..... .'~..T..'. <br />