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<br />SWC:djk <br />~: dj k <br /> <br />8/06/87 <br />8/10/87R <br /> <br />(#21) <br />ORIGINAL <br />AUG 1 0 1987 <br /> <br />RES 0 L UTI 0 N <br /> <br />N o. 1 0 584 <br /> <br />RESOLUTION APPROVING NEGOTIATED EXCHANGE OF PROPERTY TAX <br />REVENUES AND AGREEING TO ACCEPT SUCH EXCHANGE UPON <br />JURISDICTIONAL CHANGE OF CERTAIN PROPERTIES PROPOSED FOR <br />ANNEXATION FROM THE UNINCORPORATED AREA OF THE COUNTY OF <br />SAN MATEO TO THE CITY OF REDWOOD CITY (LANDS OF HORGAN <br />RANCH) <br /> <br />WHEREAS, pursuant to the provisions of Chapter 6 (commencing <br /> <br />with ~95) of the Revenue and Taxation Code, the City of Redwood <br /> <br />City and the County of San Mateo, the County Free Library System, <br /> <br />and the San Mateo County Fire Protection District must agree to an <br /> <br />exchange of property tax revenues prior to the date of a proposed <br /> <br />municipal reorganization consisting of the annexation from the <br /> <br />unincorporated area of the County of San Mateo to the City of <br /> <br />Redwood City of a parcel of land known as Lands of Horgan Ranch and <br /> <br />more particularly described on the map labeled "Exhibit A," and the <br /> <br />legal description labeled "Exhibit B," attached hereto and <br /> <br />incorporated herein by reference; and <br /> <br />WHEREAS, this Council has determined the exchange of property <br /> <br />tax revenues, based upon 1986-87 assessed valuation, which result <br /> <br />from the jurisdictional change effected by the proposed municipal <br /> <br />reorganization, and agrees to the exchange of revenues with the <br /> <br />County of San Mateo, the County Library Fund, and the County Fire <br /> <br />Protection Fund; <br /> <br />NOW, THEREFORE; <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, AS <br />FOLLOWS: <br /> <br />10584 <br />