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WHEREAS, the City has duly considered such transactions and wishes at this time to approve said transactions in the public interest of the City. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCil OF THE CITY OF REDWOOD CITY AS FOllOWS: Section 1. Pursuant to Section 7.1.1 of the Agreement, the City hereby approves the issuance of the Obligations, in a principal amount not to exceed $65,455,000. The Obligations may be structured initially as short term obligations, to be refunded on a long term basis on or prior to the effective date of the amendment of the franchise agreement for operation of the SBWMA's solid waste materials recovery system (the "System"), currently expected to occur in 2010. The City hereby further approves the issuance by the SBWMA of long term obligations (the "Refunding Obligations") to refinance the Obligations at or prior to their stated maturity, and further approves the refunding of the 2000 Bonds at such time and in such manner as determined by the SBWMA. The principal amount of such Refunding Obligations may be in an amount sufficient to refund the principal amount of the outstanding Obligations and 2000 Bonds and unpaid interest due thereon upon such terms as are approved by the SBWMA, plus amounts necessary to pay any redemption premium, capitalized interest, debt service reserve fund, costs of issuance of the Refunding Obligations, any original issue discount and amounts necessary to fund a refunding escrow for the Obligations and 2000 Bonds to their respective redemption dates. The City shall not rescind this approval of issuance of the Refunding Obligations and the refunding of the 2000 Bonds unless it is withdrawing from the Agreement as provided therein, and pays its proportionate share of all existing debts of the SBWMA, including the Obligations and 2000 Bonds as required by Section 15.1 of the Agreement. Section 2. The SBWMA Board and the City Manager or designee are hereby authorized and directed to do any and all things to execute and deliver any and all documents which, in consultation with the SBWMA's Bond Counsel and counsel to the City, they may deem necessary or advisable in order to effectuate the purposes of this Resolution. Any and all such actions previously taken by such Authorized Officers are hereby ratified and confirmed. Section 3. This Resolution shall take effect immediately upon adoption. * * * A TTY/RESO/RESO.1854 082508 2 14897 MUFF # 505