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10/26/2020 property owners in the CFD to enter into a contract in accordance with Section 53329.5(a) of the Act. Notwithstanding the foregoing, this Council, on behalf of CFD, may enter into one or more contracts directly with any of the property owners with respect to the construction and/or acquisition of the any portion of the Facilities. The type of services proposed to be financed by the CFD and pursuant to the CFD Law shall consist of those listed on Exhibit A hereto and hereby incorporated herein (the "Services'). This Council hereby determines that the Services are necessary to meet increased demands placed upon the City as the result of construction of the Facilities and of anticipated future development or redevelopment within the CFD. The Facilities will benefit the properties in the CFD. Section 5. Special Tax. Except to the extent that funds are otherwise available to the CFD to pay for the Facilities, the Services and/or the principal and interest as it becomes due on bonds and other debt (as defined in the Act) issued by the City for the CFD to acquire the Facilities and pay for the Services, a special tax (the "Special Tax") sufficient to pay the costs thereof, secured by recordation of a continuing lien against all non-exempt real property in the CFD, will be levied annually within the CFD, and collected in the same manner as ordinary ad valorem property taxes, or in such other manner as the City or its designee shall determine, including direct billing of the affected property owners. The proposed rate and method of apportionment of the Special Tax (the "Rate and Method") among the parcels of real property within the CFD in sufficient detail to allow each landowner within the proposed CFD to estimate the maximum amount such owner will have to pay are described in Exhibit B attached hereto and hereby incorporated herein. The Council hereby finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the Act (relating to adjustments to ad valorem property taxes and schools financed by a community facilities district) are inapplicable to the proposed CFD. Section 6. Exempt Property. Except as may otherwise be provided by law or by the Rate and Method, all lands owned by any public entity, including the United States, the State of California and/or the City, or any departments or political subdivisions thereof, shall be omitted from the levy of the Special Tax to be made to cover the costs and expenses of the Facilities, the Services and the CFD. In the event that a portion of the property within the CFD shall become for any reason exempt, wholly or in part, from the levy of the Special Tax, this Council will, on behalf of the CFD, increase the levy to the extent necessary upon the remaining property within the CFD which is not exempt in order to yield the required debt service payments and other annual expenses of the CFD, if any, subject to the provisions of the Rate and Method. Section 7. Election Proceedings. The levy of the Special Tax shall be subject to the approval of the qualified electors of the CFD at a special election. The proposed voting procedure shall be by mailed or hand -delivered ballot among the landowners in the proposed CFD, with each owner having one vote for each acre or portion of an acre such owner owns in the CFD. Section 8. Bonded Indebtedness and Other Debt. It is the intention of this Council that the City will enter into one or more agreements (the "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 under the Agreements with special taxes levied in the CFD. The City expects that all or a portion of the purchase price will be paid in installments that are structured with principal and interest components, with the interest rate for each fiscal year equal to the Wall Street Journal ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH RESO. NO. 15901 REV: 11-02-2020 MI MUFF NO. 506 Page 2 of 22