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11/03/2003 NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Redwood City as follows: Section 1. Findings and Determinations The City Council finds and determines that it is in the prudent management of the fiscal affairs of the City that the proceeds to be deposited in the Project Fund will be used for the construction and acquisition of the Project. 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 insurance costs and thereby result in significant public benefits within Section 6586 of the Act. Section 2. Approval 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 $12,500,000. Section 3. Approval of Financing Documents The City Council hereby approves each of the following documents in substantially the respective forms 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 execution of which by the Mayor, the Mayor Pro Tem, the City Manager or the Finance Director shall be conclusive evidence of the approval of any such additions and changes. (a) the Subordinate Site Lease, dated as of November 1, 2003 (the "Site Lease ") relating to the sub -lease of the Leased Property (as defined in the Lease Agreement) by the City to the Authority; (b) the Subordinate Lease Agreement dated as of November 1, 2003 (the "Lease Agreement ") relating to the lease purchase of the Leased Property by the City from the Authority; (c) the Purchase Contract between the City, the Authority and Stone & Youngberg LLC (the "Underwriter "); and (d) the Continuing Disclosure Agreement, dated as of November 1, 2003, between the City and BNY Western Trust company, as dissemination agent. The Mayor, City Manager or the Finance Director 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 to the Underwriter; provided, that the true interest cost for the Bonds shall not be more than 5.75% and the final maturity shall not exceed 25 years. Atty /Reso /Reso.1434 14561 102303 2