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Res90 11305
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Res90 11305
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Last modified
12/2/2008 9:41:52 AM
Creation date
12/14/2005 4:15:55 PM
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Template:
CC Index
CC Index - Document Type
Resolution
Date
6/11/1990
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<br />I hereby certify that the following is a correct copy of the signed legal opinion of <br />Jones Hall Hill & White, A Professional Law Corporation, San Francisco, California. <br /> <br />City Clerk <br /> <br />OPINION: $ Limited Obligation Improvement Bonds, City of <br />Redwood City, Seaport Centre Assessment District-1990, <br /> <br />We have acted as Bond Counsel in connection with the issuance by the City of <br />Redwood City (the "City") of $ Limited Obligation Improvement Bonds, <br />Seaport Centre Assessment District-1990, dated , 1990 (the "Bonds"), <br />pursuant to Division 10 of the California Streets and Highways Code (the "Act") and <br />Resolution No. _ (the "Resolution") of the City adopted ,1990. We <br />have examined the law and such certified proceedings and other papers as we deem <br />necessary to render this opinion. <br /> <br />As to questions of fact material to our OpiniOn, we have relied upon <br />representations of the City contained in the Resolution and in the certified proceedings <br />and other certifications of public officials furnished to us, without undertaking to verify <br />such facts by independent investigation. <br /> <br />Based upon our examination, we are of the opinion, under existing law, that: <br /> <br />1. The City is a municipal corporation and chartered city of the State of California <br />duly organized and validly existing under and by virtue its charter and of the Constitution <br />and the laws of the State of California with power to adopt the Resolution, perform the <br />agreements on its part contained therein, and issue the Bonds. <br /> <br />2. The Resolution has been duly adopted by the City and constitutes a valid and <br />binding obligation of the City enforceable upon the City. <br /> <br />3. Pursuant to the Act, the Resolution creates a valid lien on the funds pledged <br />by the Resolution for the security of the Bonds on a parity with other bonds (if any) <br />issued or to be issued under the Resolution, subject to an existing prior lien granted <br />under the Act. <br /> <br />4. The Bonds have been duly authorized, executed and delivered by the City and <br />are valid and binding special obligations of the City, payable solely from the sources <br />provided therefor in the Resolution. <br /> <br />5. The interest on the Bonds is excluded from gross income for federal income <br />tax purposes and is not an item of tax preference for purposes of the federal alternative <br />minimum tax imposed on individuals and corporations; it should be noted, however, that, <br />for the purpose of computing the alternative minimum tax imposed on such corporations <br />(as defined for federal income tax purposes), such interest is taken into account in <br />determining certain income. The opinions set forth in the preceding sentence are subject <br /> <br />EXHIBIT A <br />A-5 <br /> <br />11305 <br />
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