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<br />1/23/2006 <br /> <br />Bonds are proposed to be payable from installment payments to be paid to the Authority <br /> <br />by the City pursuant to an installment purchase contract (the "Installment Purchase <br />Contract"); and <br /> <br />WHEREAS, the Authority has determined that the Bonds should be offered for <br /> <br />sale on a competitive basis and has presented a form of Notice of Sale and a proposed <br /> <br />form of an Official Statement describing the Bonds, to be used in connection with the <br /> <br />marketing thereof. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF REDWOOD CITY AS FOLLOWS: <br /> <br />Section 1. Findinas and Determinations. The City Council finds and <br />determines that it is in the prudent management of the fiscal affairs of the City that the <br />proceeds to be deposited in the Project Fund will be used for the construction and <br />acquisition of the Project. Pursuant to the Act, the City Council hereby finds that the <br />issuance of the Bonds by the Authority will result in savings in effective interest rates, <br />underwriting costs and bond insurance costs and thereby result in significant public <br />benefits within Section 6586 of the Act. <br />Section 2. Approval of Bonds. The City Council hereby approves of the <br />issuance of the Bonds by the Authority under and pursuant to the Act provided that the <br />maximum aggregate principal amount of the Bonds shall not exceed $26,000,000. <br />Section 3. Approval of Financina Documents. The City Council hereby <br /> <br />approves each of the following documents in substantially the respective forms on file <br />with the City Clerk, together with such additions thereto and changes therein as the City <br />Attorney and Bond Counsel shall deem necessary, desirable or appropriate, the <br />execution of which by the Mayor, the Mayor Pro Tem, the City Manager or the Finance <br />Director, or their respective designated representatives (each, an "Authorized Officer") <br />shall be conclusive evidence of the approval of any such additions and changes: <br /> <br />Atty/Reso/Reso.1589 <br />011006 <br /> <br />2 <br /> <br />14691 <br />Muff # 505 <br />