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City and the Agency. Under the JPA Law, the Authority has the power to purchase Bonds <br />issued by any local agency at public or negotiated sale and may sell such Bonds to public or <br />private purchasers at public or negotiated sale. <br />The Authority is governed by a board of seven directors, consisting of the members of <br />the City Council of the City. <br />The Bonds are being purchased by the Authority for concurrent resale to Stone & <br />Youngberg LLC (the "Underwriter "). The Underwriter has agreed to purchase the Bonds at a <br />price of $ (being the principal amount of the Bonds plus a net original issue <br />premium of $ less an underwriter's discount of $ ) under a Bond <br />Purchase Contract among the Agency, the Authority and the Underwriter (the "Purchase <br />Contract "). The Purchase Contract provides that the Underwriter will purchase all of the <br />Bonds if any are purchased, the obligation to make such purchase being subject to certain terms <br />and conditions set forth in the Purchase Contract, the approval of certain legal matters by <br />counsel and certain other conditions. <br />The Underwriter may offer and sell Bonds to certain dealers and others at a price lower <br />than the offering price stated on the cover page hereof. The offering price may be changed from <br />time to time by the Underwriter. <br />All quotations from and summaries and explanations of the Indenture and other <br />statutes and documents contained herein do not purport to be complete, and reference is made <br />to such documents, Indenture and statutes for full and complete statements of their provisions. <br />This Official Statement is submitted only in connection with the sale of the Bonds by the <br />Agency. All estimates, assumptions, statistical information and other statements contained <br />herein, while taken from sources considered reliable, are not guaranteed by the Agency. The <br />information contained herein should not be construed as representing all conditions affecting the <br />Agency or the Bonds. <br />REDEVELOPMENT AGENCY OF THE CITY OF <br />REDWOOD CITY <br />By: <br />Executive Director <br />-38- <br />