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Brent Britschgi stated that this is probably the most important vote to be taken on the retail /cinema project and the most complicated. He stated that the roadblocks futures Councils will face have been laid out such as the use of the utility users tax. John Anagnostou stated that the future Councils will enjoy the fruits and benefits of the wise investment in this bond when Redwood City is the most active town in the Peninsula. He stated that the investment chosen will make the city be what it has not been for 50 years. He submitted and read a letter, speaking as the President of the Downtown Business Group. The letter stated that by unanimous vote of those present, the Downtown Business Group voted to support the Redevelopment funding package scheduled for consideration on Monday, August 11, 2003. M/S Hartnett/Howard in connection with the sale of bonds to fund various downtown improvements and to repay a loan from the City to the Redevelopment Agency, adopt a resolution approving, in substantially final form: • The first and second amendments to the Indenture of Trust pertaining to the Agency's outstanding 1997 tax allocation bonds; • A continuing disclosure agreement with the trustee for the 2003 Bonds; • A bond purchase contract with the underwriter of the 2003 Bonds; • A preliminary official statement and its distribution; and, Authorizing all actions specified in the resolution in connection with the issuance of the 2003 Bonds including the authorization to issue not more than $34 million in bonds. RESOLUTION RDA 03 -82 OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY APPROVING A FIRST SUPPLEMENTAL INDENTURE OF TRUST, A SECOND SUPPLEMENTAL INDENTURE OF TRUST, A CONTINUING DISCLOSURE AGREEMENT, A PURCHASE CONTRACT AND AN OFFICIAL STATEMENT; MAKING CERTAIN DETERMINATIONS RELATING THERETO; AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION WITH THE ISSUANCE OF THE AGENCY'S REDEVELOPMENT PROJECT AREA NO. 2, TAX ALLOCATION BONDS, SERIES 2003A The motion passed by a majority roll call vote with Council Member Jordan voting no and Vice Mayor Ira abstaining. B. Approval of the Redevelopment Agency's issuance of tax allocation bonds (the "2003 Bonds ") -- CITY COUNCIL (404) Financial Services Director Ponty explained that this is a companion item and that under State Law, the City Council must approve any bonds being JOINT CITY COUNCIL, PUBLIC FINANCING AUTHORITY, AND SEPTEMBER 8, 2003 REDEVELOPMENT AGENCY MINUTES PAGE 10 MINUTES Book No. 60 Page No. 56