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NOW, THEREFORE, BE IT RESOLVED, by the Commission of the City <br />of Redwood City Public Financing Authority as follows: <br /> Section 1. Findings and Determinations. Pursuant to <br />the Act, the Commission hereby finds and determines that the <br />issuance of the Bonds will result in savings in effective interest <br />rates, bond underwriting costs and bond issuance costs and thereby <br />results in significant public benefits to its members within the <br />contemplation of Section 6586 of the Act. <br /> <br /> Section 2. Issuance of Bonds. The Commission hereby <br /> authorizes the issuance of the Bonds under and pursuant to the Act <br /> and the Indenture in the maximum principal amount of $48,500,000. <br /> The Commission hereby approves the Indenture in substantially the <br /> form on file with the Secretary, together with such additions <br /> thereto and changes therein as the Authority Attorney shall deem <br /> necessary, desirable or appropriate, the execution of which by the <br /> Chairman shall be conclusive evidence of the approval of any such <br /> additions and changes. The Chairman is hereby authorized and <br /> directed to execute, and the Secretary is hereby authorized and <br /> directed to attest and affix the seal of the Authority to, the <br /> final form of the Indenture for and in the name and on behalf of <br /> the Authority. The Commission hereby authorizes the delivery and <br /> performance of the Indenture. <br /> <br /> Section 3. Approval of Loan to Agency. The Commission <br /> hereby authorizes and approves the making of a loan to the Agency <br /> (the "Loan") from the proceeds of the Bonds in the maximum <br /> principal amount of $20,000,000 with respect to Redevelopment <br /> Project No. 2, pursuant to and in accordance with the provisions <br /> <br /> -3- <br /> <br /> <br />