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28003-9 JHHW:WHM:mcb OS/20/85 3354M :mcb OS/21/85 :mcb OS/29/85 :mcb 06/03/85 JUN 1 7 1985 ORDINANCE NO. 1914 ORDINANCE OF THE COUNCIL OF THE CITY OF REDWOOD CITY ORIGINAL PROVIDING FOR THE BORROWING OF FUNDS FOR FISCAL YEAR 1985-1986 AND THE ISSUANCE OF 1985 TAX AND REVENUE ANTICIPATION NOTES THEREFOR WHEREAS, pursuant to Section 66 of the City's Charter and Sections 53850 et ~. of the Government Code of the State of California, thi s City Council (the "Counci 111) has found and determi ned that moneys are needed for the requirements of the City of Redwood City (the IICityll), a municipal corporation duly organized and existing under the laws of the State of California, to satisfy obligations payable from the General Fund of the City, and that it is necessary that said sum be borrowed for such purpose at this time by the issuance of temporary notes therefor in anticipation of the receipt of taxes, revenue and other moneys to be received by the City for the General Fund of the City during or allocable to Fiscal Year 1985-1986; NOW, THEREFORE, the Council of Redwood City does ordain as follows: Section 1. Recitals True and Correct. All of the recitals herein set forth are true and correct, and the Council so finds and determines. Section 2. Issuance and Terms of Notes. Solely for the purpose of ant i c i pa t i ng taxe s, revenue and other moneys to be rece i ved by the City for the General Fund of the City during or allocable to Fiscal Year 1985-1986, and not pursuant to any common plan of financing, the Ci ty hereby determi nes to and shall borrow the principal amount of not to exceed Four Mi 11 ion Six Hundred Thousand Dollars ($4,600,000) by the issuance of temporary notes under Section 66 of the Charter of the Ci ty and Sections 53850 et ~. of the Government Code of the State of California, designated IICity of Redwood City 1985 Tax and Revenue Anti ci pation Notesll (the IINotes"). The Notes sha 11 be numbered from 1 consecutively upward in order of issuance, shall be dated the date of their delivery, s ha 11 mature on June 30, 1986, and shall bear interest, payable at maturi ty and computed on a 30-day month/360-day year basis, at the rate set forth in the winning bid for the Notes, which rate shall not exceed that rate of interest equal to the sum of: (1) the average of the rates of interest per annum paid to the City on investments of general municipal funds during the three (3) months next preceding the proposed date of issuance of the notes; and (i i) four (4) per cent per annum. Both the 1 ~14 -.." ,.-..-...",.",