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ATTY/RESO.0048/PFA RESO WATER REVENUE REFUNDING BONDS
<br />REV: 08-07-24 MI
<br />Page 2 of 6
<br />WHEREAS, the Bonds are to be issued pursuant to Article 4 of the Act, and will
<br />be paid from installment payments to be made by the City to the Authority under an
<br />Installment Purchase Contract, by and between the Authority and the City (the
<br />“Installment Purchase Contract”); 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 />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 Secretary of the Authority; 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 caused to be prepared a preliminary Official Statement (the “Official Statement”)
<br />describing, among other things, the City, the Indenture, the City’s municipal water
<br />enterprise, the Refunded Bonds, the Installment Purchase Contract and the Bonds, a
<br />preliminary form of which is on file with the Secretary of the Authority; and
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<br />WHEREAS, in accordance with Government Code Section 5852.1, the Authority
<br />has obtained and wishes to disclose the information set forth in Exhibit A hereto; and
<br />
<br />WHEREAS, the Authority has duly considered such transactions, including,
<br />without limitation, the Indenture, the Bond Purchase Agreement, the Installment Purchase
<br />Contract, the Escrow Deposit and Trust Agreement and the Official Statement, and
<br />wishes at this time to approve said transactions in the public interests of the Authority.
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<br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY
<br />THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, AS FOLLOWS:
<br />
<br />Section 1. Findings. The findings set forth in the recitals hereof are true and
<br />correct.
<br />
<br />Section 2. Issuance of Bonds; Approval of Indenture. The Authority hereby
<br />authorizes the issuance of the Bonds under and pursuant to the Act and the Indenture in
<br />the aggregate principal amount of not to exceed $16,260,000 for the purposes
<br />hereinbefore described. The Authority hereby approves the Indenture in the form on file
<br />with the Secretary together with any additions thereto or changes therein deemed
<br />necessary or advisable by the Chairman, Vice-Chairman, Secretary or Auditor and
<br />Treasurer, or their respective designated representatives (each, an “Authorized Officer”),
<br />upon consultation with Authority counsel and Jones Hall, A Professional Law Corporation
<br />(“Bond Counsel’), and execution thereof by the Chairman or Vice-Chairman, and
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