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3/13/00 <br />0RIGINAL <br />RESOLUTION NO. 13848 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY APPROVING AN ACQUISITION AND FUNDING AGREEMENT <br />RELATING TO CITY OF REDWOOD CITY COMMUNITY FACILITIES <br />DISTRICT NO. 2000-1 (PACIFIC SHORES PROJECT) <br />WHEREAS, in connection with the installation of public improvements for the Pacific <br />Shores Center (the "Project "), the City Council of the City of Redwood City (the "Council ") <br />has undertaken proceedings relating to the formation of a community facilities district (the <br />"CFD ") pursuant to the terms and provisions of the Mello -Roos Community Facilities Act of <br />1982, as amended, being Chapter 2.5, Part 1, Division 2, Title 5, of the Government Code of <br />the State of California (the "Act "); and <br />WHEREAS, the Council anticipates that in order to finance the Project, the CFD will <br />issue bonds (the "Bonds ") to be secured by a special tax levied on property within the CFD; <br />and <br />WHEREAS, it is expected that the major property owner within the proposed CFD (the <br />"Owner ") will construct the improvements to be funded with the proceeds of the Bonds; and <br />WHEREAS, the form of an Acquisition and Funding Agreement (the "Agreement") is <br />attached hereto as Exhibit A, pursuant to which the Owner will be reimbursed for certain of the <br />improvements from the proceeds of the Bonds, and the Council now desires to authorize the <br />Director of Finance to execute and deliver the Agreement. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />REDWOOD CITY, A MUNICIPAL CORPORATION OF THE STATE OF CALIFORNIA, AS <br />FOLLOWS: <br />Section 1. The above recitals are true and correct. <br />Section 2. The form of Agreement submitted to this Council is hereby approved. The <br />Director of Finance is hereby authorized and directed to execute and deliver the Deposit <br />Agreement in the form attached hereto as Exhibit A together with such additions or changes <br />thereto as the Director of Finance, upon consultation with City Attorney and Bond Counsel, shall <br />approve. <br />Section 3. This resolution shall be effective immediately upon its adoption. <br />Redwood Acq. Agr. Reso.DOC <br />