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3/8/99 ORIGINAL 13565 RESOLUTION NO. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY DECLARING INTENTION TO UNDERTAKE REASSESSMENT PROCEEDINGS AND TO ISSUE LIMITED OBLIGATION REFUNDING BONDS BY SUMMARY PROCEEDINGS WITHOUT NOTICE AND HEARING (Seaport) WHEREAS, progress of development of the land within the City of Redwood City Seaport Centre Assessment District - 1990 and the Seaport Boulevard Assessment District (together, the "Prior Assessment Districts"), together with an overall reduction in mx-exempt bond market interest rates, makes it advantageous to refund the remaining outstanding limited obligation improvement bonds of said Prior Assessment Districts (collectively, the "Prior Bonds"), issued by the City of Redwood City (the "City"), said refunding to be based upon reassessmant proceedings taken pursuant to the Refunding Bond Act of 1984 for 1915 Improvement Act Bonds (Sections 9500 and following, California Streets and Highways Code)(the "1984 Act"); and WHEREAS, Section 9525 of the 1984 Act authorizes this City Council, as the legislative body of the City, to undertake proceedings for the levy of reassessments and for the issuance, sale and delivery of limited obligation refunding bonds (the "Refunding Bonds") upon the security of the unpaid reassessments, without notice to or public hearing for the affected property owners of the property encumbered by the reassessments, upon satisfaction of three conditions specified by said Section 9525; and WHEREAS, this City Council is advised by certain consultants desiring to be associated with this proposed refunding that the conditions prescribed by Section 9525 can be satisfied and that the proposed Refunding Bonds can be issued and sold, based upon the present bond market conditions, on terms and conditions which assure compliance with said Section 9525; and WHEREAS, in order to provide the benefits of such refunding to the affected property owners in Prior Assessment Districts, this City Council has determined that it is in the public interest generally and in the economic interest of the property owners in the Prior Assessment Districts specifically to provide for the refunding at reduced interest rates of the remaining outstanding Prior Bonds under and pursuant to and subject to satisfaction of the conditions prescribed by the 1984 Act in general and Section 9525 in particular; WHEREAS, the City Council wishes to employ certain consultants in connection with the reassessment and refunding, and the issuance of the Bonds; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Redwood City, as follows: Section 1. The foregoing recitals are tree and correct, and this City Council so finds and determines. SF~990130013