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• 29114 -12 1I-1:DJO:brf 5/8/00 RESOLUTION NO. 2000 -87 (2887) A RESOLUTION OF INTENTION TO INCUR BONDED INDEBTEDNESS City of San Leandro Community Facilities District No. 1 (Cherrywood) RESOLVED, by the City of San Leandro, California (the "City "), as follows: WHEREAS, this Council has this date adopted its Resolution of Intention to Establish a Community Facilities District, stating its intention to form the City of San Leandro Community Facilities District No. 1 $ ( Cherrywood) (the "CFD ") pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, Chapter 2.5 of Part 1 of Division 2 of Title 5 of the California Government Code (the "Act "), for the purpose of financing, among other things, certain public improvements (the "Facilities ") as further provided in that Resolution; and WHEREAS, this Council estimates the amount required for the financing of the costs of the Facilities to be the sum of not to exceed $6,000,000; and WHEREAS, in order to finance the costs of the Facilities it is necessary to incur bonded indebtedness in the amount of not to exceed $6,000,000 on behalf of the CFD. NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: Section 1. Bonded Debt. It is necessary to incur bonded indebtedness within the boundaries of the proposed CFD in the amount of up to $6,000,000 to finance the costs of the Facilities. Section 2. Purposes of Bonded Debt. The bonded indebtedness is proposed to be incurred for the purpose of financing the costs of the Facilities, including acquisition and improvement costs and all costs incidental to or connected with the accomplishment of said purposes and of the financing thereof, as permitted by Section 53345.3 of the Act. Section 3. Terms of Bonds. This Council, acting as legislative body for the CFD intends to authorize the issuance and sale of bonds in the maximum aggregate principal amount of not to exceed $6,000,000, bearing interest payable semi- annually or in such other manner as this Council shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and maturing not to exceed 25 years from the date of the issuance of said bonds. Section 4. Public Hearing. Monday, July 17, 2000, at 7:00 p.m., or as soon as possible thereafter, in the Council Chambers, 835 East 14 Street, San Leandro, CA 94577, be, and the same are hereby appointed and fixed as the time and place when and where this Council, as legislative body for the District, will conduct a public hearing on the proposed debt issue and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the of the City on behalf of the CFD. Section 5. $ Notices of Hearing. The City Clerk is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper of general circulation