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04/24/2007 ORIGINAL RESOLUTION NO. PFA 07-01 A RESOLUTION OF THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $15,500,000 PRINCIPAL AMOUNT OF WATER REVENUE BONDS, SERIES 2007A, AUTHORIZING AND DIRECTING EXECUTION OF AN INDENTURE OF TRUST AND AN INSTALLMENT PURCHASE CONTRACT, AUTHORIZING THE SALE OF BONDS PURSUANT TO A NOTICE OF SALE, APPROVING AN OFFICIAL STATEMENT AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO WHEREAS, the City of Redwood City Public Financing Authority (the "Authority") is a joint powers authority duly organized and existing under and pursuant to that certain Joint Exercise of Powers Agreement dated as of June 18, 1991, by and between the City of Redwood City (the "City") and the City of Redwood City Redevelopment Agency (the "Agency"), and under the provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), and is authorized pursuant to Article 4 of the Act (the "Bond Law") to borrow money for the purpose of financing the acquisition of bonds, notes and other obligations of the City or the Agency to provide financing and refinancing for public capital improvements of the City or the Agency; and WHEREAS, the Authority has determined that it is in the interests of the Authority and the City at this time to provide for the financing of the acquisition and construction of certain improvements (the "Project") to the City's water system (the "Enterprise"), as described in the Installment Purchase Contract (defined herein); and WHEREAS, in order to provide funds to finance the project, the Authority proposes to issue its City of Redwood City Public Financing Authority Water Revenue Bonds, Series 2007A, in the aggregate principal amount of not to exceed $15,500,000 (the "Bonds"), pursuant to an Indenture of Trust (the "Indenture"), currently dated as of May 1,2007 between the Authority and The Bank of New York Trust Company, N.A., as trustee (the "Trustee"); and WHEREAS, the Bonds are to be issued pursuant to the Marks-Roos Local Bond Pooling Act of 1985 (the "Act"), constituting Article 4 (commencing with section 6584) of Chapter 5 of Division 7 of Title 1 of the California Government Code; and WHEREAS, the Authority and the City propose to sell and sell-back the Project as provided in the Installment Purchase Contract, currently dated as of May 1, 2007 (the "Installment Purchase Contract"), between the Authority and the City, for the purpose (among others) of providing amounts sufficient to provide for the payment of the principal of and interest on the Bonds and such Project being further described in the Installment Purchase Contract; and A TTY IRESO/RESO.1700 041707 PFA # 07-01 Muff # 505