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03/21/2011 WHEREAS, on December 6, 2010, the City Council, as the legislative body of the District, adopted Resolution No. 15071, approving, among other things the issuance by the City, for and on behalf of the District, of Bonds in a principal amount not to exceed $8,000,000, and a true interest cost not to exceed 7.25% per annum, and approving the form of a Preliminary Official Statement; and WHEREAS, the City Council, for and on behalf of the District, desires to amend Resolution No. 15071 to approve the issuance of the Bonds in a principal amount not to exceed $7,500,000, and a with a true interest cost (defined as the discount rate which, when applied to the total payments due on the bonds, produces a value equal to the par amount of bonds, plus or minus the original issue premium or discount, less the underwriter's discount) not to exceed 9.00% per annum, and to approve the revised form of Preliminary Official Statement, reflecting the changes to the District described herein; and WHEREAS, Pursuant to Resolution No 15071, the City Council approved a form of Acquisition and Reimbursement Agreement (the "Acquisition Agreement ") between the City and the Petitioner, providing for the use of proceeds of the Bonds for the acquisition and funding of certain capital improvements within the District; and WHEREAS, the City Council desires to amend Acquisition Agreement to reflect the amendments to the proceedings relating to the District. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redwood City as follows: Section 1. The foregoing recitals are true and correct. Section 2. On March 22, 1999, this City Council adopted a resolution approving policies for land secured financings, and this City Council hereby finds and determines that the proposed amendments to the proceedings ,relating to the District are in conformity with said policies. Section 3. All prior proceedings taken by this City Council in connection with the formation of the District and the levy of the special tax have been duly considered and are hereby found and determined to be valid and in conformity with the Law. Section 4. The issue presented at the special election was whether the proceedings related to the District should be amended in the following manner (i) to amend the Rate and Method of Apportionment of Special Tax (the "RMA ") as specified in the Resolution of Consideration; (ii) to limit the amount of indebtedness to be incurred by the City of Redwood City (the "City ") to a single series in the maximum aggregate principal amount of $7,500,000, with interest at a rate or rates not to exceed the maximum interest rate permitted by law at the time of sale of such bonds on behalf of the District; (iii) to eliminate the authorization to use of proceeds of such indebtedness to finance certain impact and school fees, as specified in the Resolution of Consideration; (iv) to reduce the annual appropriations limit of the District to the amount of $7,500,000; and (v) to authorize the removal of certain property exempt from taxation from the District upon the filing of a final map. Section 5. Pursuant to the canvass of the special election on file with the City Clerk, the issue presented at the special election was approved by the qualified electors of the District by more than two- thirds of the votes cast at the special election. ATTY /RESO.2112 /OF CHANGE ATTACH 3 ONE MARINA Reso # 15104 030411 MUFF # 506 -2-