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issued by the Agency despite the fact that they are not obligations of the <br />City. <br />Public Comment: <br />Rudy Luca stated asked who will pay for issuance of the allocation of the <br />bonds. <br />Financial Services Director Ponty stated the cost would come from the <br />gross proceeds of the bond issue. <br />M/S Hartnett/Pierce to approve a resolution approving the financing and <br />refinancing of various projects in the Redevelopment Project Area No. 2 by <br />the Redevelopment Agency of the City of Redwood City <br />RESOLUTION 14554 OF THE COUNCIL OF THE CITY OF REDWOOD CITY <br />APPROVING THE FINANCING AND REFINANCING OF THE <br />REDEVELOPMENT PROJECT AREA NO. 2 BY THE REDEVELOPMENT <br />AGENCY OF THE CITY OF REDWOOD CITY <br />The motion passed by a majority roll call vote with Council Member <br />Jordan voting no and Vice Mayor Ira abstaining. <br />C. Authorization of the Redwood City Public Financing Authority to purchase <br />tax allocation bonds from the Redwood City Redevelopment Agency and <br />re -sell such bonds to an underwriter for distribution to the Public — PUBLIC <br />FINANCING AUTHORITY (508) <br />Financial Services Director Ponty stated this is the final item for approval and <br />seeking authority to purchase bonds from the Redevelopment Agency and sell <br />them on a negotiated basis to Stone and Youngberg, the underwriter. Due to the <br />nature of bonds being issued, the financing team believes that a negotiated sale in <br />this instance is the most effective way for the Agency to sell the bonds. <br />M/S Ruskin /Howard to approve a resolution authorizing and directing the <br />execution of a bond purchase contract and directing related action in <br />connection therewith: <br />RESOLUTION PFA -03 -02 OF THE GOVERNING BOARD OF THE CITY OF <br />REDWOOD CITY PUBLIC FINANCING AUTHORITY AUTHORIZING AND <br />DIRECTING THE EXECUTION OF A PURCHASE CONTRACT AND DIRECTING <br />CERTAIN RELATED ACTIONS IN CONNECTION THEREWITH <br />The motion passed by a majority roll call vote with Council Member Jordan <br />voting no and Vice Mayor Ira abstaining. <br />JOINT CITY COUNCIL, PUBLIC FINANCING AUTHORITY, AND SEPTEMBER 8, 2003 <br />REDEVELOPMENT AGENCY MINUTES PAGE 11 <br />MINUTES Book No. 60 <br />Page No. 57 <br />