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04/24/2007 ORIGINAL RESOLUTION NUMBER 14774 A RESOLUTION OF THE COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE FINANCING OF CERTAIN WATER FACILITIES, APPROVING ISSUANCE AND SALE OF BONDS BY THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, APPROVING AN OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTIONS WHEREAS, the City of Redwood City Public Financing 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 (the "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 "Act"), and is authorized pursuant to Article 4 of the Act (the "Bond Law") to borrow money for the purpose of financing the acquisition of bonds, notes and other obligations of the City or the Agency to provide financing and refinancing for public capital improvements of the City or the Agency; and WHEREAS, the City has requested that 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 (the "Project") to the City's water system (the "Enterprise"); and WHEREAS, to provide such financing for the Project the Authority proposes to issue the Bonds in an aggregate original principal amount of not to exceed $15,500,000 under the provisions of Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), which Bonds are proposed to be payable from installment payments to be paid to the Authority by the City pursuant to an installment purchase contract (the "Installment Purchase Contract"); and WHEREAS, the Authority has determined that the Bonds should be offered for sale on a competitive basis and has presented a form of Notice of Sale and a proposed form of an Official Statement describing the Bonds, to be used in connection with the marketing thereof. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY AS FOLLOWS: Section 1. FindinQs and Determinations. The City Council finds and determines that it is in the prudent management of the fiscal affairs of the City that the ATTY/RESO/RESO.1701 041707 14774 Muff # 505