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01/23/2017 NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Redwood City as follows Section 1. Findinos and Determinations. Pursuant to the Act, the City Council hereby finds that the issuance of the Bonds by the Authority will result in savings in effective interest rates, underwriting costs and bond issuance costs and thereby result in significant public benefits within Section 6586 of the Act. Section 2. ADDroval of Bonds. The City Council hereby approves of the issuance of the Bonds by the Authority under and pursuant to the Act, provided that the maximum aggregate principal amount of the Bonds shall not exceed $12,200,000. Section 3. ADDroval of Financino Documents. The City Council hereby approves each of the following documents in the respective forms on file with the City Clerk, together with such additions thereto and changes therein deemed advisable by the Mayor, Vice Mayor, City Manager or Acting Assistant City Manager, or their respective designated representatives (each, an "Authorized Officer"), upon consultation with the City Attorney and bond counsel, whose execution thereof shall be conclusive evidence of the approval of any such additions and changes: (a) the Installment Purchase Contract; and (b) the Continuing Disclosure Certificate, to be dated the date of initial delivery of the Bonds. An Authorized Officer is hereby authorized and directed to execute, and the City Clerk is hereby authorized and directed to attest to, the final forms of each of the above-mentioned documents for and in the name and on behalf of the City. Section 4. Sale of Bonds. The City Council hereby approves the sale of the Bonds by the Authority and delegates to each of the Authorized Officers the authority to accept an offer from an underwriter to purchase the Bonds from the Underwriter; provided that the final maturity date of the Bonds shall not be later than the final maturity date of the Refunded Bonds and the net present value savings with respect to the Refunded Bonds shall be at least three percent (3.00%). The City Council hereby authorizes the City Manager (or her designee) to determine, after consultation with the City's Municipal Advisor, bond counsel and disclosure counsel, whether the Bonds should be sold on a competitive basis or on a negotiated basis, with the determination to be based upon which sale method is likely to produce the lowest cost of borrowing. The City Council hereby approves the Notice of Sale in substantially the form on file with the City Clerk, together with such additions thereto and changes therein as the City Attorney and bond counsel shall deem necessary, desirable or appropriate. The City Council hereby approves the Bond Purchase Agreement in substantially the form on file with the City Clerk, together with such additions thereto and changes therein as the City Attorney and bond counsel shall deem necessary, desirable or appropriate. Section 5. Official Statement. The City Council approves the preparation of, and hereby authorizes an Authorized Officer to deem final within the meaning of Rule 15c2-12 of the Securities and Exchange Commission except for permitted omissions, a preliminary form of ATTY/RESO.0009/CC RESO AUTHORIZING WATER REVENUE REFUNDING BOND SERIES 2017 RESO. NO. 15559 REV: 01-19-1715 MUFF NO. 505 Page 2 of 4