DEED Library 91102770 8-7-1991 - Laserfiche WebLink

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f�crt�r^ P v, COPY 6/24/91 V44w0oJC�tg E E�¢ L u T.1 4 11 x Q. 11547 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING THE LEASE PURCHASE FINANCING OF VA)QIOUS MUNICIPAL IMPROVEMENTS AND THE REFINANCING OF THE CITY'S OBLIGATIONS UNDER A 1986 LEASE AGREEMENT, AUTHORIZING AND DIRECTING THE EXECUTION OF RELATED LEASE AGREEMENT, APPROVING SALE OF BONDS AND AUTHORIZING OFFICIAL ACTIONS WHEREAS, the City of Redwood City (the "City") and the Redevelopment Agency of the City of Redwood City (the "Agency") have heretofore entered into a Joint Exercise of Powers Agreement dated June 10, 1991, establishing the City of Redwood City Public Financing Authority (the "Authority") for the purpose, among others, of issuing its bonds to be used to provide financial assistance to the City and the Agency; and WHEREAS, the City has requested the Authority to assist in O t� the financing of municipal improvements including construction of a new police facility (the "Project") and to assist in the �. refinancing of the City's obligations under that certain Lease Agreement dated as of June 15, 1986, by and between the Redwood City Public Facilities and Infrastructure Authcrity as lessor and the City as lessee (the "1986 Lease"), and the Agency has requested the Authority to assist in the financing of various redevelopment activities relating to Redevelopment Project No. 2, including various low and moderate income housing projects; and WHEREAS, for the purpose of raising funds necessary to provide such financial assistance to the City and the Agency, the Authority proposes to authorize the issuance of its Redwood City Public Financing Authority 1991 Local Agency Revenue Bonds in an Project for the benefit of the City pursuant to and in accoruance with the provisions of the Lease Agreement, which is hereby -2-