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10/26/2020 Prime Rate in effect on June 1 of the prior fiscal year plus 200 basis points (calculated on the basis of a 360 -day year consisting of twelve 30 -day months), or such other rate determined in accordance with the Rate and Method. The obligation of the City under the Agreements to pay all or a portion of the purchase price for the Facilities with special taxes levied in the CFD will constitute debt of the CFD (as "debt" is defined in the Act). It is the intention of the City that the Agreements will collectively constitute an agreement under Section 53314.9 of the Act. 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. Any bonded indebtedness shall be issued in such series and bear interest payable semi-annually or in such other manner as this Council shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of each series of bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. The principal amount 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. Section 9. Tender. This Council reserves to itself the right and authority to allow any interested owner of property in the CFD, subject to the provisions of Section 53344.1 of the Act and as it may otherwise impose, and further subject to any applicable prepayment penalties prescribed in the documents governing issuance of any bonds of the City for the CFD, to tender to the City Manager (or designee) in full or partial payment of any installment of special taxes or the interest or penalties thereon which may be due or delinquent, but for which a bill has been received, any bond or other obligation secured thereby, in the manner described in Section 53344.1 of the Act. Section 10. CFD Report. The Director of Public Works, as the officer having charge and control of the Facilities and the Services in and for the CFD, or the designee of such officer, is hereby directed to study said proposed Facilities and Services and to make, or cause to be made, and file with the Clerk a report in writing, (the "CFD Report") presenting the following: (a) A description of the Facilities and the Services by type which will be required to adequately meet the needs of the CFD. (b) An estimate of the fair and reasonable cost of the Facilities including the cost of acquisition of lands, rights-of-way and easements, any physical facilities required in conjunction therewith and incidental expenses in connection therewith, including the costs of the proposed debt and any bonded indebtedness and all other related costs as provided in Section 53345.3 of the Act. (c) An estimate of the fair and reasonable cost of the Services and incidental expenses in connection therewith, and all other related costs. The CFD Report shall be made a part of the record of the public hearing specified below. Section 11. Acceptance of Reserve Funds. The City previously formed the Seaport Centre Maintenance District pursuant to Ordinance No. 1895 (codified in Article XIII of Chapter 18 of the Redwood City Code), Chapter 26 of the Improvement Act of 1911, Resolution No. 9815 ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH RESO. NO. 15901 REV: 11-02-2020 MI MUFF NO. 506 Page 3 of 22