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03/24/03 <br /> ORIGINAL <br /> <br /> RESOLUTION NO. RD-03-79 <br /> <br /> A RESOLUTION DECLARING THE OFFICIAL INTENT TO <br /> REIMBURSE EXPENDITURES FROM THE PROCEEDS OF TAX <br /> EXEMPT SECURITIES <br /> <br /> WHEREAS, the Redwood City Redevelopment Agency (the "Issuer") <br /> desires to finance the construction and acquisition of the facilities described in <br /> detail below (collectively the "Project"); and <br /> WHEREAS, the Issuer reasonably expects to reimburse such <br /> expenditures by authorizing the sale and delivery of one or more series of <br /> obligations, as described below: <br /> NOW, THEREFORE, THE ISSUER HEREBY RESOLVES AS <br /> FOLLOWS: <br />_ 1. This Resolution is a declaration of official intent to reimburse <br /> expenditures pursuant to Treasury Regulations Section 1.150-2. <br /> 2. The Issuer desires to finance the construction and acquisition of <br /> the Project, which consist of the under grounding and rerouting of certain storm <br /> drain culverts in connection with the development of a parking facility for a <br /> downtown retail/cinema project. <br /> 3. The Issuer reasonably expects to reimburse the expenditures <br /> through the sale and delivery of one or more series of obligations (the <br /> "Obligations"), the interest component on which is excludable from gross income <br /> under Section 103 of the Internal Revenue Code. The maximum principal <br /> amount of Obligations to be issued for the Project is $4,500,000.00. <br /> <br /> F:lAttylResolReso. 1379 1 <br /> 031803 <br /> <br /> <br />