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09/08/2003 ORIGINAL RESOLUTION NO. PFA 03-02 A RESOLUTION OF THE GOVERNING BOARD OF THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY AUTHORIZING AND DIRECTING THE EXECUTION OF A PURCHASE CONTRACT AND DIRECTING CERTAIN RELATED ACTIONS IN CONNECTION THEREWITH WHEREAS, the City of Redwood City, a charter city and municipal corporation (the "City") and the Redevelopment Agency of the City of Redwood City, a public body, corporate and politic (the "Agency") have entered into a Joint Exercise of Powers Agreement (the "Agreement"), establishing the City of Redwood City Public Financing Authority (the "Authority") for the purpose, among others, of purchasing Obligations (as defined in the Agreement) of the Agency and reselling such Obligations to private purchasers; and WHEREAS, the Authority and the Agency have determined that significant public benefits to the purchase by the Authority of the Agency's bonds, tentatively titled Redevelopment Agency of the City of Redwood City Redevelopment Project Area No. 2, Tax Allocation Bonds, Series 2003A (the "Bonds") 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 "Bond Law"); and WHEREAS, pursuant to a Purchase Contract relating to the Bonds among the Agency, the Authority and Stone & Youngberg LLC, as underwriter (the "Underwriter"), the Authority proposes to purchase the Bonds from the Agency, and to sell the Bonds to the Underwriter; and WHEREAS, the governing board of the Authority (the "Board") wishes at this time to authorize all proceedings relating to the purchase and sale of the Bonds and to approve the execution and delivery of the Purchase Contract relating thereto. NOW, THEREFORE, BE IT RESOLVED by the Board of the Authority as follows: Section I. Findings and Determinations. Pursuant to the Bond Law, the Board hereby finds and determines that the purchase and sale of the Bonds will result in savings in effective interest rates, underwriting costs and issuance costs and thereby result in significant public benefits to the Agency within the contemplation of Section 6586 of the Bond Law. Section 2. Approval of Purchase Contract. The Board hereby approves the Purchase Contract, in the form presented to the Board at this meeting. The F:Atty/Reso/Reso. 1428 PFA 03-02 082903 1