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4/24/00 0 R I S I fd A L CITY COUNCIL OF THE CITY OF REDWOOD CITY RESOLUTION NO. 13890 RESOLUTION DEEMING IT NECESSARY TO INCUR BONDED INDEBTEDNESS IN CITY OF REDWOOD CITY COMMUNITY FACILITIES DISTRICT NO. 2000 -1 (PACIFIC SHORES PROJECT) WHEREAS, the Council is conducting proceedings under and pursuant to the Mello - Roos Community Facilities Act of 1982, as amended (the "Act "), to form the City of Redwood City Community Facilities District No. 2000 -1 (Pacific Shores Project), City of Redwood City, County of San Mateo, California (the "District'), to authorize the levy of special taxes upon the land within the District, and to issue bonds in one or more series secured by said special taxes for the purposes of providing moneys for the construction and acquisition of improvements within the District; and WHEREAS, on March 13, 2000, the Council adopted Resolutions No. 13849 and No. 13850 (as amended by Resolution No. 13862, adopted April 10, 2000) for the preliminary scope of the project and financing contemplated by these proceedings. NOW, THEREFORE, BE IT RESOLVED, as follows: 1. This City Council has conducted the public hearing set by Resolutions No. 13849 and No. 13850 (as amended), and determines that a majority protest under Section 53324 of the Government Code was not made at the hearing. 2. This City Council now deems it necessary to incur the contemplated bonded indebtedness. 3. The purpose for incurring the bonded indebtedness is to assist in the financing of the public facilities and incidental expenses described in our Resolution of Formation of the District (Resolution No. adopted this date). 4. The whole of the District shall be subject to special tax to repay the bonded indebtedness. 5. Within the absolute limit of $21,000,000, and the requirements of the Resolution of Formation and this Resolution, the amount of bonded indebtedness to be incurred, and the amount, and timing of each issuance of bonds, shall be subject to the discretion of this City Council. 6. The maximum term of any issue of bonds under this authority shall not be payable by a special tax levied beyond fiscal year 2021/22. 7. The maximum rate of interest shall be determined by competitive sale or by negotiation at the time of bond sale, but in any case shall not exceed the legal rate as specified, 195709_1