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as legislative body of the District, with the aid of City staff, has reviewed the Acquisition Agreement and found it to be in proper order, and now desires to approve the Acquisition Agreement and the issuance of the Bonds; and WHEREAS, the City proposes to sell the Bonds to Stone & Youngberg LLC (the "Underwriter ") pursuant to the terms of a Bond Purchase Agreement (the "Bond Purchase Agreement ") by and between the City and the Underwriter, and the Underwriter proposes to offer the Bonds to the investing public by means of a Preliminary Official Statement (the "Preliminary Official Statement "); and WHEREAS, it appears that each of said documents and instruments which are now before this meeting is in appropriate form and is an appropriate document or instrument to be executed and delivered for the purpose intended; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the respective series of bonds as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. NOW, THEREFORE, BE IT RESOLVED as follows: SECTION 1. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement, special tax bonds in an aggregate principal amount not to exceed $21,000,000 are hereby authorized to be issued and the City hereby designates the Bonds to be issued as "City of Redwood City Community Facilities District No. 2000 -1 (Pacific Shores Project) Special Tax Bonds, Series 2000A." The Bonds shall be executed in the form set forth in and otherwise as provided in the Fiscal Agent Agreement. In connection with the issuance of the Bonds, the City Council does hereby accept the CFD Report. In furtherance of the issuance of the Bonds, the City Council hereby makes the following findings and determinations: (i) it is prudent in the management and development of the City and the District to issue the Bonds for the purpose of providing moneys for the construction and acquisition of improvements within the District, (ii) the Bonds are in compliance with the City's Local Goals and Policies Concerning Use of Mello -Roos Community Facilities Act of 1982, and (iii) the value of the real property within the District subject to the special tax to pay debt service on the Bonds is at least three times the proposed aggregate principal amount of the Bonds and the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act or by a special assessment on property within the District, based upon the full cash value as shown on the ad valorem assessment roll of the County of San Mateo. The City Council hereby approves the Fiscal Agent Agreement and the Acquisition Agreement in the forms presented to the City Council at this meeting. The Director of Finance, the City Manager or such other person or persons as either of them may designate (collectively, the "Authorized Officers ") are each hereby authorized and directed to execute each of the Fiscal 2 13959