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08/09/2010 ORIGINAL RESOLUTION NO. 15049 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY DECLARING ITS INTENTION TO INCUR BONDED INDEBTEDNESS OF THE PROPOSED CITY OF REDWOOD CITY COMMUNITY FACILITIES DISTRICT NO. 2010 -1 (ONE MARINA) WHEREAS, this City Council has this date adopted its Resolution entitled "A Resolution of the City Council of the City of Redwood City Declaring Its Intention to Establish a Community Facilities District and To Authorize the Levy of Special Taxes Therein (One Marina)" (the "Resolution of Intention "), which states its intention to form the City of Redwood City Community Facilities District No. 2010 -1 (One Marina) (the "District ") pursuant to the provisions of the Mello -Roos Community Facilities Act of 1982 (the "Law "), for the purpose of financing a portion of the costs of certain public improvements (the "Facilities "), as further provided in said Resolution; and WHEREAS, this City Council estimates the amount required for the financing of a portion of the costs of the Facilities to be in excess of $13,000,000; and WHEREAS, in order to finance costs of the Facilities, it is necessary to incur bonded indebtedness for the District in the amount of not to exceed $17,000,000. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redwood City (the "City ") as follows: Section 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed District in the amount of not to exceed $17,000,000 to finance costs of the Facilities. Section 2. The bonded indebtedness for the District is proposed to be incurred for the purpose of financing a portion of the costs of the Facilities, including costs incidental to or connected with the accomplishment of said purpose. Section 3. This City Council, acting as legislative body for the District, intends to authorize the issuance and sale of bonds for the District in one or more series in the maximum aggregate principal amount of $17,000,000, bearing interest payable semi- annually or in such other manner as this City Council shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and maturing not to exceed forty (40) years from the date of the issuance of said bonds. Section 4. On Monday, September 13, 2010, at 7:00 p.m. or as soon thereafter as the matter may be heard, in the regular meeting place of this City Council, which is City Hall Council Chambers located at 1017 Middlefield Road, Redwood City, ATTY /RESO /RESO.2041 1 #15049 080310 MUFF # 506