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'� � �' <br /> REPO <br /> RT <br /> To the Honorable_Mayor and:City Council <br /> _ . From #he Gi#y Manager <br /> December 18, 2000 <br /> Subject _ <br /> Approval of a resolution authorizing the issuance of special tax bonds for the Redwood <br /> Shores Transportation Improvement District in the aggregate amount not to exceed <br /> $5,500,000 and approving certain financing documents in substantially final form and <br /> taking certain actions in connection therewith. <br /> Recommendation <br /> That the Council adopt a resolution: <br /> A. Authorizing the issuance of Special Tax Bonds for and on behalf of the Redwood <br /> Shores Community Facilities District No. 99-1 (Shores Transportation <br /> Improvement District); <br /> B. Approving and directing the execution of a fiscal agent agreement; <br /> C. Approving the form of a preliminary official statement; <br /> D. Approving a continuing disclosure agreement; <br /> E. Approving a bond purchase agreement; <br /> F. Approving the sale of bonds; <br /> G. Approving an increase in the fee of the City's financial advisor/special tax <br /> consultant; <br /> H. Approving other related documents and actions. <br /> Background <br /> On April 26, 1999, the Council held a noticed public hearing relative to the proposed <br /> formation of the District, the levy of a special tax, and the issuance of bonds by the <br /> District for the purpose of financing various traffic improvements in and adjacent to the <br /> Redwood Shores area of the City. Finding there to be no majority protest upon closure <br /> of the public hearing, the Council then adopted resolutions which established the <br /> District, authorized the levy of a special tax within the District, and called for an election <br /> on the proposition of levying a special tax, authorizing the issuance of up to <br /> $13,535,000 of bonds, and establishing an appropriations limit (the "Proposition"). A <br /> vote was subsequently held on July 30, 1999 with a 92% majority approving the <br /> Proposition. <br /> The City's Community Development Services Department subsequently prepared plans <br /> and obtained construction bids for certain traffic circulation projects comprising the first <br /> phase of the District's traffic improvement program. The low-cost bid for Phase 1 was <br /> approved by the Council on December 4, 2000. Approval of the sale of these bonds will <br /> provide funding for this contract and provide for the payment of certain costs incidental <br /> to the creation of the District and the sale of the bonds. <br /> _ _ _ . _ . v_ _,__.._ _ _.__ 7 _ <br />