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<br />Be <br />Page 123 <br /> <br />RESOLUTION NO. <br /> <br />A RESOLUTION OF THE CITY OF REDWOOD CITY PUBLIC <br />FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO <br />EXCEED $15,500,000 PRINCIPAL AMOUNT OF WATER REVENUE <br />BONDS, SERIES 2007 A, AUTHORIZING AND DIRECTING EXECUTION <br />OF AN INDENTURE OF TRUST AND AN INSTALLMENT PURCHASE <br />CONTRACT, AUTHORIZING THE SALE OF BONDS PURSUANT TO A <br />NOTICE OF SALE, APPROVING AN OFFICIAL STATEMENT AND <br />PROVIDING OTHER MATTERS PROPERLY RELATING THERETO <br /> <br />WHEREAS, the City of Redwood City Public Financing Authority (the "Authority") <br />is a joint powers authority duly organized and existing under and pursuant to that certain <br />Joint Exercise of Powers Agreement dated as of June 18, 1991, by and between the <br />City of Redwood City (the "City") and the City of Redwood City Redevelopment Agency <br />(the "Agency"), and under the provisions of Articles 1 through 4 (commencing with <br />Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State <br />of California (the "Act"), and is authorized pursuant to Article 4 of the Act (the "Bond <br />Law") to borrow money for the purpose of financing the acquisition of bonds, notes and <br />other obligations of the City or the Agency to provide financing and refinancing for public <br />capital improvements of the City or the Agency; and <br /> <br />WHEREAS, the Authority has determined that it is in the interests of the Authority <br />and the City at this time to provide for the financing of the acquisition and construction <br />of certain improvements (the "Project") to the City's water system (the "Enterprise"), as <br />described in the Installment Purchase Contract (defined herein); and <br /> <br />WHEREAS, in order to provide funds to finance the project, the Authority <br />proposes to issue its City of Redwood City Public Financing Authority Water Revenue <br />Bonds, Series 2007A, in the aggregate principal amount of not to exceed $15,500,000 <br />(the "Bonds"), pursuant to an Indenture of Trust (the "Indenture"), currently dated as of <br />May 1,2007 between the Authority and The Bank of New York Trust Company, N.A., as <br />trustee (the "Trustee"); and <br /> <br />WHEREAS, the Bonds are to be issued pursuant to the Marks-Roos Local Bond <br />Pooling Act of 1985 (the "Act"), constituting Article 4 (commencing with section 6584) of <br />Chapter 5 of Division 7 of Title 1 of the California Government Code; and <br /> <br />WHEREAS, the Authority and the City propose to sell and sell-back the Project <br />as provided in the Installment Purchase Contract, currently dated as of May 1,2007 (the <br />"Installment Purchase Contract"), between the Authority and the City, for the purpose <br />(among others) of providing amounts sufficient to provide for the payment of the <br />principal of and interest on the Bonds and such Project being further described in the <br />Installment Purchase Contract; and <br /> <br />WHEREAS, in connection with the offering of the Bonds, the Authority and the <br />City have caused to be prepared an Official Statement describing, among other things, <br />A TTY/RESO/RESO.1700 <br />041707 <br /> <br />1 <br />