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2/9/98 ORIGINAL RESOLUTION NO. 13283 A RESOLUTION OF THE CITY OF REDWOOD CITY AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF REVENUE BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND REHABILITATION OF A SENIOR LIVING FACILITY, AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST, A LOAN AGREEMENT, A REGULATORY AGREEMENT, AN OFFICIAL STATEMENT, AND A BOND PURCHASE AGREEMENT, AND AUTHORIZING THE EXECUTION AND DELIVERY OF AND APPROVING OTHER RELATED DOCUMENTS AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH WHEREAS, the City of Redwood City (the "City") is authorized under Ordinance No. 213 7 (the "Act") to issue tax-exempt obligations and loan the proceeds thereof to qualified nonprofit public benefit corporations for the purpose of financing the acquisition, rehabilitation, construction and development of senior residential and health care related facilities located within the City, a portion of which is to be occupied by very low income persons or low or moderate income persons; and WHEREAS, Woodside Advanced Senior Care, Inc., a California nonprofit public benefit corporation (the "Owner"), has requested that the City issue and sell the Bonds (hereinafter defined) to provide funding for a mortgage loan to be made to the Owner to finance the acquisition and rehabilitation of Woodside Terrace, a senior residential and health care related facility, a portion of which is to be occupied by very low income persons or low or moderate income persons (the "Project"); and WHEREAS, in order to provide funds to finance the acquisition and rehabilitation of the Project, the City has determined to make amounts available to make a loan to the Owner (the "Issuer Loan") secured by deeds of trust, assignment of rents and security agreement with respect to the Project; and WHEREAS, in order to provide the funds necessary to enable the financing of a mortgage loan to the Owner and to finance the acquisition and rehabilitation of the Project, the Issuer has, pursuant to the Act, determined to issue its revenue obligations; and WHEREAS, the City Council hereby finds and declares that it is necessary, essential and a public purpose for the City to engage in a program (the "Program") of financing the acquisition and rehabilitation of senior residential and health care related facilities, and has determined to issue the Bonds (as hereinafter defined) for such purpose; and WHEREAS, the City Council hereby finds and declares that this resolution is being adopted pursuant to the powers granted by the Act; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the Bonds and the implementation of the Program as contemplated by this resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redwood City, as follows: 13283