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Section 1. The City Council hereby finds and declares that the above recitals are true
<br />and correct.
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<br /> Section 2. Pursuant to the Act and the Indenture (hereinafter defined), revenue bonds of
<br />the City, designated as "City of Redwood City Senior Living Facilities Revenue Bonds
<br />(Woodside Terrace) Series 1998", in an aggregate principal amount not to exceed $41,350,000,
<br />and a revenue note of the City, designated as "City of Redwood City Senior Living Facilities
<br />Subordinate Revenue Note (Woodside Terrace) Series 1998" (the "Series 1998 Note), in an
<br />aggregate principal amount not to exceed $3,650,000 (the Series 1998 Bonds and the Series 1998
<br />Note herein collectively referred to as the "Bonds"), are hereby authorized to be issued. The
<br />Bonds shall be executed by the manual or facsimile signature of the Mayor, Vice Mayor or City
<br />Manager of the City, and attested by the manual or facsimile signature of the City Clerk, or any
<br />deputy thereof, in the form set forth in and otherwise in accordance with the Indenture (as
<br />hereinafter defined).
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<br /> Section 3. The Trust Indenture (the "Indenture") between the City and U.S. Trust
<br />Company of California, N.A., as trustee (the "Trustee") in the form presented to this meeting, is
<br />hereby approved. The Mayor, Vice Mayor, City Manager or Finance Director of the City, or any
<br />authorized deputy thereof (the "Designated Officers") are, and each of them acting alone is,
<br />hereby authorized, for and in the name and on behalf of the City, to execute and deliver the
<br />Indenture, and the City Clerk or any authorized deputy thereof is hereby authorized, for and in
<br />the name and on behalf of the City, to attest the Designated Officer's signature on the Indenture,
<br />in substantially said form, with such additions thereto or changes therein as are recommended
<br />or approved by the Finance Director upon consultation with bond counsel to the City, including
<br />such additions or changes as are necessary or advisable in accordance with Section 9 hereof, as
<br />may be required in connection with providing additional security for the payment of the
<br />principal of and interest on the Bonds, and as may be required by the original purchasers of the
<br />Bonds, (provided, such additions or changes shall not impose additional obligations on the City,
<br />shall not authorize an aggregate principal amount of Bonds in excess of $45,000,000, or result in
<br />an initial true interest cost on the Bonds in excess of nine percent (9.0%) per annum), the
<br />approval of such additions or changes to be conclusively evidenced by the execution and
<br />delivery by the City of the Indenture. The date, maturity dates, interest rate or rates, interest
<br />payment dates, denominations, form, registration provisions, manner of execution, place of
<br />payment, terms' of redemption, and other terms of the Bonds shall be as provided in the
<br />Indenture as finally executed.
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<br /> Section 4. The Loan Agreement with respect to the Issuer Loan (the "Loan Agreement")
<br />between the City and the Owner, in the form presented to this meeting, is hereby approved.
<br />The Designated Officers of the City are, and each of them acting alone is, hereby authorized, for
<br />and in the name and on behalf of the City, to execute and deliver the Loan Agreement in said
<br />form, with such additions thereto or changes therein as are recommended or approved by such
<br />officers upon consultation with bond counsel to the City, including such additions or changes as
<br />are necessary or advisable in accordance with Section 9 hereof, as may be required in connection
<br />with providing additional security for the payment of the Principal of and interest on the Bonds
<br />and as may be required by the original purchasers of the Bonds (provided, such additions or
<br />changes shall not impose additional obligations on the City), the approval of such additions or
<br />changes to be conclusively evidenced by the execution and delivery by the City of the Loan
<br />Agreement.
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<br /> Section 5. The Regulatory Agreement and Declaration of Restrictive Covenants with
<br />respect to that portion of the Project considered multifamily housing (the "Regulatory
<br />Agreement") among the City, the Trustee and the Owner, in the form presented to this meeting,
<br />is hereby approved. The Designated Officers of the City are, and each of them acting alone is,
<br />hereby authorized, for and in the name of and on behalf of the City, to execute and deliver the
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