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06/18/2012 ORIGINAL RESOLUTION NO. 15199 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING THE ISSUANCE OF PORT OF REDWOOD CITY REVENUE BONDS PURSUANT TO THE CITY CHARTER AND SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED WHEREAS, the Board of Commissioners of the Port Department of the City of Redwood City (the "Port") proposes to issue its Revenue Bonds, Series 2012 (the "Bonds") in the aggregate principal amount not to exceed $10,000,000, the proceeds of which will be used to (i) finance the improvement of certain terminal and warehouse facilities located at 675 Seaport Boulevard, Redwood City, California 94063 (the "Site"), including but not limited to the construction of wharf and warehouse facilities at the Site and the construction of related public capital improvements to the Port enterprises (collectively, the "Enterprise"), and (ii) finance other related expenses (collectively, the "Project"); and WHEREAS, notice of a public hearing concerning the Bonds and the nature and location of the facilities to be financed was published in a newspaper of general circulation in the City of Redwood City; and WHEREAS, the Board of Port Commissioners (the "Board") of the Port Department of the City of Redwood City, on June 13, 2012 conducted a public hearing whereby interested parties were given the opportunity to be heard and to state their views concerning the sale and issuance of the Bonds, the nature and location of the facilities to be financed with a portion of the proceeds thereof and the Project; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires, as a condition of the exclusion from income of the holders thereof of interest on the Bonds, and Section 50b of the Charter of the City of Redwood City (the "City Charter") requires, as a condition to the Port issuing revenue bonds, that before the Bonds are issued, the Bonds and the Project be approved by the City Council of the City of Redwood City (the "Council"); and NOW THEREFORE, the City Council of the City of Redwood City hereby resolves as follows: Section 1. The Board hereby approves the sale and issuance of not to exceed $10,000,000 aggregate principal amount of Port of Redwood City Revenue Bonds, Series 2012, pursuant to Section 147(f)(2) of the Code and Section 50b of the City Charter. ATTY/RESO.2257/PORT OF REDWOOD CITY REVENUE BONDS SERIES 2012 RESO. # 15199 REV: 06-14-13 PT MUFF # 505 Page 1 of 3