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11/03/2003 ORIGINAL RESOLUTION NO. 14560 A RESOLUTION OF THE COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO A GUARANTY FOR THE BENEFIT OF THE POLICE ACTIVITIES LEAGUE COMMUNITY CENTER PROJECT AND AUTHORIZING OFFICIAL ACTIONS WHEREAS, the City of Redwood City (the "City ") is a charter city and municipal corporation duly organized and existing under and pursuant to the Constitution of the State of California and its charter; and WHEREAS, the Police Activities League, a California non - profit public benefit corporation (the "Corporation "), has requested that the City assist in financing the completion of the construction, renovation, improvement and equipping of the Police Athletic League gymnasium (the "Project "), through the guaranty (the "Guaranty ") of a loan in the amount of $1,500,000 to be provided to the Corporation by Bay Area Bank (the "Bank "); and WHEREAS, the City has requested that the City of Redwood City Public Financing Authority (the "Authority ") issue its revenue bonds (the "Bonds ") for the purpose of providing funds to enable the City to finance the construction and acquisition costs of certain improvements to be used for public uses, including the Project, proceeds of which will be available to pay the Guaranty if required. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Redwood City as follows: Section 1. Findings and Determinations The City Council finds and determines that it is in the public benefit of the City that the Project be completed, and that proceeds of the Bonds (or other available funds of the City) be utilized to finance the Guaranty. The City council finds that such public benefits are commensurate with the amount of the proposed Guaranty. Section 2. Approval of Guaranty The City Council hereby approves the Guaranty of the loan to the Corporation by the Bank, provided that the maximum aggregate principal amount of the Guaranty shall not exceed $1,500,000, and that the terms of the Guaranty will not cause the City to violate any constitutional debt limitations. The Guaranty shall be in a form acceptable to the City Attorney. The Mayor, City Manager or the Finance Director is hereby authorized and directed to execute, and the City Clerk is hereby authorized and directed to attest to, the final form of the Guaranty for and in the name and on behalf of the City. Atty /Reso /Reso.1435 14560 102903 1