Res91 11547 - Laserfiche WebLink

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