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SWC:mf 11/5/81 RES 0 L UTI 0 N N O. 9003 ORIGINAL N a v 9 1981 RESOLUTION APPROVING NEGOTIATED EXCHANGE OF PROPERTY TAX REVENUES AND AGREEING TO ACCEPT SUCH EXCHANGE UPON JURISDICTIONAL CHANGE OF CERTAIN PROPERTIES PROPOSED FOR DETACHMENT FROM THE CITY OF REDWOOD CITY AND ANNEXATION TO THE CITY OF HENLO PARK WHEREAS, pursuant to the provisions of Chapter 6 (commencing with Section 95) of the Revenue and Taxation Code, the City of Redwood City and the City of Menlo Park must determine and agree to an exchange of property tax revenues prior to the effective date of a proposed municipal reorganization consisting of the uninhabited detachment from the City of Redwood City and the uninhabited annexation to the City of Menlo Park of a certain strip of land described on the attached map labeled Exhibit "A" and incorporated herein by this reference; and WHEREAS, this Council has determined the exchange of property tax revenues, based upon 1981-82 assessed valuation, which will result from the jurisdictional change effected by the proposed municipal reorganization, and agrees to said exchange of revenues with the City of Menlo Park; NOW, THEREFORE; BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, AS FOLLOWS: 1. This Council hereby determines, with respect to the subject reorganization, that the property tax revenues totalling $135.00 based upon the 1981-82 assessed valuation for the affected property will be exchanged as follows: Amount allocated to the City of Redwood City: $67.50 $67.50 Amount transferred to the City of Menlo Park: 2. The City Clerk is hereby authorized and directed to transmit copies of this resolution to the San Mateo County Local Agency Formation Commission and to the City of Menlo Park. 3. This resolution shall be effective upon its adoption and operative upon the effective date of the subject reorganization. * * * 9 003