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3/22/99 ORIGINAL RESOLUTION NO. 13590 RESOLUTION OF INTENTION OF THE COUNCIL OF REDWOOD CITY TO ESTABLISH REDWOOD SHORES COMMUNITY FACILITIES DISTRICT NO. 99-1 (SHORES TRANSPORTATION IMPROVEMENT PROJECT) OF THE CITY OF REDWOOD CITY, TO AUTHORIZE THE LEVY OF A SPECIAL TAX TO PAY THE COST OF CONSTRUCTING CERTAIN FACILITIES AND EXPENSES OF THE DISTRICT AND TO PAY DEBT SERVICE ON BONDED INDEBTEDNESS WHEREAS, the Council of Redwood City is authorized to institute proceedings for the formation of a proposed community facilities district under Section 53318 of the Government Code of the State of California; and WHEREAS, the Council of Redwood City desires to adopt this resolution of intention as provided in Section 53321 of the Government Code of the State of California to establish a community facilities district consisting of the territory described in Exhibit "A" hereto and incorporated herein by this reference, which the Council of Redwood City hereby determines shall be known as "Redwood Shores Community Facilities District No. 99-1 (Shores Transportation Improvement Project) of the City of Redwood City" ("Redwood Shores Community Facilities District No. 99-1" or the "District") pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, commencing with Section 53311 of the Government Code (the "Act") to finance (1) the purchase, construction, expansion, improvement or rehabilitation of certain real or other tangible property described in Exhibit "B" hereto and incorporated herein by this reference, to serve the area located within Redwood Shores Community Facilities District No. 99-1, including all furnishings, equipment and supplies related thereto (collectively, the "Facilities"), which Facilities have a useful life of five years or longer, and (2)the incidental expenses to be incurred in connection with financing the Facilities and forming and administering the District (the "Incidental Expenses"); and WHEREAS, the Council of Redwood City further intends to approve an estimate of the costs of the Facilities and the Incidental Expenses for Redwood Shores Community Facilities District No. 99-1; and WHEREAS, it is the intention of the Council of Redwood City to consider financing the Facilities and the Incidental Expenses through the formation of Redwood Shores Community Facilities District No. 99-1 and the sale of bonds in an amount not to exceed $15,325,000 (the "Obligations") and the levy of a special tax to pay for the Facilities and the Incidental Expenses and to pay debt service on the bonded indebtedness, provided that the bond sale and special tax levy are approved at an election to be held within the boundaries of Redwood Shores Community Facilities District No. 99-1; THE COUNCIL OF REDWOOD CITY HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS: 14671.3~22931.0003 -1-