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<br />RESOLUTION NO. <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY DECLARING THE OFFICIAL INTENT TO REIMBURSE <br />EXPENDITURES FOR THE ACQUISITION AND INSTAllATION OF <br />ARTIFICIAL TURF ON PLAY FIELDS IN THE CITY FROM THE <br />PROCEEDS OF TAX EXEMPT SECURITIES <br /> <br />WHEREAS, the City of Redwood City (the "City") desires to finance the <br />construction and acquisition of the facilities described in detail below (collectively the <br />"Project"); and <br /> <br />WHEREAS, the City will be expending funds for the construction and acquisition <br />of the Project; and <br /> <br />WHEREAS, the City reasonably expects to reimburse such expenditures by <br />authorizing the sale and delivery of one or more series of obligations, as described <br />below. <br /> <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF REDWOOD CITY AS FOLLOWS: <br /> <br />1. This Resolution is a declaration of official intent to reimburse expenditures <br />pursuant to Treasury Regulations Section 1.150-2. - <br /> <br />2. The City desires to finance the construction and acquisition of the Project, <br />which consists of the acquisition and installation of artificial turf on play fields in the City <br />for water conservation and other purposes. <br /> <br />3. The City reasonably expects to reimburse the expenditures through the <br />sale and delivery of one or more series of obligations (the "Obligations"), the interest <br />component on which is excludable from gross income under Section 103 of the Internal <br />Revenue Code. The maximum principal amount of Obligations to be issued for the <br />Project is $5,000,000. <br /> <br />4. The reimbursement allocation to be made with respect to the <br />expenditures will occur not later than eighteen (18) months after the later of (i) the date <br />on which the expenditure is paid, or (ii) the date on which the Project is placed in <br />service, but in no event more than 3 years after the expenditure is paid. <br /> <br />5. This Resolution expresses the City's expectations as of this date with <br />respect to the financing of the construction and acquisition of the Project. Future <br />events or extraordinary circumstances beyond the control of the City may result in the <br />Project being financed in a manner other than as described in this Resolution, and <br />nothing contained herein constitutes an irrevocable commitment by the City to issue the <br />Obligations. <br /> <br />* * * <br /> <br />Atty/Reso/Reso.1503 <br />010405 <br /> <br />. ..,., . <br />