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. ` � ��.z3 <br /> CITY COUNCIL OF THE CITY OF REDWOOD CITY <br /> RESOLUTION NO. <br /> RESOLUTION DEEMING IT NECESSARY TO INCUR BONDED <br /> INDEBTEDNESS IN CITY OF REDWOOD CITY COMMUNITY FACILITIES <br /> DISTRICT NO. 2000-1 (PACIFIC SHORES PROJECT) <br /> WHEREAS, the Council is conducting proceedings under and pursuant to the Mello- <br /> Roos Community Facilities Act of 1982, as amended (the "Act"), to form the City of Redwood <br /> City Community Facilities District No. 2000-1 (Pacific Shores Project), City of Redwood City, <br /> County of San Mateo, California (the "District"), to authorize the levy of special taxes upon the <br /> land within the District, and to issue bonds in one or more series secured by said special taxes for <br /> the purposes of providing moneys for the construction and acquisition of improvements within <br /> the District; and <br /> WHEREAS, on March 13, 2000, the Council adopted Resolutions No. 13849 and <br /> No. 13850 (as amended by Resolution No. 13862, adopted April 10, 2000) for the preliminary <br /> scope of the project and financing contemplated by these proceedings. <br /> NOW, THEREFORE, BE IT RESOLVED, as follows: <br /> 1. This City Council has conducted the public hearing set by Resolutions No. 13849 <br /> and No. 13850 (as amended), and determines that a majority protest under Section 53324 of the <br /> Government Code was not made at the hearing. <br /> 2. This City Council now deems it necessary to incur the contemplated bonded <br /> indebtedness. � <br /> 3. The purpose for incurring the bonded indebtedness is to assist in the financing of <br /> the public facilities and incidental expenses described in our Resolution of Formation of the <br /> District (Resolution No. adopted this date). <br /> 4. The whole of the District shall be subject to special tax to repay the bonded <br /> indebtedness. <br /> 5. Within the absolute limit of $21,000,000, and the requirements of the Resolution <br /> of Formation and this Resolution, the amount of bonded indebtedness to be incuned, and the <br /> amount and timing of each issuance of bonds, shall be subject to the discretion of this City <br /> • Council. <br /> 6. The maacimum term of any issue of bonds under this authority shall not be payable <br /> by a special tax levied beyond fiscal year 2021/22. <br /> ' 7. The maxirnum rate of interest shall be determined by competitive sale or by <br /> negotiation at the time of bond sale, but in any case shall not exceed the legal rate as specified, . <br /> 195709_1 <br /> .._. .. . ,.. _ . ..._ , <br />