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11/03/2003 ORIGINAL RESOLUTION NO. PFA 03-03 A RESOLUTION OF THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $12,500,000 PRINCIPAL AMOUNT OF LEASE REVENUE REFUNDING BONDS, SERIES 2003, AUTHORIZING AND DIRECTING EXECUTION OF AN INDENTURE OF TRUST, A SUBORDINATE SITE LEASE AND A SUBORDINATE LEASE AGREEMENT, AUTHORIZING THE SALE OF BONDS PURSUANT TO A PURCHASE CONTRACT, APPROVING AN OFFICIAL STATEMENT AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO WHEREAS, 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 (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 Authority has previously entered into a Lease Agreement, dated as of July 15, 1991 (the "1991 Lease Agreement") with the City, and an Indenture of Trust, dated as of July 15, 1991 (the "1991 Indenture") with U.S. Bank National Association (as successor trustee) (the "1991 Trustee"), pursuant to which the Authority has issued its 1991 Local Agency Revenue Bonds, Series A (the "1991 Bonds"); and WHEREAS, the City has determined that the 1991 Bonds can be refinanced at significant savings at this time, and to implement such refinancing, the City desires to lease certain real property, consisting generally of the Main Library, Fire Station No. 1 and Red Morton Park (the "Leased Property") to the Authority and to lease the Property back from the Authority, and the City is authorized pursuant to the laws of the State of California to enter into leasehold agreements for such purposes; and WHEREAS, the Authority has determined that it is in the interests of the Authority and the City at this time to provide for the financing of the acquisition and construction of certain infrastructure improvements for the City (the "Project"), as described in the Lease Agreement (defined herein), and to refund the Outstanding 1991 Bonds; and WHEREAS, in order to provide funds to finance the project and refinance the 1991 Bonds, the Authority proposes to issue its City of Redwood City Public Financing Authority Lease Revenue Refunding Bonds, Series 2003, in the aggregate principal Atty/Reso/Reso. 1433 PFA 03-03 102303 1