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Director of Finance and Financial Planning Ponty stated that approval of this <br />financing will complete the financing plan for the downtown improvements initially <br />approved during the past budget study sessions and adoption of the <br />Redevelopment Agency bi ldget. He further explained the role of the Public <br />Financing Authority developed in 1991 -and three objectives for the action on this <br />item: 1) refinance the bonds issued in 1991 to generate savings; 2) obtain funds to <br />loan to the Redevelopment Agency for downtown projects; 3) obtain funds for the <br />PAL loan guarantee (approved in Item 9.A.). <br />Recess: 8:35 — 8:40 p.m. <br />Mayor Claire opened the public hearing. There was no public comment. <br />M/S Hartnett/Howard to close the public hearing. The motion passed by a <br />unanimous voice vote. <br />Recommendation: <br />It is recommended that the City Council and the Board of the Public Financing <br />Authority adopt respective resolutions which will provide for the issuance of up to <br />$12.5 million of Public Financing Authority lease revenue bonds. These resolutions <br />will approve, in substantially final form, the following documents: <br />• Indenture of Trust (PFA); <br />• Subordinate Site Lease (City and PFA); <br />• Subordinate Lease Agreement (City and PFA); <br />• Continuing Disclosure Agreement with the trustee for the 2003 Bonds (City); <br />• Bond Purchase Contract with the underwriter of the 2003 Bonds (PFA); <br />• Preliminary Official Statement and its distribution (PFA); and, <br />Will authorize all actions specified in the resolutions in connection with the <br />issuance of the 2003 bonds. <br />M/S Hartnett/Ruskin to: <br />ADOPT RESOLUTION 14561 OF THE COUNCIL OF THE CITY OF REDWOOD CITY <br />AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE FINANCING <br />OF THE ACQUISITION OF LAND FOR PUBLIC USES, APPROVING ISSUANCE AND <br />SALE OF BONDS BY THE CITY OF REDWOOD CITY PUBLIC FINANCING <br />AUTHORITY, APPROVING AN OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL <br />ACTIONS <br />And <br />ADOPT RESOLUTION PFA 03.03 OF THE CITY OF REDWOOD CITY PUBLIC <br />FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED <br />$12,500,000.00 PRINCIPAL AMOUNT OF LEASE REVENUE REFUNDING BONDS, <br />SERIES 2003, AUTHORIZING AND DIRECTING EXECUTION OF AN INDENTURE OF <br />JOINT CITY COUNCIL, PUBLIC FINANCING AUTHORITY NOVEMBER 3,206 <br />AND REDEVELOPMENT AGENCY MEETING MINUTES PAGE 7 <br />