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5/10/99 ORIGINAL RESOLUTION NO. 13627 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY PROVIDING FOR THE ISSUANCE OF CITY OF REDWOOD CITY LIMITED OBLIGATION REFUNDING BONDS FOR CONSOLIDATED REASSESSMENT DISTRICT (SEAPORT) (Consolidated Reassessment District (Seaport)) WHEREAS, the City Council of the City of Redwood City (the "City"), by proceedings duly had and taken, duly provided for the issuance on May 1, 1990 of $5,950,000 aggregate principal amount of Limited Obligation Refunding Improvement Bonds Seaport Boulevard Assessment District (Reassessment and Refunding of 1990) (the "Seaport Boulevard Prior Bonds") and on June 28, 1990 of its Limited Obligation Improvement Bonds Seaport Centre Assessment District- 1990 (the "Seaport Centre Prior Bonds" and together with the Seaport Boulevard Prior Bonds, the "Prior Bonds") under and pursuant to the conditions and terms of the Improvement Bond Act of 1915, being Division 10 of the California Streets and Highways Code (the "1915 Act"), the unmatured portion of which is now outstanding; WHEREAS, the Prior Bonds were issued upon the security of unpaid assessments levied in assessment districts of the City known as Seaport Centre Assessment District - 1990 and Seaport Boulevard Assessment District (collectively, the "Prior Assessment District"); WHEREAS, this City Council has determined to issue Series 1999 of the City of Redwood City Limited Obligation Refunding Bonds (the "Refunding Bonds") for the purpose of refunding the unmatured portion of the Prior Bonds now outstanding under and pursuant to the conditions and terms of the Refunding Act of 1984 for 1915 Improvement Act Bonds, being Division 11.5 of the California Streets and Highways Code (the "1984 Act"), and to provide for the levy and collection of reassessments as security for the Refunding Bonds; WHEREAS, this City Council has before it the form of certain documents in connection with the issuance of the Refunding Bonds; namely the form &Paying Agent Agreement, Official Statement, Bond Purchase Agreement, Escrow Agreement and Continuing Disclosure Agreement are on file with the City Clerk of the City and have been presented to this meeting; WHEREAS, the City Council has determined to sell the Refunding Bonds to Salomon Smith Barney, Inc. and E. Wagner & Associates, Inc. (collectively, the "Underwriter"), pursuant to a Bond Purchase Agreement, the form of which is on file with the City Clerk of the City and presented to this meeting; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redwood City as follows: