Res03 RD-03-82 - Laserfiche WebLink

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09/08/2003 ORIGINAL RESOLUTION NO. RD 03-82 RD-03-82 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY APPROVING A FIRST SUPPLEMENTAL INDENTURE OF TRUST, A SECOND SUPPLEMENTAL INDENTURE OF TRUST, A CONTINUING DISCLOSURE AGREEMENT, A PURCHASE CONTRACT AND AN OFFICIAL STATEMENT; MAKING CERTAIN DETERMINATIONS RELATING THERETO; AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION WITH THE ISSUANCE OF THE AGENCY'S REDEVELOPMENT PROJECT AREA NO. 2, TAX ALLOCATION BONDS, SERIES 2003A WHEREAS, the Redevelopment Agency of the City of Redwood City (the "Agency") is a redevelopment agency, a public body, corporate and politic, duly created, established and authorized to transact business and exercise powers under and pursuant to the provisions of the Community Redevelopment Law of the State of California (the "Law"), including the power to issue bonds and other obligations for any of its corporate purposes; WHEREAS, a redevelopment plan for a redevelopment project known and designated as the "Redevelopment Project Area No. 2" (the "Project Area") has been adopted and approved and all requirements of law for, and precedent to, the adoption and approval of said plan have been duly complied with; and WHEREAS, the plan contemplates that the Agency will issue its bonds to finance and refinance a portion of the cost of such redevelopment; and WHEREAS, in order to finance and refinance certain redevelopment activities in the Project Area, the Agency has determined to adopt this Resolution to approve the issuance of the Bonds (as defined herein) in a principal amount not to exceed $34,000,000; and WHEREAS, pursuant to an Indenture of Trust, dated as of June 15, 1997 (the "1997 Indenture"), the Agency has issued its Redevelopment Agency of the City of Redwood City Redevelopment Project Area No. 2 Tax Allocation Refunding Bonds, Series 1997 (the "Series 1997 Bonds"), the payment of principal of and interest on are insured by Ambac Assurance Corporation (the "Insurer"); and WHEREAS, Section 7.1 of the 1997 Indenture allows amendments thereto with the consent of the Insurer; and WHEREAS, in order to amend certain provisions of the 1997 Indenture to facilitate the issuance of the Bonds, the Agency has determined to authorize the execution and delivery of a First Supplemental Indenture of Trust, dated as of August 1, 2003 (the "First Supplemental Indenture"). F:Atty/Reso/Reso. 1426 RD 03-82 082903