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28015-10 JHHW,SRC:ce 04/10/90 S8952 -.--.- IPR - 91990 RESOLUTION NO. 1 1 2 6 0 O}11Gl r'JAL A RESOLUTION ADOPTING REASSESSMENT REPORT, CONFIRMING AND ORDERING THE REASSESSMENT PURSUANT TO SUMMARY PROCEEDINGS AND DIRECTING ACTIONS WITH RESPECT THERETO CITY OF REDWOOD CITY Seaport Boulevard Assessment District (Reassessment and Refunding of 1990) RESOLVED, by the City Council (the "Council") of the City of Redwood City (the "City"), County of San Mateo, State of California, that WHEREAS, on April 9, 1990, this Council adopted the Resolution of Intention to Levy Reassessments and to Issue Refunding Bonds Upon the Security Thereof, City of Redwood City Seaport Boulevard Assessment District (Reassessment and Refunding of 1990), and therein directed the making and filing of a Reassessment Report (the "Report") in writing in accordance with and pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 of the Streets and Highways Code of California (the "Act"); WHEREAS, the Report was duly made and filed, and duly considered by this Council and found to be sufficient in every particular, and the Report shall stand for all subsequent proceedings under and pursuant to the aforesaid Resolution of Intention. NOW, THEREFORE, IT IS ORDERED, as follows: 1. Pursuant to Section 9525 of the Act, and based upon the Report this Council finds that all of the following conditions are satisfied: (a) That each of the estimated annual installments of principal and interest on the reassessment as set forth in the Report is less than the corresponding annual installment of principal and interest on the original assessment as also set forth in the Report, by the same percentage for all subdivisions of land with the district; (b) That the number of years to maturity of all refunding bonds proposed to be issued is no more than the number of years to the last maturity of the bonds being refunded (the "Prior Bonds"); and (c) That the principal amount of the reassessment on each subdivision of land within the district is less than the unpaid principal amount of the original assessment by the same percentage for each subdivision of land in the district. 2. The public interest, convenience and necessity require that said reassessment be made.