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<br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br /> <br /> <br />AS FOLLOWS: <br /> <br /> <br />1. Upon the condition that all subsequent requirements of <br /> <br />the City Council are hereafter met, this Council hereby <br /> <br /> <br />authorizes the issuance and sale pursuant to the Act of not to <br /> <br />exceed $5,000,000 principal amount of the City's Multi-Family <br /> <br /> <br />Rental Mortgage Revenue Bonds (Ostertag Senior Citizens' Project) <br /> <br /> <br />for the purpose of providing financing to the Developer for the <br /> <br /> <br />Project. <br /> <br />2. It is understood that the issuance and sale of said <br /> <br /> <br />Bonds shall be upon such terms and conditions as may be mutually <br /> <br /> <br />agreed upon by the City, the Developer and the purchaser of said <br /> <br />Bonds and shall be issued by or pursuant to resolution of the <br /> <br />City Council at a meeting duly held and conducted for such <br /> <br />purpose. It is further understood that the authorization to <br /> <br />issue the Bonds herein set forth shall, under no circumstances, <br /> <br /> <br />be deemed to constitute an approval of or an obligation to <br /> <br /> <br />approve any other matter related to the Developer or the Project <br /> <br />which may come before the City Councilor be subject to the <br /> <br /> <br />approval of the City. <br /> <br />3. The proceeds of the Bonds shall include such related and <br /> <br /> <br />necessary issuance expenses, costs of a financing feasibility <br /> <br /> <br />study, administrative costs, debt service reserves and interest <br /> <br /> <br />payments as may be required to accomplish the financing. <br /> <br /> <br />4. The City Council does hereby find that the adoption of <br /> <br />this Resolution shall constitute a substantial inducement to the <br /> <br />2 <br />