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5/10/99 ORIGINAL RESOLUTION NO. 13626 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING AND CONFIRMING THE REPORT ON THE LEVY OF REASSESSMENTS AND THE REFUNDING OF ITS 1915 ACT IMPROVEMENT BONDS (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) and on June 28, 1990 of $11,680,000 of its Limited Obligation Improvement Bonds Seaport Centre Assessment District-1990 (collectively, 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; and WltEREAS, this City Council has determined pursuant to its Resolution No. 13565 adopted February 22, 1999 to establish a reassessment district to be known as the "Consolidated Reassessment District (Seaport)" (the "Reassessment District") and to issue refunding bonds (the "Refunding Bonds") upon the security of the unpaid reassessments for the purpose of refunding the remaining outstanding Prior Bonds, all as provided by 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 in the Reassessment District as security for the Refunding Bonds; and WHEREAS, the City Council referred the matter of the refunding of the Prior Bonds, the establishment of the proposed Reassessment District, and the levy and collection of reassessments as security for the Refunding Bonds to MBIA MuniFinancial, as the qualified person to prepare and file with the City Clerk a report in writing containing the matters specified in Section 9523 of the 1984 Act, and directed MBIA MuniFinancial to prepare and file said report; and WHEREAS, MBIA MuniFinancial has prepared and filed with the City Clerk a report in writing, entitled "Reassessment Report, City of Redwood City Consolidated Reassessment District (Seaport)" (the "Reassessment Report"), containing the matters required by Section 9523 of the 1984 Act, which said Reassessment Report has been presented by the City Clerk to this City Council for consideration; and WItEREAS, the Reassessment Report demonstrates satisfaction of the conditions prescribed by Section 9525 of the 1984 Act to authorize this City Council to act upon said Reassessment Report without notice and hearing as otherwise required by the 1984 Act and Section 53753 of the California Government Code; and