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05/20/2013 <br /> ORIGINAL <br /> RESOLUTION NUMBER 15264 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br /> REDWOOD CITY RELATING TO THE REFUNDING OF THE CITY'S <br /> OBLIGATIONS WITH RESPECT TO THE CITY OF REDWOOD CITY <br /> PUBLIC FINANCING AUTHORITY LEASE REVENUE BONDS, <br /> SERIES 2003, APPROVING RELATED FINANCING DOCUMENTS, <br /> AND AUTHORIZING OFFICIAL ACTIONS <br /> WHEREAS, the City of Redwood City Public Financing Authority is a joint powers <br /> authority duly organized and existing under and pursuant to that certain Joint Exercise <br /> of Powers Agreement dated as of June 18, 1991, by and between the City of Redwood <br /> City (the "City") and the City of Redwood City Redevelopment Agency, and under the <br /> provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of <br /> Division 7 of Title 1 of the Government Code of the State of California (the "Act"), and is <br /> authorized pursuant to Article 4 of the Act to borrow money to provide financing and <br /> refinancing for public capital improvements of the City; and <br /> WHEREAS, the City, working together with the Authority, caused the issuance <br /> and delivery of the Authority's $11,475,000 Lease Revenue Bonds, Series 2003 (the <br /> "2003 Bonds"), secured by undivided fractional interests of the owners thereof in lease <br /> payments to be made by the City as the rental for certain property pursuant to a lease <br /> agreement, dated as of November 1, 2003 (the "2003 Lease Agreement") between the <br /> City and the Authority; and <br /> WHEREAS, the 2003 Bonds are currently outstanding in the principal amount of <br /> $5,130,000; and <br /> WHEREAS, the City has determined at this time, due to prevailing interest rates <br /> in the municipal bond market and for other reasons, to refinance its obligations securing <br /> the 2003 Bonds by providing for the prepayment of the 2003 Lease Agreement and the <br /> refunding of all 2003 Bonds; and <br /> WHEREAS, Compass Bank, an Alabama corporation (the "Bank") has issued a <br /> commitment letter to the City (the "Commitment Letter") offering to provide moneys to <br /> prepay the City's obligations under the 2003 Lease Agreement, which prepayment <br /> proceeds will be used to refund the 2003 Bonds; and <br /> WHEREAS, pursuant to a resolution of the City adopted on May 6, 2013, the City <br /> Council has approved the execution of the Commitment Letter with the Bank. <br /> ATTY/RES0.2853/PFA LEASE REVENUE BONDS CITY RESO RESO.#15264 <br /> REV:05-09-13 PT MUFF#505 <br /> Page 1 of 3 <br />