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01/23/2017 RESOLUTION NO. 15559 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE REFINANCING AND FINANCING OF CERTAIN WATER FACILITIES, APPROVING ISSUANCE AND SALE OF BONDS BY THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, APPROVING AN OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTIONS WHEREAS, the City of Redwood City Public Financing Authority is a joint powers authority duly organized and existing under and pursuant to that certain Joint Exercise of Powers Agreement dated as of June 18, 1991, by and between the City of Redwood City (the "City") and the City of Redwood City Redevelopment Agency (the "Agency'), and under the provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), and is authorized pursuant to Article 4 of the Act to borrow money to provide financing and refinancing for public capital improvements of the City; and WHEREAS, in order to finance certain improvements to the City's water system (the "Enterprise'), the City and the Authority previously entered into an Installment Purchase Contract, dated as of May 1, 2017 (the "2007 Installment Purchase Contract"); and WHEREAS, pursuant to an Indenture of Trust, dated as of May 1, 2007 (the "2007 Indenture") between the Authority and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Prior Trustee'), the Authority issued its Water Revenue Bonds, Series 2007A, in the original principal amount of $15,150,000 (the "Refunded Bonds"); and WHEREAS, the City has requested that the Authority issue its revenue bonds (the "Bonds") for the purpose of providing funds to enable the City to refinance the City's obligations under the 2007 Installment Purchase Contract, to be Issued pursuant to an Indenture of Trust (the "Indenture"), currently dated as of March 1, 2017 between the Authority and U.S. Bank National Association, as trustee (the "Trustee"); and WHEREAS, to provide for such refinancing the Authority proposes to issue its City of Redwood City Public Financing Authority Water Revenue Refunding Bonds, Series 2015 (the "Bonds") in an aggregate original principal amount of not to exceed $12,200,000 under the provisions of Article 4 of the Act, which Bonds are proposed to be payable from installment payments to be paid to the Authority by the City pursuant to an Installment Purchase Contract (the "Installment Purchase Contract"), currently dated as of March 1, 2017, between the Authority and the City; and WHEREAS, the City Council wishes to authorize the City Manager (or her designee) to determine, after consultation with the City's financing team, whether the Bonds should be sold on a competitive basis using a Notice of Sale or on a negotiated basis using a Bond Purchase Agreement; and WHEREAS, the City and the Authority have caused to be prepared a proposed form of an Official Statement (the "Official Statement") describing the Bonds, to be used in connection with the marketing thereof. ATTY/RESO.0009/CC RESO AUTHORIZING WATER REVENUE REFUNDING BOND SERIES 2017 RESO. NO. 15559 REV: 01-19-1715 MUFF NO. 505 Page 1 of 4