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RJC.ek 5/11/64-7 <br />R E S O L U T I O N N O. <br />RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF <br />AGREEMENT FOR FINANCING OF PRELIMINARY INCIDENTAL <br />EXPENSES IN CONNECTION WITH REDWOOD CITY GENERAL <br />IMPROVEMENT DISTRICT NO. 1-64; AND, REPEALING <br />RESOLUTION NO. 4278 <br />WHEREAS, by Resolution No. 4274, this Council has created <br />a general improvement district pursuant to the provisions of <br />Ordinance No. 1128, entitled the Redwood City General Improvement <br />District No. 1-64, for the purpose of accomplishing reclamation, <br />drainage, streets and highways, sewers, water, parks and recreation <br />improvement projects within the limits of said district; and, <br />WHEREAS, certain expenses have heretofore and additional <br />expenses will hereafter be incurred in connection with the <br />formation, preliminary engineering, planning, legal, financial <br />and other aspects of said district prior to the time district <br />bond or tax proceeds become available; and, <br />WHEREAS, it is necessary and desirable that the owners of <br />some or all of said territory included in such general improve- <br />ment district advance funds to City to enable City to fund initial <br />formation and other incidental expenses related to such improve- <br />ment proceedings; and, <br />WHEREAS, Leslie Properties, Inc., a corporation, which owns <br />certain of the territory included within said district is willing <br />to advance preliminary incidental expenses in connection with <br />said district; and, <br />WHEREAS, this Council has received and reviewed a proposed <br />agreement by the terms of which Leslie Properties, Inc., will <br />make such advances subject to reimbursement in the event bond <br />and other district funds become available and are appropriated <br />therefor; <br />NOW, THEREFORE; <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br />AS FOLLOWS. <br />