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28016-4 JHHW:WHM:mcb 0 2/86 ~4507 RESOLUTION NO. 10221 ORIGINAL J N 2 1986 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING AND DIRECTING THE EXECUTION OF CERTAIN AGREEMENTS IN CONNECTION WITH THE FINANCING OF CERTAIN CAPITAL IMPROVEMENTS; AND RESCINDING RESOLUTION NO. 10209 WHEREAS, the City has heretofore determined to acquire and const uct a fire station, a library, the renovation of city hall, the installatio of a culvert, a telephone system and other public improvements (the "Project ") and related improvements through the Redwood City Public Facilitie and Infrastructure Authority (the "Authority"); and WHEREAS, to commence acqu is it i on and construct i on of the Projec sand re 1 ated improvements, it is necessary to authori ze the conveyance of erta in real property attached hereto as Exhibit A (the II Leased Premises") to a purchaser to be designated after receipt of bids for the Leased Premi es in conformity with Section 3-1/2 of the City's Charter (the "Purchaser") at a purchase price of not less than $13,912,000, payable at a date to be m tually agreed upon between the City and the Purchaser, so long as the Pu chaser authorizes execution of the Lease Agreement (the "Lease"), dated as of June 15, 1986, by and between the City and the Purchaser, whereby the Purchase wi 11 1 ease the Leased Premi ses to the Ci ty for 1 ease payments specifi ed t erei n, which conveyance and Lease will be approved by an ordinance duly adopted by the City. NOW, THEREFORE, the City Council of the City of Redwood City DOES HEREBY RESOLVE AND ORDER as follows: SECTION 1. The foregoing recitals are true and correct and the Cou finds and determines. SECTION 2. Resolution No. 10209, entitled "A Resolution of th City Council of the City of Redwood City Authorizing and Directing the Execut.on of Certain Agreements in Connection with the Financing of Certain Capital Improvements," adopted on May 19, 1986 by the City Council, is hereby rescinded. SECTION 3. That certain Capital Account Agreement, dated as of Ju e 15, 1986, by and between the City and the Authority, pursuant to which th City agrees to use the proceeds of the sale of the Leased Premi ses to acqui e and construct the Projects, is hereby approved, and the City Manager and City Clerk are hereby authorized and directed to execute, attest and seal the s me on behalf of the City, in substantially now before this Council, but with ch nges, modifications, additions or deletions therein from the form and content f the Capital Account Agreement now before this Council, and that from and aft r the execution, attestation, sealing and delivery of the same, the City Manag rand City Clerk are hereby authorized, empowered and directed to do all such ac sand things and to execute all such documents as may be necessary to carry 0 t and comply with the respective provisions of the Capital Account Agreem nt as executed. l0221