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<br />28003-9 <br /> <br />JHHW:WHM:mcb OS/21/85 <br />:mcb OS/29/85 <br />:mcb 06/03/85 <br />:mcb 06/11/85 <br /> <br />3365M <br /> <br />ORIGINAL <br /> <br />RESOL.UTION No.9 902 <br /> <br />JUN 10 1985 <br /> <br />RESOLUTION APPROVING NOTICE OF SALE, NOTICE OF INTENTION <br />AND OFFICIAL STATEMENT, IN CONNECTION WITH THE SALE OF <br />1985 TAX AND REVENUE ANTICIPATION NOTES <br /> <br />WHEREAS, pursuant to Section 66 of the City Charter and Sections 53850 <br />et seq. of the Government Code of the State of Ca 1 i forn i a, th is Ci ty Counc i 1 <br />(the "Counci 1") has found and determi ned that the sum of FOllr Mi 11 ion Si x <br />Hundred Thousand Dollars ($4,600,000) is needed for the requirements of the <br />City of Redwood City (the "City"), a chartered city and municipal corporation <br />duly organized and existing under the Constitution of the State of California, <br />to satisfy obligations payable from the Gener.al Fund of the City, and that it <br />is necessary that said sum be borrowed for such purpose at thi s time by the <br />issuance of temporary notes therefor in anticipation of the receipt of taxes, <br />revenue and other moneys to be recei ved by the Ci ty for the Genera 1 Fund of <br />the City during or allocable to Fiscal Year 1985-1986; and <br /> <br />WHEREAS, it appears, and the Counci 1 hereby fi nds and determi nes, that <br />said sum of Four Million Six Hundred Thousand Dollars ($4,600,000), when added <br />to the interest payable thereon, does not exceed (i) eighty-five percent (85%) <br />of the estimated amount of the uncollected taxes, revenue and other moneys of <br />the City for the General Fund of the City attributable to Fiscal Year <br />1985-1986, and available for the payment of said notes and the interest <br />thereon (as hereinafter provided); or (ii) twenty-five percent <25%) of the <br />total appropriations for the fiscal year 1985/1986; <br /> <br />WHEREAS, the Council did, on June 3, 1985, introduce an ordinance <br />entitled "Ordinance of the City Council of the City of Redwood City Providing <br />for the Borrowing of Funds for Fiscal Year 1985-1986 and the Issuance of 1985 <br />Tax and Revenue Anticipation Notes Therefor", which ordinance shall be <br />effective 30 days from the date of its adoption; <br /> <br />NOW, THEREFORE, the Ci ty Counc i 1 of the Ci ty of Redwood Ci ty hereby <br />finds, determines, declares and resolves as follows: <br /> <br />9902 <br />