Res10 15071 - Laserfiche WebLink

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12/06/2010 Bonds to the investing public by means of a Preliminary Official Statement (the "Preliminary Official Statement "); and WHEREAS, it appears that each of said documents and instruments which are now before this meeting is in appropriate form and is an appropriate document or instrument to be executed and delivered for the purpose intended; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the respective series of bonds as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redwood City as follows: Section 1. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement, special tax bonds in an aggregate principal amount not to exceed $8,000,000 are hereby authorized to be issued and the City hereby designates the Bonds to be issued as "City of Redwood City Community Facilities District No. 2010 -1 (One Marina) Special Tax Bonds, Series 2011." The Bonds shall be executed in the form set forth in and otherwise as provided in the Fiscal Agent Agreement. In connection with the issuance of the Bonds, the City Council does hereby accept the CFD Report. Jurisdiction is hereby reserved to issue the remaining authorized, but unissued portion of such Bonds. The City council acknowledges that the name of the Bonds and the dates of the documents referenced herein may be revised to reflect the actual date of issuance of the Bonds. In furtherance of the issuance of the Bonds, the City Council hereby makes the following findings and determinations: (i) it is prudent in the management and development of the City and the District to issue the Bonds for the purpose of providing moneys for the construction and acquisition of improvements within the District, and the reimbursement of certain fees with respect to development within the District, (ii) the Bonds are in compliance with the City's Local Goals and Policies Concerning Use of Mello-Roos Community Facilities Act of 1982, and (iii) the value of the real property within the District subject to the special tax to pay debt service on the Bonds is at least six times the proposed aggregate principal amount of the Bonds and the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act or by a special assessment on property within the District, based upon the appraised value as shown in the appraisal report of Seevers, Jordan, & Ziegenmeyer. The City Council hereby approves the Fiscal Agent Agreement and the Acquisition Agreement in the forms presented to the City Council at this meeting. The Director of Finance, the City Manager or such other person or persons as either of them may designate (collectively, the "Authorized Officers ") are each hereby authorized and directed to execute each of the Fiscal Agent Agreement and the Acquisition Agreement, for and in the name and on behalf of the City and the District, in such form, together with any additions thereto or changes therein deemed necessary or advisable by the Authorized Officer executing such document upon consultation with the City Attorney and Nossaman LLP, as bond counsel ( "Bond Counsel "). The proceeds of the Bonds shall be applied by the City for the purposes and in the amounts as set forth in the Fiscal Agent Agreement and the Acquisition Agreement. The City Council hereby authorizes the delivery and performance by the City of the Fiscal Agent Agreement and the Acquisition Agreement. ATTY /RESO /RESO.2070 #15071 112410 MUFF # 505 2