Laserfiche WebLink
<br />6.28 <br />Page 4 <br /> <br />RESOLUTION NO. <br /> <br />RESOLUTION OF THE CITY OF REDWOOD CITY <br />AUTHORIZING THE REDEMPTION OF THE CITY'S VARIABLE <br />RATE DEMAND CERTIFICATES OF PARTICIPATION <br /> <br />WHEREAS, the City of Redwood City (the "City") has constructed and <br />acquired certain city hall facilities (the "City Hall Project") with funds temporarily <br />available therefore; and <br />WHEREAS, in order to provide funds to reimburse such temporarily <br />available funds and to finance the City Hall Project on a permanent basis, the <br />City caused to be executed and delivered the City of Redwood City Variable Rate <br />Demand Certificates of Participation (City Hall Project), the aggregate principal <br />amount of not to exceed $11,700,000 (the "Certificates"), pursuant to a Trust <br />Agreement (the "Trust Agreement"), dated as of October 1, 1998, by and among <br />the City, the City of Redwood City Public Financing Authority (the "Authority") and <br />u.s. Bank Trust National Association, as trustee, (the "Trustee"); and <br />WHEREAS, the Authority and City leased and leased back the City Hall <br />Project as provided in the Lease Agreement (the "Lease Agreement"), dated as <br />of October 1, 1998, by and between the Authority and the City, such lease back <br />to the City being for the purpose (among others) of providing amounts sufficient <br />to provide for the payment of the principal and interest evidenced by the <br />Certificates; and <br />WHEREAS, the City sold the Certificates pursuant to a negotiated sale to <br />the underwriter, Stone & Youngberg (the "Underwriter"), for offer and sale by the <br />underwriter to members of the general public, and in connection with the offering <br />of the Certificates, the City caused to be prepared an Official Statement <br />describing, among other things, the City, the Trust Agreement, the Lease <br />Agreement, the Ground Lease, the Reimbursement Agreement, the Remarketing <br />Agreement, the Contract of Purchase, the Assignment Agreement and the <br />Certificates, preliminary forms of which are on file with the Authority Secretary; <br />and <br /> <br />A TTY IRESO/RESO.1955 <br />101609 <br /> <br />1 <br />