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10/26/2009 ORIGINAL RESOLUTION NO. 14977 RESOLUTION OF THE CITY OF REDWOOD CITY AUTHORIZING THE REDEMPTION OF THE CITY'S VARIABLE RATE DEMAND CERTIFICATES OF PARTICIPATION WHEREAS, the City of Redwood City (the "City ") has constructed and acquired certain city hall facilities (the "City Hall Project ") with funds temporarily available therefore; and WHEREAS, in order to provide funds to reimburse such temporarily available funds and to finance the City Hall Project on a permanent basis, the City caused to be executed and delivered the City of Redwood City Variable Rate Demand Certificates of Participation (City Hall Project), the aggregate principal amount of not to exceed $11,700,000 (the "Certificates "), pursuant to a Trust Agreement (the "Trust Agreement "), dated as of October 1, 1998, by and among the City, the City of Redwood City Public Financing Authority (the "Authority ") and U.S. Bank Trust National Association, as trustee, (the "Trustee "); and WHEREAS, the Authority and City leased and leased back the City Hall Project as provided in the Lease Agreement (the "Lease Agreement "), dated as of October 1, 1998, by and between the Authority and the City, such lease back to the City being for the purpose (among others) of providing amounts sufficient to provide for the payment of the principal and interest evidenced by the Certificates; and WHEREAS, the City sold the Certificates pursuant to a negotiated sale to the underwriter, Stone & Youngberg (the "Underwriter'), for offer and sale by the underwriter to members of the general public, and in connection with the offering of the Certificates, the City caused to be prepared an Official Statement describing, among other things, the City, the Trust Agreement, the Lease Agreement, the Ground Lease, the Reimbursement Agreement, the Remarketing Agreement, the Contract of Purchase, the Assignment Agreement and the ATTY /RESO /RESO.1955 1 #14977 101609 MUFF # 505