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DES:yc:6/27/80 ORIGINAL JUN 0 I980 RESOLUTION NO. 8627 RESOLUTION OF THE COUNCIL OF THE CITY OF REDWOOD CITY PROVIDING FOR THE ISSUANCE OF NOTES, BONDS, OR OTHER OBLIGATIONS FOR FINANCING SINGLE-FAMILY AND MULTI-FAMILY RESIDENTIAL HOUSING WHEREAS, this Council has determined that a substantial need for housing construction, rehabilitation and acquisition financing exists in the City of Redwood City (the "City"), with respect to both single- family (i.e., one to four unit dwellings) and multi-family housing; and WHEREAS, the City has the full legal right, power and authority under the Constitution and laws of the State of California to issue notes, bonds or such other securities or certificates of indebtedness as are provided by law for the purpose of financing single-family and multi-family housing within the City; and WHEREAS, this Council hereby determines that it is in the best interests of the City to proceed with the issuance of such notes and bonds as hereinafter set forth; NOW, THEREFORE; BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, AS FOLLOWS: 1. Within three years from the date of adoption of this resolution, the City will issue, at one time or from time to time, pursuant to any applicable law now or hereafter enacted, notes, bonds, or other securities, certificates of indebtedness authorized by law in an aggregate principal amount not to exceed Fifty Million Dollars ($50,000,000), to provide financing for the acquisition, construction and rehabilitation (including refinancing) of multi-faraily housing within the City. 2. Within three years from the date of adoption of this resolution, the City will issue, at one time or from time to time, pursuant to any applicable law now or hereafter enacted, notes, bonds, or other securities, or certificates of indebtedness authorized by law in an aggregate principal 8627