Res06 14691 - Laserfiche WebLink

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1/23/2006 Bonds are proposed to be payable from installment payments to be paid to the Authority by the City pursuant to an installment purchase contract (the "Installment Purchase Contract"); and WHEREAS, the Authority has determined that the Bonds should be offered for sale on a competitive basis and has presented a form of Notice of Sale and a proposed form of an Official Statement describing the Bonds, to be used in connection with the marketing thereof. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AS FOLLOWS: Section 1. Findinas and Determinations. The City Council finds and determines that it is in the prudent management of the fiscal affairs of the City that the proceeds to be deposited in the Project Fund will be used for the construction and acquisition of the Project. Pursuant to the Act, the City Council hereby finds that the issuance of the Bonds by the Authority will result in savings in effective interest rates, underwriting costs and bond insurance costs and thereby result in significant public benefits within Section 6586 of the Act. Section 2. Approval of Bonds. The City Council hereby approves of the issuance of the Bonds by the Authority under and pursuant to the Act provided that the maximum aggregate principal amount of the Bonds shall not exceed $26,000,000. Section 3. Approval of Financina Documents. The City Council hereby approves each of the following documents in substantially the respective forms on file with the City Clerk, together with such additions thereto and changes therein as the City Attorney and Bond Counsel shall deem necessary, desirable or appropriate, the execution of which by the Mayor, the Mayor Pro Tem, the City Manager or the Finance Director, or their respective designated representatives (each, an "Authorized Officer") shall be conclusive evidence of the approval of any such additions and changes: Atty/Reso/Reso.1589 011006 2 14691 Muff # 505