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29114 -12 JH:DJO:brf 7/5/00 RESOLUTION NO. 2000 -111 ( 2887 ) A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF SPECIAL TAX BONDS, AND APPROVING AND AUTHORIZING RELATED DOCUMENTS AND ACTIONS City of San Leandro Community Facilities District No.1 (Cherrywood) RESOLVED, by the City of San Leandro, California (the "City"), as follows: WHEREAS, the Council of the City has conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, Chapter 2.5 of Part 1 of Division 2 of Title 5 (commencing with Section 53311) of the California Government Code (the "Act "), to form Community Facilities District No. 1 (Cherrywood) (the "CFD "), to authorize the levy of special taxes upon the land within the CFD, and to issue bonds secured by said special taxes the proceeds of which bonds are to be used to finance certain public improvements (the "Facilities "), all as described in those proceedings; WHEREAS, this Council now wishes to provide for the issuance and sale of the special tax bonds to finance the Facilities and related costs and expenses, and there have been submitted to this Council certain documents described below providing for the issuance of the special tax bonds for the CFD and the use of the proceeds of those bonds, .and this Council with the aid of its staff, has reviewed the documents and found them to be in proper order; WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the special tax bonds and the levy of the special taxes as contemplated by this resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act; NOW, THEREFORE, it is hereby DETERMINED and ORDERED as follows: Section 1. Bonds Authorized. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement (as defined in Section 3 hereof), special tax bonds designated the "City of San Leandro, Community Facilities District No. 1 ( Cherrywood) Special Tax Bonds, Series 2000" (the "Bonds ") in an aggregate principal amount not to exceed Six Million Dollars (56,000,000) are hereby authorized to be issued. The Bonds shall be executed in the form, mature, be payable in the priorities and bear interest at the rates as provided in the Fiscal Agent Agreement, as hereinafter defined. The Council hereby finds that the issuance of the Bonds is in compliance with the Act and applicable provisions of policies of the City relating to the Bonds. In furtherance of the issuance of the Bonds and pursuant to Section 53345.8 of the Act, the Council hereby finds and determines that the value of the real property that is subject to the special tax levied pursuant to the Act to pay debt service on the Bonds will be at least three times the principal amount of the Bonds to be sold and the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act on property within the CFD•or a special assessment levied on property within the CFD, based on an appraisal of property within the CFD which meets the requirements of Section 53345.8 of the Act. • • •