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Public Financing Authority 1991 Local Agency Revenue Bonds in an <br />aggregate principal amount of not to exceed $20,000,000 (the <br />"Bonds") for the purpose of providing funds to make a loan (the <br />"Loan") to the Agency for the aforesaid purposes pursuant to a <br />Loan Agreement dated as of July 15, 1991 (the "Loan Agreement") <br />and for the purpose of p~oviding funds to enable the City to <br />undertake the aforesaid municipal improvements and refinance its <br />obligations under the 1986 Lease Agreement, pursuant to a Lease <br />Agreement dated as of July 15, 1991; and <br /> <br /> WHEREAS, the Agency has duly considered such transactions and <br />wishes at this time to approve said transactions in the public <br />interests of the Agency; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED, by the Redevelopment Agency <br />of the City of Redwood City as follows: <br /> <br /> Section 1. Findings and Determinations. Pursuant to <br />the Act, the Agency hereby finds and determines that the issuance <br />of the Bonds will result in savings in effective interest rates, <br />bond underwriting costs and bond issuance costs and thereby <br />results in significant public benefits to its members within the <br />contemplation of Section 6586 of the Act. <br /> <br /> Section 2. Approval of Loan from Authority. The <br />Agency hereby authorizes and approves the borrowing of funds by <br />the Agency from the Authority in the maximum principal amount of <br />$20,000,000 with respect to Redevelopment Project No. 2, pursuant <br />to and in accordance with the provisions of the Loan Agreement. <br />The Agency hereby approves the Loan Agreement in substantially the <br />form on file with the Secretary, together with such additions <br /> <br /> -2- RD91-06 <br /> <br /> <br />