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' ' ~' " 2/9/98 ADOPTION COPY ORIGINAL RESOLUTION NO PAF 98-01 A RESOLUTION OF THE COMMISSION OF THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF 1998 LEASE REVENUE REFUNDING BONDS (CAPITAL FACILITIES PROJECT), AUTHORIZING AND DIRECTING EXECUTION OF LEGAL DOCUMENTS, APPROVING AN OFFICIAL STATEMENT AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO WHEREAS, in order to provide funds to refinance a portion of the City of Redwood City Public Financing Authority (the "Authority") 1991 Local Agency Revenue Bonds, Series A (the "1991 Bonds"), the Authority proposes to issue its 1998 Lease Revenue Refunding Bonds (Capital Facilities Project), in the aggregate principal amount of not to exceed $14,000,000 (the "Bonds"), pursuant to an Indenture of Trust (the "Indenture"), dated as of March 1, 1998, by and between the Authority and First Trust of California, National Association, as trustee (the "Trustee"); WHEREAS, the Bonds arc to be issued pursuant to the Marks-Roos Local Bond Pooling Act of 1985 (the "Act"), constituting Article 4 (commencing with section 6584) of Chapter 5 of Division 7 of Title 1 of the California Government Code; WHEREAS, the Authority and the City propose to sub-lease and sub-lease back the certain capital improvements (the "Property") as provided in thc Sub-Lease Agreement (the "Sub-Lease Agreement"), dated as of March 1, 1998, by and between the Authority and the City, such sub-lease back to the City being for the purpose (among others) of providing amounts sufficient to provide for the payment of the principal of and interest on the Bonds and such Property being further described in Exhibit A to the Sub-Lease Agreemeut; WHEREAS, thc Authority proposes to sell the Bonds pursuant to a negotiated sale to the underwriter named below for offer and sale by the underwriter to members of the general public, and in connection with the offering of the Bonds, thc Authority and the City have caused to be prepared an Official Statement describing, among other things, the City, the Indenture, the Sub-Lease Agreement, the Escrow Agreement, the Purchase Contract and the Bonds, a prelkninary form of which is on file with the Authority Secretary; WHEREAS, this Board has duly considered such transactions, including, without limitation, the Indenture, the Sub-Lease Agreement, and the Official Statement, and wishes at this time to approve said transactions in the public interests of the Authority; NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE COMMISSION OF THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, AS FOLLOWS: Section 1. Issuance of Bonds; Approval of Indenture. The Board hereby authorizes the issuance of the Bonds under and pursuant to the Act and the Indenture in the aggregate principal amount of not to exceed $14,000,000 for the purposes hereinbefore described. The Board hereby approves the Indenture in substantially the form on file with the Secretary together with any additions PAF98-01