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ATTY/RESO.0049/CC RESO REFUNDING WATER BONDS <br />REV: 08-08-24 MI <br />Page 1 of 6 <br />RESOLUTION NO. __________ <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING <br />TO THE REFINANCING OF CERTAIN WATER FACILITIES, <br />APPROVING ISSUANCE AND SALE OF BONDS BY THE CITY OF <br />REDWOOD CITY PUBLIC FINANCING AUTHORITY, APPROVING AN <br />OFFICIAL STATEMENT AND AUTHORIZING RELATED DOCUMENTS <br />AND ACTIONS <br /> <br />WHEREAS, the City of Redwood City Public Financing Authority (the “Authority”) <br />is a joint powers authority duly organized and existing under and pursuant to that certain <br />Joint Exercise of Powers Agreement dated as of June 18, 1991, by and between the City <br />of Redwood City (the “City”) and the Successor Agency to the Redevelopment Agency of <br />the City of Redwood City (the “Agency”), and under the provisions of Articles 1 through 4 <br />(commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government <br />Code of the State of California (the “Act”), and is authorized pursuant to Article 4 of the <br />Act to borrow money to provide financing and refinancing for public capital improvements <br />of the City; and <br /> <br />WHEREAS, in order to refinance certain improvements to the City’s water system <br />(the “Enterprise”) by causing a refunding of the Authority’s Water Revenue Bonds, Series <br />2005A, the City and the Authority previously entered into an Installment Purchase <br />Contract, dated as of June 1, 2013 (the “2013 Installment Purchase Contract”); and <br /> <br />WHEREAS, pursuant to an Indenture of Trust, dated as of June 1, 2013 (the “2013 <br />Indenture”) between the Authority and U.S. Bank Trust Company, National Association, <br />as trustee (the “Prior Trustee”), the Authority issued its Water Revenue Refunding Bonds, <br />Series 2013, in the original principal amount of $26,870,000 (the “Refunded Bonds”); and <br /> <br />WHEREAS, the City has requested that the Authority issue revenue bonds for the <br />purpose of providing funds to enable the City to refinance the City’s obligations under the <br />2013 Installment Purchase Contract; and <br /> <br />WHEREAS, the Authority proposes to issue its City of Redwood City Public <br />Financing Authority Water Revenue Refunding Bonds, Series 2024 (the “Bonds”) <br />pursuant to an Indenture of Trust (the “Indenture”), between the Authority and U.S. Bank <br />Trust Company, National Association, as trustee (the “Trustee”), in an aggregate original <br />principal amount of not to exceed $16,260,000, under the provisions of Article 4 of the <br />Act, which Bonds are proposed to be payable from installment payments to be paid to the <br />Authority by the City pursuant to an Installment Purchase Contract (the “Installment <br />Purchase Contract”), between the Authority and the City; and <br /> <br />WHEREAS, the City and the Authority have caused to be prepared proposed <br />forms of the Indenture, the Installment Purchase Contract and a Bond Purchase <br />Agreement (the “Bond Purchase Agreement”) by and among the City, the Authority and <br />8.A. - Page 105 of 255 <br />733