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11/03/2003 ORIGINAL RESOLUTION NO. 14561 A RESOLUTION OF THE COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE FINANCING OF THE ACQUISITION OF LAND FOR PUBLIC USES, APPROVING ISSUANCE AND SALE OF BONDS BY THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, APPROVING AN OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTIONS WHEREAS, the Authority is a joint powers authority duly organized and existing under and pursuant to that certain Joint Exercise of Powers Agreement dated as of June 18, 1991, by and between the City of Redwood City (the "City ") and the City of Redwood City Redevelopment Agency (the "Agency "), and under the provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act "), and is authorized pursuant to Article 4 of the Act (the "Bond Law ") to borrow money for the purpose of financing the acquisition of bonds, notes and other obligations of the City or the Agency to provide financing and refinancing for public capital improvements of the City or the Agency; and WHEREAS, the City has requested that the Authority issue its revenue bonds for the purpose of providing funds to enable the City to finance the construction and acquisition costs of certain improvements to be used for public uses (the "Project ") and to refinance its obligations relating to the Authority's outstanding 1991 Local Agency Revenue Bonds, Series A (the 1991 Bonds "); and WHEREAS, to provide such financing for the Project and refunding the 1991 Bonds the Authority proposes to issue its revenue bonds in an aggregate original principal amount of not to exceed $12,500,000 (the "Bonds ") under the provisions of Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act "), which are proposed to be payable from lease payments to be paid to the Authority by the City pursuant to a subordinate lease agreement (the "Lease Agreement "); and WHEREAS, the Authority has determined that the Bonds should be offered for sale on a negotiated basis and has presented a form of purchase contract and a proposed form of an Official Statement describing the Bonds, to be used in connection with the marketing thereof; and WHEREAS, the City Council has conducted a noticed public hearing pursuant to Section 6586.5 of the California Government Code and published notice was given in accordance with the terms of the Government Code. Atty /Reso /Reso.1434 14561 102303 1