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29210-03 IH:SM:Idw CITY OF SAN LEANDRO RESOLUTION NO. 149 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LEANDRO APPROVING THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO OF NOT TO EXCEED $19,000,000 AGGREGATE PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO PLAZA REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 2002 AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO RESOLVED, by the City of San Leandro (the "City"), as follows: 9/10/02 9/25/02 10/10/02 (2937) WHEREAS, the Redevelopment Agency of the City of San Leandro (the "Agency") proposes to issue its not to exceed $19,000,000 aggregate principal amount of Plaza Redevelopment Project Tax Allocation Bonds, Series 2002 (the "Bonds"), under and pursuant to the provisions of Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of California (the "Law") and other applicable laws, for the purpose of financing redevelopment activities within and of benefit to the Agency's San Leandro Redevelopment Project; and WHEREAS. Section 33640 of the Law requires the Agency to obtain the approval of the City Council of the City of San Leandro prior to issuance of the Bonds; and WHEREAS, the City Council approves of the issuance of the Bonds as being in the public interests of the City of San Leandro and of the Agency; WHEREAS, this City Council desires to clarify that amounts owed to the City by the Agency are subordinate as to tax increment revenues to the payment of debt service on the Bonds; NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: Section 1. Approval of Issuance of Bonds. The City Council of the City of San Leandro approves the issuance of the Bonds by the Redevelopment Agency of the City of San Leandro, as herein above described. Section 2. Subordination of Agency Loans: Approval Of Promissory Note. The City Council hereby agrees and acknowledges that the repayment of amounts which have been advanced, or which will in the future be advanced, by the City to the Agency are subordinate as to tax increment revenues to the payment of debt service on the Bonds. The City approves the execution by the Agency of a promissory note in the amount of not to exceed $ payable to the City, which promissory note shall evidence the Agency's obligation to repay amounts previously advanced by the City to the Agency.