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by law relative to the proposed formation of the District, the levy of the special tax therein, and the issuance of bonded indebtedness by the District; and WHEREAS, at the public hearing all persons desiring to be heard on all matters pertaining to the formation of the District, the levy of the special tax, and the issuance of bonded indebtedness were heard and a full and fair hearing was held; and WHEREAS, subsequent to such hearing the City Council has determined to reduce the maximum amount of bonded indebtedness of the District to $13,535,000 and to amend Resolution No. 13590 (i)to modify the rate and method of apportionment of special tax set forth therein, (ii) to modify the description of the Facilities set forth therein so as to clarify the scope of the public facilities to be financed by the District, and (iii)to remove certain territory from the proposed territory; and WHEREAS, the City Council subsequent to such hearing adopted its resolution establishing the District (the "Resolution of Formation"); and WHEREAS, the City Council desires to make the necessary findings to incur bonded indebtedness within the District, to declare the purpose for said debt, and to authorize the submittal of a combined proposition to the voters of the District, being the landowners within the District, all as authorized and required by law; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDWOOD CITY DOES HEREBY RESOLVE, DETERMINE, AND ORDER AS FOLLOWS: SECTION 1. It is necessary to incur bonded indebtedness in a maximum aggregate principal amount not to exceed $13,535,000 within the District. SECTION 2. The indebtedness is to be incurred for the purpose of financing the Facilities (as the description thereof was revised pursuant to the Resolution of Formation) and the Incidental Expenses, including, but not limited to, the costs of selling bonds to finance the Facilities (as the description thereof was revised pursuant to the Resolution of Formation), establishing and replc~nishing bond reserve funds, and paying remarketing, credit enhancement, and liquidity facility fees and other expenses of the type authorized by Section 53345.3 of the Act. SECTION 3. The whole of the property within the District, other than property exempted from the special tax pursuant to the provisions of the rate and method of apportionment attached to the Resolution of Formation, shall pay for the bonded indebtedness pursuant to the levy of the special tax authorized by the Resolution of Formation. SECTION 4. The maximum term of the bonds to be issued shall in no event exceed forty (40) years. SECTION 5. The bonds shall bear interest at the rate or rates not to exceed the maximum interest rate permitted by law, payable annually or semiannually, or in part annually and in part semiannually, except the first interest payment may be for a period of less than six months, with the actual rate or rates and times of payment to be determined at the time or times of sale thereof. SECTION 6. The bonds issued by the District may bear a variable or fixed interest rate, provided that such variable rate or fixed rate shall not exceed the maximum rate permitted by 15288.5~22931.0003 2 13610