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28015-10 JHHW:SRC,ce 03/29/90 S8951 Orjl01;\,irl! l\ I U l Pi 1'.1.. RESOLUTION No.1 1 2 5 9 APR - 9 1990 RESOLUTION OF INTENTION TO LEVY REASSESSMENTS AND TO ISSUE REFUNDING BONDS UPON THE SECURITY THEREOF CITY OF REDWOOD CITY Seaport Boulevard Assessment District (Reassessment and Refunding of 1990) RESOLVED, by the City Council (the "Council") of the City of Redwood City (the "City"), County of San Mateo, State of California, that WHEREAS, this Council has heretofore conducted special assessment proceedings pursuant to Resolution of Intention No. 9795, adopted on February 4, 1985; WHEREAS, in said proceedings special assessment bonds, entitled "City of Redwood City, Seaport Boulevard Assessment District Series A Improvement Bonds", dated May 21, 1985, in the aggregate principal amount of $4,603,992, and "City of Redwood City, Seaport Boulevard Assessment District Series B Improvement Bonds", dated November 21, 1985, in the aggregate principal amount of $1,608,193.65 (collectively, the "Prior Bonds") were issued and delivered and are now outstanding; and WHEREAS, the public interest requires the refunding of the Prior Bonds and this Council intends to accomplish said refunding through the levy of reassessments and the issuance of refunding bonds upon the security thereof, the purpose of which refunding bonds shall be to refund the Prior Bonds. NOW, THEREFORE, IT IS ORDERED, as follows: 1. The proceedings for the levy and collection of reassessments as security for the issuance and payment of refunding bonds shall be conducted pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 (commencing with Section 9500) of the Streets and Highways Code of California (the" Act"). 2. Said contemplated reassessments and refunding, in the opinion of this Council, are of more than local or ordinary public benefit, and the costs and expenses thereof are made chargeable upon the Seaport Boulevard Assessment District, the exterior boundaries of which are shown on a map thereof heretofore filed in the office of the City Clerk, and in the office of the County Recorder of the County of San Mateo to which map reference is hereby made for further particulars. Said map indicates by a boundary line the extent of the territory included in said assessment district and shall govern for all details as to the extent thereof. 3. This Council declares that all public streets, highways, lanes and alleys within said assessment district in use in the performance of a public function, and all lands owned by any public entity, including the United States and the State of California, or any departments thereof, shall be omitted from the reassessment hereafter to be made to cover the costs and expenses of said refunding.