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be payable from instaliment payments to be paid to the Authority by the City pursuant to the Installment Purchase Contract (defined below); and WHEREAS, the Authority has determined that the Bonds should be offered for sale on a competitive basis and has prepared a form of Notice of Sale and a proposed form of an Official Statement (the "Official StatemenY') describing the Bonds, to be used in connection with the marketing thereof. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Redwood City as follows: Section 1. Findinqs and Determinations. The City Council finds and determines that it is in the prudent management of the fiscal affairs of the City that the proceeds to be deposited in the Project Fund pursuant to the Indenture will be used for the construction and acquisition of the Acquisition Project. Pursuant to the Act, the City Council hereby finds that the issuance of the Bonds by the Authority will result in savings in effective interest rates, underwriting costs and bond insurance costs and thereby result in significant public benefits within Section 6586 of the Act. Section 2. Approval of Bonds. The City Council hereby approves of the issuance of the Bonds by the Authority under and pursuant to the Act provided that the maximum aggregate principal amount of the Bonds shall not exceed $30,500,000. Section 3. Approval of Financing Documents. The City Council hereby approves each of the following documents in the respective forms on file with the City Clerk, together with such additions thereto and changes therein deemed advisable by the Mayor, Vice Mayor, City Manager or Director of Finance, or their respective designated representatives (each, an "Authorized Officer"), upon consultation with the City Attorney and bond counsel, whose execution thereof shall be conclusive evidence of the approval of any such additions and changes: (a) the Installment Purchase Contract currently dated as of June 1, 2013 (the "Installment Purchase Contract") between the City from the Authority; (b) the Continuing Disclosure Certificate, to be dated the date of initial delivery of the Bonds; and (c) the Escrow Instructions relating to the Refunded Bonds secured by the 2005 Installment Purchase Contract, dated as of June 1, 2013 (collectively, the "Escrow Instructions"), between the Authority and The Bank of New York Mellon Trust Company, N.A., as escrow agent thereunder. ATTY/RES0.2855/PFA WATER REV BONDS CITY RESO RESO.#15263 REV:05-06-13 PT MUFF#505 Page 2 of 3