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ATTY/RESO.0049/CC RESO REFUNDING WATER BONDS <br />REV: 08-08-24 MI <br />Page 2 of 6 <br />Stifel, Nicolaus & Company, Incorporated, as underwriter of the Bonds (the <br />“Underwriter”), pursuant to which the Underwriter would purchase the Bonds from the <br />Authority, preliminary forms of which are on file with the City Clerk; and <br /> <br />WHEREAS, the City and the Authority have also caused to be prepared a form of <br />Escrow Deposit and Trust Agreement among the City, the Authority and the 2013 Trustee, <br />which provides for the deposit, investment and application of moneys to pay and prepay <br />the 2013 Installment Payments and pay and redeem the Refunded Bonds; and <br /> <br />WHEREAS, in connection with the offering of the Bonds, the Authority and the City <br />have further caused to be prepared a preliminary Official Statement (the “Official <br />Statement”) describing, among other things, the City, the Indenture, the Installment <br />Purchase Contract, the City’s municipal water enterprise, the Refunded Bonds and the <br />Bonds, a preliminary form of which is on file with the City Clerk; and <br /> <br />WHEREAS, in accordance with Government Code Section 5852.1, the City <br />Council has obtained and wishes to disclose the information set forth in Exhibit A hereto; <br />and <br /> <br />WHEREAS, the Council has duly considered such transactions, including, without <br />limitation the Installment Purchase Contract, the Bond Purchase Agreement, the Escrow <br />Deposit and Trust Agreement and the Official Statement, and wishes at this time to <br />approve said transactions in the public interests of the City. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF REDWOOD CITY AS FOLLOWS: <br /> <br />Section 1. Findings and Determinations. Pursuant to the Act, the City Council <br />hereby finds that the issuance of the Bonds by the Authority will result in savings in <br />effective interest rates, underwriting costs and bond issuance costs and thereby result in <br />significant public benefits within Section 6586 of the Act. <br /> <br />Section 2. Approval of Bonds. The City Council hereby approves of the <br />issuance of the Bonds by the Authority under and pursuant to the Act, provided that the <br />maximum aggregate principal amount of the Bonds shall not exceed $16,260,000 and the <br />savings threshold established in Section 4 is met. <br /> <br />Section 3. Approval of Financing Documents. The City Council hereby <br />approves each of the following documents in the respective forms on file with the City <br />Clerk, together with such additions thereto and changes therein deemed advisable by the <br />Mayor, Vice Mayor, City Manager, Assistant City Manager or Finance Director, or their <br />respective designated representatives (each, an “Authorized Officer”), upon consultation <br />with the City Attorney and bond counsel, whose execution thereof shall be conclusive <br />evidence of the approval of any such additions and changes: <br /> <br /> <br />8.A. - Page 106 of 255 <br />734