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Series B (the "Prior Bonds"), the proceeds of which were loaned (the "Loan") to the <br />Agency pursuant to the terms of a Loan Agreement, dated July 15, 1991 (the <br />"Loan Agreement"); and <br /> <br /> WHEREAS, Agency has determined that it would be in Agency's best <br />interest to issue at this time tax allocation bonds in an amount not to exceed <br />$15,000,000 (the "Bonds"), as authorized herein for the purpose of refunding the <br />Prior Bonds by prepaying the Loan made to Agency under the Loan Agreement; <br />and <br /> <br /> WHEREAS, AMBAC Indemnity Corporation ("AMBAC") has offered a policy <br />of municipal bond insurance to Agency subject to certain conditions as set forth in <br />the Commitment for Municipal Bond Insurance of AMBAC dated February 14, <br />1997 (the "Commitment"); and <br /> <br /> WHEREAS, Agency has determined to authorize and direct its officials to <br />execute documents, including, but not limited to, the Indenture of Trust, by and <br />between Agency and First Trust of California, National Association (the <br />"Indenture"), and take related actions which satisfy the terms of the Commitment; <br /> <br /> NOW, THEREFORE; <br /> <br /> BE IT RESOLVED BY THE REDEVELOPMENT AGENCY OF THE CITY <br /> OF REDWOOD CITY, AS FOLLOWS: <br /> <br /> 1. The Chairperson, Executive Director and Treasurer of Agency are <br /> hereby authorized and directed to take all actions necessary to negotiate with <br /> <br /> 2 <br /> Reso-RD-002 <br /> G~shared~redwood'council <br /> DES:dJk <br /> 02/18/97 <br /> <br /> <br />