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8.B. - Page 43
<br /> History of the District
<br /> Pursuant to the Act, the City Council of the City, acting in the capacity as the
<br /> legislative body of the District, adopted Resolution No. 13590 on March 22, 1999, stating its
<br /> intention to establish the District and to levy the Special Tax within the District. Attached as
<br /> Appendix G is the current boundary map of the District. On Apri126, 1999, the City Council,
<br /> acting as the legislative body of the District, adopted resolutions forming the District and
<br /> authorizing a special election with respect to the incurrence of indebtedness in a principal
<br /> amount of $13,535,000 and the levy of the Special Tax. Subsequently, the then-owners of the
<br /> land in the District, as the qualified electors for the District, approved the ballot propositions
<br /> at an election held on July 30, 1999. On August 18, 1999, the City recorded, in the Official
<br /> Records of the County Recorder for the County of San Mateo, a Notice of Special Tax Lien as
<br /> required by Section 53328.3 of the California Government Code. On August 23, 1999, the City
<br /> Council, acting as the legislative body of the District, adopted Ordinance No. 2180 authorizing
<br /> the levy of a special tax within the District.
<br /> The District was formed to provide a method of funding projects that were identified in
<br /> the Shores Transportation Improvement District Final Report - Phase I and Final Report -
<br /> Phase II, which were prepared to identify solutions for the traffic congestion problems that
<br /> were occurring in the area. The Improvements involved the construction of improvements to
<br /> several intersections in and around the commercial area of Redwood Shores and the
<br /> reconfiguration of the Marina Parkway/Ralston Avenue U.S. 101 interchange to a partial
<br /> cloverleaf design. The Improvements included the construction, purchase, modification,
<br /> expansion, improvement or rehabilitation of sanitary sewers, streets, storm drainage facilities,
<br /> utilities, parks, landscaping, and other infrastructure improvements and relocations, including
<br /> traffic and signalization and improvements to street intersections and freeway interchanges,
<br /> for the following projects:
<br /> 1. the Marine Parkway intersection at or near Twin Dolphin Parkway;
<br /> 2. the Marine Parkway intersection at or near Bridge Parkway;
<br /> 3. the Redwood Shores Parkway intersection at or near Bridge Parkway;
<br /> 4. the Marine Parkway intersection at or near Oracle West/Shoreway Road;
<br /> 5. the Ralston Avenue intersection at or near Hiller Street;
<br /> 6. the northbound U.S. 101 on-ramp at the Marine Parkway/Ralston Avenue
<br /> interchange;
<br /> 7. the HOV bypass lanes at the northbound U.S. 101 on-ramp at the Ralston
<br /> Avenue interchange; and
<br /> 8. the reconfiguration of the U.S. 101/Marine Parkway /Ralston Avenue
<br /> interchange to a partial cloverleaf design.
<br /> On January 17, 2001, the District issued the Series 2001A Bonds in an initial principal
<br /> amount of $5,045,000, and on August 12, 2003, the District issued the Series 2003B Bonds in
<br /> an initial principal amount of $7,505,000. The net proceeds of the Prior Bonds,
<br /> $10,712,216.25, were deposited to an Improvement Fund established under the Prior Fiscal
<br /> Agent Agreement and were used to pay costs of the Improvements.
<br /> The net proceeds of the Series 2001A Bonds were used to finance a portion of the
<br /> Improvements (the "Phase I Facilities"), which included the first three projects listed above,
<br /> and to finance the costs of forming the District and a pro rata share of certain other incidental
<br /> expenses related to those Improvements. Phase I Facilities included various intersection and
<br /> street widening improvements designed to improve traffic circulation at peak commute hours.
<br /> The net proceeds of the Series 2003B Bonds were used to finance a portion of the
<br /> Improvements designated the "Phase II Facilities," which included improvements to the U.S.
<br /> Highway 101 Ralston Avenue/Marine Parkway freeway interchange. The Improvements were
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