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12/03/2012 ORIGINAL RESOLUTION NO. 15238 RESOLUTION OF THE COMMUNITY FACILITIES DISTRICT NO. 99-1 (SHORES TRANSPORTATION IMPROVEMENT PROJECT) OF THE CITY OF REDWOOD CITY APPROVING THE FORM OF AND DIRECTING THE EXECUTION OF ESCROW INSTRUCTIONS, AND APPROVING OTHER RELATED DOCUMENTS AND ACTIONS WHEREAS, the City Council of the City of Redwood City (the "City") has previously conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), to form Community Facilities District No. 99-1 (Shores Transportation Improvement Project) of the City of Redwood City (the "District"), to authorize the levy of special taxes upon the land within the District, and to issue bonds secured by said special taxes for the purpose of providing moneys for the construction and acquisition of improvements within or in the vicinity of the District; and WHEREAS, the District has previously issued its Community Facilities District No. 99-1 (Shores Transportation Improvement Project) of the City of Redwood City Special Tax Bonds, Series 2001A, in the original principal amount of $5,045,000, of which $3,640,000 remains outstanding (the "2001A Bonds") and its Community Facilities District No. 99-1 (Shores Transportation Improvement Project) of the City of , Redwood City Special Tax Bonds, Series 2003B, in the original principal amount of $7,505,000, of which $6,675,000 remains outstanding (the "2003B Bonds," and together with the 2001A Bonds, the "Prior Bonds"); and WHEREAS, the City has determined that it would be advantageous to refund the outstanding Prior Bonds; and WHEREAS, there has been submitted to the City Council, acting in its capacity as the legislative body of the District, a form of Escrow Instructions (the "Escrow Instructions") among the City, the District and U.S. Bank National Association, as escrow agent (the "Escrow Agent"), relating to the defeasance of the Prior Bonds, and the City Council, as legislative body of the District, with the aid of City staff, has reviewed the Escrow Instructions and found them to be in proper order, and now desires to approve the Escrow Instructions; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed as contemplated by this Resolution, and the documents referred to herein, exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. ATTY/RES0.2810/COMMUNITY FACILITIES DISTRICT N0.99-1 RESO.#15238 � MUFF#505