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ORIGIN AGREEMENT REGARDING EXPENDITURE OF EXCESS BOND PROCEEDS This Agree �nt Regarding Expenditure of Excess Bond Proceeds ("Agreement') is entered into this ---1:< day of February, 2017, by and between the Successor Agency to the former Redwood City Redevelopment Agency ("Successor Agency") and the City of Redwood City, a charter city and municipal corporation ("City"). The Successor Agency and the City are hereinafter collectively referred to as the "Parties." RECITALS A. Pursuant to the Second Supplemental Indenture of Trust Agreement, dated as of August 1, 2003, and executed by and between the former Redevelopment Agency of the City of Redwood City (`Redevelopment Agency") and U.S. Bank National Association, as Trustee, (the "Trust Agreement'), the Redevelopment Agency issued its "Redevelopment Agency of the City of Redwood City, Redevelopment Project Area No. 2, Tax Allocation Bonds, Series 2003A" in the aggregate principal amount of $33,997,447.85 (the "2003 Bonds"). The 2003 Bonds were used to (i) pay the costs of certain redevelopment activities for the Redevelopment Project Area, (ii) fund capitalized interest for the 2003 Bonds; and (iii) pay issuance costs of the 2003 Bonds. B. Following dissolution of the Redevelopment Agency on February 1, 2012, pursuant to Assembly Bill 1X 26, the City elected to serve as the Successor Agency to the Redevelopment Agency. Pursuant to Health and Safety Code Section 34173(g), the Successor Agency is a separate public entity from the City. C. Health and Safety Code Section 34191.4(c) provides that once the Successor Agency has been issued a Finding of Completion by the California Department of Finance ("DOF") the Successor Agency is authorized to use bond proceeds from bonds issued prior to December 31, 2010, for the purposes for which the bonds were sold. Further, the Successor Agency may designate the use of and commit indebtedness obligation proceeds that were derived from indebtedness issued for redevelopment purposes on or before December 31, 2010, and that remain available after the satisfaction of enforceable obligations that have been approved on a Recognized Obligation Payment Schedule ("ROPS") and that are consistent with the indebtedness obligation covenants (hereafter "Excess Bond Proceeds"). D. The DOF issued a Finding of Completion to the Successor Agency on December 10, 2015. E. Health and Safety Code Section 34191.4(c) further provides that the expenditure of Excess Bond Proceeds must be listed separately on the applicable ROPS. F. The Parties desire to enter into this Agreement to use the Excess Bond Proceeds for the purposes identified in and consistent with the covenants contained in the Trust Agreement and related documents (the "Bond Covenants") and the requirements of the Community Redevelopment Law (Health and Safety Code Section 33000 et seq.) (`CRL"), and to provide for ATN/AGR/2017.025/BOND EXPENDITURE AGREEMENT SA-RWC REV: 02-01-17 VR Page 1 of 4