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10/26/2020 RESOLUTION NO. 15902 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY DECLARING ITS INTENTION TO INCUR BONDED INDEBTEDNESS AND OTHER DEBT PAYABLE FROM SPECIAL TAXES LEVIED IN CITY OF REDWOOD CITY COMMUNITY FACILITIES DISTRICT NO. 2020-1 (SEAPORT CENTRE/SEAPORT PLAZA) WHEREAS, pursuant to the City of Redwood City's (the "City") Special Tax Financing Law (Chapter 32, Article XIII of the Redwood City Municipal Code) (the "CFD Law") which incorporates the Mello -Roos Community Facilities Act of 1982, as amended, Chapter 2.5 of Part 1 of Division 2 of Title 5 of the California Government Code (the "Act"), this City Council (the "Council") has this date adopted "A Resolution of the City Council of the City of Redwood City Declaring its Intention to Establish City of Redwood City Community Facilities District No. 2020-1 (Seaport Centre/Seaport Plaza), and Approving Related Documents and Actions" ("Resolution of Intention to Establish"), stating its intention to form the City of Redwood City Community Facilities District No. 2020-1 (Seaport Centre/Seaport Plaza) (the "CFD"), all for the purpose of financing certain public improvements (the "Facilities") and certain public services as further provided in the Resolution of Intention to Establish; and WHEREAS, it is the intention of this Council that the City will enter into one or more agreements with the property owners in the CFD and a property owners' association established by the property owners for the purpose of providing for the construction of the Facilities by the property owners' association, the acquisition of the Facilities by the City, and the payment by the City of all or a portion of the purchase price with special taxes levied in the CFD; and WHEREAS, it is further the intention of this Council that all or a portion of the purchase price will be paid in installments that are structured with principal and interest components; and WHEREAS, the obligation of the City to pay all or a portion of the purchase price with special taxes levied in the CFD constitutes debt of the CFD (as "debt" is defined in the Act); and WHEREAS, it is also the intention of this Council to provide for the issuance of bonded indebtedness of the City to be issued for the CFD pursuant to the Act to finance in whole or in part the construction and/or acquisition of the Facilities; and WHEREAS, the principal amount of the purchase to be paid by the City under the Agreements and of any bonded indebtedness to be issued by the City for the CFD shall not exceed $25,000,000. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY AS FOLLOWS: ATTY/RESO.0122/CC RESO REDWOOD CITY ROI INCUR DEBT RESO. NO. 15902 REV: 10-21-2020 MI MUFF NO. 506 Page 1 of 3