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8.B. - Page 13
<br /> RESOLUTION NO.
<br /> RESOLUTION OF THE COMMUNITY FACILITIES DISTRICT NO. 99-1
<br /> (SHORES TRANSPORTATION IMPROVEMENT PROJECT) OF THE
<br /> CITY OF REDWOOD CITY APPROVING THE FORM OF AND
<br /> DIRECTING THE EXECUTION OF ESCROW INSTRUCTIONS, AND
<br /> APPROVING OTHER RELATED DOCUMENTS AND ACTIONS
<br /> WHEREAS, the City Council of the City of Redwood City (the "City") has previously
<br /> conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982,
<br /> as amended (the "Act"), to form Community Facilities District No. 99-1 (Shores Transportation
<br /> Improvement Project) of the City of Redwood City (the "District"), to authorize the levy of
<br /> special taxes upon the land within the District, and to issue bonds secured by said special taxes
<br /> for the purpose of providing moneys for the construction and acquisition of improvements within
<br /> or in the vicinity of the District; and
<br /> WHEREAS, the District has previously issued its Community Facilities District No. 99-
<br /> 1 (Shores Transportation Improvement Project) of the City of Redwood City Special Tax Bonds,
<br /> Series 2001A, in the original principal amount of $5,045,000, of which $3,640,000 remains
<br /> outstanding (the "2001A Bonds") and its Community Facilities District No. 99-1 (Shores
<br /> Transportation Improvement Project) of the City of Redwood City Special Tax Bonds, Series
<br /> 2003B, in the original principal amount of$7,505,000, of which $6,675,000 remains outstanding
<br /> (the"2003B Bonds," and together with the 2001A Bonds, the "Prior Bonds"); and
<br /> WHEREAS, the City has determined that it would be advantageous to refund the
<br /> outstanding Prior Bonds; and
<br /> WHEREAS, there has been submitted to the City Council, acting in its capacity as the
<br /> legislative body of the District, a form of Escrow Instructions (the "Escrow Instructions") among
<br /> the City, the District and U.S. Bank National Association, as escrow agent(the "Escrow Agent"),
<br /> relating to the defeasance of the Prior Bonds, and the City Council, as legislative body of the
<br /> District, with the aid of City staff, has reviewed the Escrow Instructions and found them to be in
<br /> proper order, and now desires to approve the Escrow Instructions; and
<br /> WHEREAS, all conditions, things and acts required to exist, to have happened and to
<br /> have been performed as contemplated by this Resolution, and the documents referred to herein,
<br /> exist, have happened and have been performed in due time, form and manner as required by the
<br /> laws of the State of California, including the Act.
<br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redwood
<br /> City, acting in its capacity as the legislative body of the District, as follows:
<br /> Section 1. The City Council, acting in its capacity as the legislative body of the District,
<br /> hereby approves the Escrow Instructions in the form presented to the City Council at this
<br /> ATTY/RES0.2814/COMMUNITY FACILITIES DISTRICT N0.99-1
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