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05/20/20013 ORIGINAL RESOLUTION NO. PFA 13-03 A RESOLUTION OF THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY RELATING TO THE REFUNDING OF THE AUTHORITY'S LEASE REVENUE BONDS, SERIES 2003, APPROVING RELATED FINANCING DOCUMENTS AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO WHEREAS, the City of Redwood City Public Financing Authority (the "Authority") is a joint powers authority duly organized and existing under and pursuant to that certain Joint Exercise of Powers Agreement dated as of June 18, 1991, by and between the City of Redwood City (the "City") and the City of Redwood City Redevelopment Agency, and under the provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "AcY'), and is authorized pursuant to Article 4 of the Act to, among other things, borrow money for the purpose of financing and refinancing public capital improvements of the City; and WHEREAS, the Authority has previously issued and delivered it's $11,475,000 Lease Revenue Bonds, Series 2003 (the "2003 Bonds"), secured by undivided fractional interests of the owners thereof in lease payments to be made by the City as the rental for certain property pursuant to a lease agreement, dated as of November 1, 2003 between the City and the Authority; and WHEREAS, the 2003 Bonds are currently outstanding in the principal amount of $5,130,000; and WHEREAS, the Authority has determined that it is in the interests of the Authority and the City at this time, due to prevailing interest rates in the municipal bond market and for other reasons, to refinance its obligations with respect to the 2003 Bonds by providing for the refunding of all 2003 Bonds; and WHEREAS, Compass Bank, an Alabama corporation (the "Bank") has issued a commitment letter to the City (the "Commitment Letter") offering to provide moneys to refinance the 2003 Bonds; and WHEREAS, pursuant to a resolution of the City adopted on May 6, 2013, the City Council of the City has approved the execution of the Commitment Letter with the Bank; and ATTY/RE50.2854/PFA LEASE REVENUE BONDS PFA RESO RESO.#PFA 13-03 REV:05-09-13 PT MUFF#505 Page 1 of 3