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omG\riAL RESOLUTION NO. 11-3 0 5 JUN 1 1 \990" A RESOLUTION AUTHORIZING ISSUANCE OF BONDS CITY OF REDWOOD CITY Seaport Centre Assessment District-1990 RESOLVED, by the Council (the "Council") of the City of Redwood City (the "City"), San Mateo County, California, that WHEREAS, on November 18, 1985, this Council passed and adopted Resolution of Intention No. 10072 (the "Prior Resolution") relating to the acquisition and/or construction of public improvements under and pursuant to the provisions of the Municipal Improvement Act of 1913 Division 12 of the California Streets and Highways Code for the Seaport Centre Assessment District-1990. By the Prior Resolution, the Council provided that serial bonds would be issued thereunder pursuant to the provisions of the Improvement Bond Act of 1915, Division 10 of the California Streets and Highways Code and reference to the Prior Resolution is hereby expressly made for further particulars; WHEREAS, in proceedings taken pursuant to the Prior Resolution, this Council adopted Resolution No. 10102 on December 19, 1985, under which bonds designated "Improvement Bonds, City of Redwood City, Seaport Centre Assessment District", in the principal amount of $11,133,530.98 were issued, sold and delivered (the "Prior Bonds"); WHEREAS, with respect to the Prior Bonds, there remains an unpaid principal balance of $10,890,000; WHEREAS, pursuant to A Resolution of Intention to Make Acquisitions and Improvements adopted by the Council on May 7, 1990, the Council has conducted proceedings for the formation of the Seaport Centre Assessment District-1990 (the "District") pursuant to the provisions of the Municipal Improvement Act of 1913 for the purposes of making acquisitions and improvements with respect to the District including, but not limited to, the acquisition of a portion of the outstanding unpaid principal amount of the aforesaid assessments and the construction and acquisition of publiC works of improvement, all as specified in said proceedings and to which reference is hereby made for further particulars; and WHEREAS, notice of recordation of the assessment and the opportunity to pay all or a portion thereof having been waived in writing by the owners of the lands assessed in said proceedings, the Treasurer has filed with the City a list of all assessments which remain unpaid; NOW, THEREFORE, IT IS ORDERED as follows: -1-