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09/13/2010 WHEREAS, on this date, this City Council held the public hearing as required by the Law relative to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness; and WHEREAS, no written protests with respect to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness have been filed with the City Clerk. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redwood City as follows: Section 1. The foregoing recitals are true and correct. Section 2. This City Council deems it necessary to incur bonded indebtedness in the maximum aggregate principal amount of $17,000,000 within the boundaries of the District. Section 3. The indebtedness is incurred for the purpose of financing a portion of the costs of the Facilities, as provided in the Resolution of Formation including, but not limited to, the costs of issuing and selling bonds to finance costs of the Facilities and the costs of the City in administering the District. Section 4. The whole of the District shall pay for the bonded indebtedness through the levy of the special tax. The special tax is to be apportioned in accordance with the rate and method of apportionment of special taxes set forth in Exhibit C to the Resolution of Intention. Section 5. The maximum amount of bonded indebtedness to be incurred is $17,000,000, and the maximum term of the bonds to be issued shall in no event exceed forty (40) years. Section 6. The bonds shall bear interest at a rate or rates not to exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds, payable weekly, semiannually or in such other manner as this City Council or its designee shall determine, the actual rate or rates and times of payment of such interest to be determined by this City Council or its designee at the time or times of sale of the bonds. Section 7. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the qualified electors of the District and shall be consolidated with elections on the proposition of levying special taxes within the District and the establishment of an appropriations limit for the District pursuant to Section 53353.5(a) of the Law. The time, place and conditions of said election shall be as specified by separate resolution of this City Council. Section 8. This Resolution shall take effect upon its adoption. ATTY /RESO /RESO.2046 2 #15053 090110 MUFF #506