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11/23/2020 NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY AS FOLLOWS: Section 1. Recitals. The foregoing recitals are true and correct. Section 2. Necessity. In order to finance the costs of the Facilities, including, but not limited to, the costs of issuing and selling bonds and incurring other debt to finance all or a portion of the Facilities and the costs of the City in establishing and administering the CFD, it is necessary for the City to incur bonded indebtedness and other debt on behalf of the CFD in an amount not to exceed $25,000,000. Section 3. Entire CFD Liable. The whole of the CFD shall pay for the bonded indebtedness and other debt through the levy of the Facilities Special Tax described in the Resolution of Formation. The Facilities Special Tax shall be apportioned in accordance with the formula set forth in Exhibit "B" to the Resolution of Formation. Section 4. Bonds and Other Debt. Subject to Section 2 above, bonds and other debt in the maximum amount of $25,000,000 are hereby authorized subject to voter approval. The bonds and other debt may be issued in one or more series and mature and bear interest at such rate or rates, payable semiannually or in such other manner, all as this City Council or its designee shall determine, at the time or times of sale of such bonds and other debt; provided, however, that the interest rate or rates shall not exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds and other debt and the bonds and other debt or any series thereof shall have a maximum term of not to exceed forty years. Section 5. Election. The proposition of incurring the bonded indebtedness and other debt herein authorized shall be submitted to the qualified electors of the CFD and shall be consolidated with elections on the proposition of levying special taxes within the CFD and the establishment of an appropriations limit for the CFD pursuant to Section 53353.5 of the Act. The time, place and further particulars and conditions of such election shall be as specified by separate resolution of this City Council. Section 6. Effective Date. This Resolution shall take effect upon its adoption. ATTY/RESO.0132/CC RESO DETERMINING NECESSITY TO INCUR BONDED INDEBTNESS FROM SPECIALTAX—SEAPORT RESO. NO. 15916 REV: 11-13-2020 MI MUFF NO. 506 Page 2 of 2