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DES:dft ~'20/91 (069/29) <br /> <br /> 0 R I G I N A L 6/24/91 <br /> <br /> REDWOOD CITY PUBLIC FACILITIES AND INFRASTRUCTURE AUTHORITY <br /> RESOLUTION NO. PFIA 91-01 <br /> <br /> RESOLUTION OF THE REDWOOD CITY PUBLIC FACILITIES AND <br /> INFRASTRUCTURE AUTHORITY AUTHORIZING PROCEEDINGS FOR <br /> THE ADVANCE REFUNDING OF 1986 LEASE REVENUE BONDS, THE <br /> DISCHARGE OF THE INDENTURE AND LEASE PERTAINING <br /> THERETO, AND THE RECONVEYANCE OF THE LEASED PREMISES <br /> DESCRIBED IN SAID LEASE AGREEMENT <br /> <br /> WHEREAS, the Redwood City Public Facilities and <br />Infrastructure Authority (the "Authority") has been established <br />as a public agency pursuant to Ordinance No. 1928 adopted by the <br />City Council of the City of Redwood City (the "City") on <br />March 17, 1986, for the purpose of assisting the City in the <br />financing of municipal improvements; and <br /> <br /> WHEREAS, in order to provide financing for various municipal <br />improvements, the Authority has heretofore issued its Series 1986 <br />Lease Revenue Bonds (Capital Improvement Projects) in aggregate <br />principal amount of $16,140,000 (the "Bonds") pursuant to an <br />Indenture of Trust dated as of June 15, 1986 (the "Indenture") by <br />and between the Authority and Security Pacific National Bank as <br />trustee (the "Trustee"); and <br /> <br /> WHEREAS, the Bonds are secured by a lease of certain <br />properties by the Authority to the City pursuant to the Lease <br />Agreement dated as of June 15, 1986, by and between the Authority <br />as lessor and the City as lessee (the "Lease Agreement"); and <br /> <br /> WHEREAS, the City has determined at this time that due to <br />prevailing financial market conditions it is in the best <br />interests of the City to refinance its obligations under the <br />Lease Agreement in order to realize interest rate savings, and to <br />that end the City has proposed to deposit with the Trustee an <br /> <br /> <br />