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� <br /> ORIGIWAL <br /> CITY OF REDWOOD CITY <br /> COMMUNITY FACILITIES DISTRICT NO. 2000-1 <br /> (PACIFIC SHORES PROJECT) <br /> SPECIAL TAX BONDS <br /> SERIES 2000A <br /> TH[S AGREEMENT (the "AgreemenY') is among the City of Redwood City (the "City") <br /> for and on behalf of [he City of Redwood City Community Facilities District No. 2000-1 (Pacific <br /> Shores Project) (the "CFD"), SRI Eight Pacific Shores LLC, a Delaware limited liability <br /> company ("SRI"), and VII Pac Shores Investors, L.L.C. ("Pac Shores" and, with SR[, the <br /> "Property Owners"). <br /> RECITALS: <br /> WHEREAS, the Property Owners are the owners of all [he properly within the CFD <br /> subject to the levy of the Special Tax (as defined in the Fiscal Agent agreement, dated as of <br /> August 1, 2000 (the "Fiscal Agent AgreemenY'), between U.S. Bank National Association (as <br /> successor to the fiscal agent named therein) (the "Fiscal AgenP') and the City); and <br /> WHEREAS, pursuant to the provisions of Sections 53311 et seg. of the Califomia <br /> Govemment Code (the "AcP') and the Fiscal Agent Agreement, the City, on behalf of the CFD, <br /> has previously issued its City of Redwood City, Community Facilities Dish No. 2000-1 ` <br /> (Pacific Shores Project) Special Tax Bonds, Series 2000A (the "Series 2000A Bonds"); and <br /> WHEREAS, the Property Owners have requested that the City initiate proceedings to <br /> refund the Series 2000A Bonds on March 1, 2012, provided that sufficient savings (generally net <br /> present value savings in excess of 3% of the par amount of the refunding bonds) can be realized; <br /> and <br /> WHEREAS, the Property owners are willing to deposit funds with the City (and consent <br /> to the use of surplus Special Tax revenues currently on deposit with the City) to ensure payment <br /> of the costs of the City in undertaking the issuance of such refunding bonds (the "Refunding <br /> Bonds"); and <br /> WHEREAS, the City and the Property Owners now desire to specify the terms of said <br /> deposit. <br /> AGREEMENT: <br /> NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set <br /> forth herein, and for o[her consideration the receipt and sufficiency of which is hereby <br /> acknowledged, the parties hereto agree as follows: <br /> Section 1. Issuance af Refundina Bonds. In connection with the issuance of the <br /> Refunding Bonds, the City will have sole control over the shvchzre and timing of the financing, <br /> t <br /> ATTY/AGR/2011.119IREDWOOD (PACIFIC SHORES) REFUNDING AGREEMENT.DOC <br /> 102511 <br />