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Authority proposes to authorize the issuance of its Redwood City <br />Public Financing Authority 1991 Local Agency Revenue Bonds in an <br />aggregate principal amount of not to exceed $48,500,000 (the <br />"Bonds") for the purpose of providing funds to make a loan to the <br />Agency for the aforesaid purposes pursuant to a Loan Agreement <br />dated as of July 15, 1991 (the "Loan Agreement") and for the <br />purpose of providing funds to enable the City to undertake the <br />aforesaid municipal improvements and refinance its obligations <br />under the 1986 Lease Agreement, pursuant to a Lease Agreement <br />dated as of July 15, 1991 (the "Lease Agreement"); and <br /> <br /> WHEREAS, the Bonds are to be issued pursuant to Article 4 <br /> (commencing with Section 6584) of Chapter 5 of Division 7 of Title <br /> 1 of the Government Code of the State of California, and pursuant <br /> to an Indenture of Trust dated as of July 15, 1991 (the <br /> "Indenture"), by and between the Authority and Security Pacific <br /> National Bank as trustee (the "Trustee"); and <br /> <br /> WHEREAS, the Bonds will be secured by and payable from the <br /> revenues derived from the Loan Agreement and the Lease ~greement; <br /> and <br /> <br /> WHEREAS, the firm of Rauscher Pierce Refsnes, Inc. (the <br /> "Underwriter") has proposed to purchase and underwrite the Bonds <br /> and has presented to the Authority a form of Purchase Contract to <br /> be entered into between the Authority and the Underwriter (the <br /> "Purchase Contract") and has presented the Authority with a <br /> proposed form of Official Statement describing the Bonds, to be <br /> used in connection with the marketing thereof by the Underwriter; <br /> and <br /> <br /> -2- <br /> <br /> <br />