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3/22/99 ORIGINAL RESOLUTION NO. 13591 RESOLUTION OF INTENTION OF THE COUNCIL OF REDWOOD CITY TO INCUR BONDED INDEBTEDNESS IN THE AMOUNT NOT TO EXCEED $15,325,000 WITHIN PROPOSED REDWOOD SHORES COMMUNITY FACILITIES DISTRICT NO. 99-1 (SHORES TRANSPORTATION IMPROVEMENT PROJECT) OF THE CITY OF REDWOOD CITY WHEREAS, the Council of Redwood City (the "Council of Redwood City") upon its own initiative as provided in Section 53318 of the Government Code of the State of California instituted proceedings to form Redwood Shores Community Facilities District No. 99-1 (Shores Traffic Improvement Project) of the City of Redwood City ("Redwood Shores Community Facilities District No. 99-1" or the "District") pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Act"), as amended, pursuant to Resolution No.__ adopted by the Council of Redwood City on the date hereof to finance (1) the purchase, construction, expansion, improvement or rehabilitation of public facilities identified in Exhibit "A" hereto and incorporated herein by this reference, including all furnishings, equipment and supplies related thereto (collectively, the "Facilities"); and (2) the incidental expenses to be incurred in financing the Facilities and forming and administering the District (the "Incidental Expenses"); and WHEREAS, the Council of Redwood City estimates that the amount required to finance the Facilities and Incidental Expenses is approximately $15,325,000; and WHEREAS, in order to finance the Facilities and Incidental Expenses, the Council of Redwood City intends to authorize the issuance of bonds in the maximum aggregate principal amount of $15,325,000, the repayment of which is to be secured by special taxes levied in accordance with Section 53328 of the Act on all property in the proposed Redwood Shores Community Facilities District No. 99-1, other than those properties exempted from taxation in the rate and method of apportionment set forth in Exhibit "C" to Resolution No. __; THE COUNClL OF REDWOOD CITY HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS: 1. The above recitals are true and correct. 2. It is necessary to incur bonded indebtedness within the boundaries of proposed Redwood Shores Community Facilities District No. 99-1 in an amount not to exceed $15,325,000 to finance certain of the costs of the Facilities and Incidental Expenses, as permitted by the Act and federal tax law. 3. The indebtedness will be incurred for the purpose of financing the costs of the Facilities and the Incidental Expenses, including, but not limited to, the funding of reserve funds for 14672.3~22931.0003 - l -