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01/24/2005 ORIGINAL RESOLUTION NO. 14626 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY DECLARING THE OFFICIAL INTENT TO REIMBURSE EXPENDITURES FOR THE ACQUISITION AND INSTALLATION OF ARTIFICIAL TURF ON PLAY FIELDS IN THE CITY FROM THE PROCEEDS OF TAX EXEMPT SECURITIES WHEREAS, the City of Redwood City (the "City") desires to finance the construction and acquisition of the facilities described in detail below (collectively the "Project "); and WHEREAS, the City will be expending funds for the construction and acquisition of the Project; and WHEREAS, the City reasonably expects to reimburse such expenditures by authorizing the sale and delivery of one or more series of obligations, as described below. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AS FOLLOWS: 1. This Resolution is a declaration of official intent to reimburse expenditures pursuant to Treasury Regulations Section 1.150 -2. 2. The City desires to finance the construction and acquisition of the Project, which consists of the acquisition and installation of artificial turf on play fields in the City for water conservation and other purposes. 3. The City reasonably expects to reimburse the expenditures through the sale and delivery of one or more series of obligations (the "Obligations "), the interest component on which is excludable from gross income under Section 103 of the Internal Revenue Code. The maximum principal amount of Obligations to be issued for the Project is $5,000,000. 4. The reimbursement allocation to be made with respect to the expenditures will occur not later than eighteen (18) months after the later of (i) the date on which the expenditure is paid, or (ii) the date on which the Project is placed in service, but in no event more than 3 years after the expenditure is paid. Atty /Reso /Reso.1503 14626 010405 Muff # 301