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01123/2017 RESOLUTION NO. PFA 17-01 A RESOLUTION OF THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $12,200,000 PRINCIPAL AMOUNT OF WATER REVENUE REFUNDING BONDS, SERIES 2017, APPROVING THE FORM AND AUTHORIZING AND DIRECTING EXECUTION OF AN INDENTURE OF TRUST AND AN INSTALLMENT PURCHASE CONTRACT, APPROVING THE FORM AND AUTHORIZING THE SALE OF BONDS PURSUANT TO A NOTICE OF SALE OR A BOND PURCHASE AGREEMENT, APPROVING AN OFFICIAL STATEMENT AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO WHEREAS, the City of Redwood City Public Financing Authority (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 to, among other things, borrow money for the purpose of financing and refinancing public capital improvements of the City; and WHEREAS, pursuant to an Indenture of Trust, dated as of May 1, 2007 (the "2007 Indenture') between the Authority and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Prior Trustee"), the Authority issued its Water Revenue Bonds, Series 2007A, In the original principal amount of $15,150,000 (the "Refunded Bonds"); and WHEREAS, the Refunded Bonds are special obligations of the Authority payable from the revenues pledged under the 2007 Indenture, consisting primarily of installment payments (the "2007 Installment Payments") to be made by the City under an installment purchase contract, dated as of May 1, 2007, between the Authority and the City (the "2007 Installment Purchase Contract'); and WHEREAS, the Authority has determined that it is in the interests of the Authority and the City at this time to provide for the refinancing of the Refunded Bonds; and WHEREAS, in order to provide funds to refinance the Refunded Bonds, the Authority proposes to issue its City of Redwood City Public Financing Authority Water Revenue Refunding Bonds, Series 2017, in the aggregate principal amount of not to exceed $12,200,000 (the 'Bonds"), under the provisions of an Indenture of Trust (the "Indenture'), currently dated as of March 1, 2017 between the Authority and U.S. Bank National Association, as trustee (the 'Trustee"); and WHEREAS, the Bonds are to be issued pursuant to Article 4 of the Act; and WHEREAS, the Authority and the City propose to sell and purchase the Project (as defined in the Installment Purchase Contract) as provided in an Installment Purchase Contract, currently dated as of March 1, 2017 (the "Installment Purchase Contract'), between the Authority and the City, for the purpose (among others) of providing amounts sufficient to provide for the payment of the principal of and interest on the Bonds as described in the Installment Purchase Contract; and ATTY/RESO.0010/PFA RESO AUHTORIZING WATER REVENUE REFUNDING BOND SERIES 2017 RESO. NO. PFA -17-01 REV: 01-19-17 JS MUFF NO. 505 Page 1 of 4