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Resolution No. 89-417 <br />Page Two <br /> <br />Section 3: The issuance of revenue refunding bonds shall be <br /> authorized by resolution or resolutions of the City <br /> Council at a meeting or meetings to be held for <br /> such purpose, subject to the execution of <br /> appropriate agreements by the Developer and the <br /> City. <br /> <br />Section 4: In order that the financing can be accomplished <br /> as efficiently as possible, the City's staff is <br /> hereby authorized and directed to obtain the <br /> necessary information from the Developer in such <br /> form as they consider appropriate, to cause the <br /> necessary studies to be prepared, and to negotiate <br /> with the proposed trustees and qualified mortgage <br /> lenders, and such other steps as shall be <br /> appropriate to implement the sale and delivery of <br /> the revenue bonds. <br /> <br />Section 5: The City Council does hereby appoint Orrick, <br /> Herrington & Sutcliffe as bond counsel and Pacific <br /> Securities, Inc. as underwriter for the issuance <br /> and delivery of the revenue refunding bonds. <br /> <br />Section 6: The proposed form of notice of public hearing <br /> pursuant to section 147(f) of the Internal Revenue <br /> Code of 1986, as amended (the "Code"), in <br /> substantially the form presented to this meeting, <br /> is hereby approved. The Finance Director of the <br /> City is hereby authorized and directed to cause <br /> such notice to be published in a local newspaper of <br /> general circulation in accordance with Section <br /> 147(f) of the Code. <br /> <br />Section 7. It is hereby acknowledged and recognized that <br /> the adoption of this Resolution by the City Council <br /> shall not be deemed to be final approval of the <br /> refunding of the Valley Plaza II project. Nothing <br /> contained in this Resolution shall require or <br /> obligate the City to undertake the refinancing of <br /> said project. Nothing contained herein shall <br /> unconditionally commit the City to take any further <br /> action in connection with the refinancing of said <br /> project until all required processing of the City <br /> and the appropriate departments thereof shall have <br /> been completed and approved. <br /> <br />Section 8: This Resolution is intended as "official <br /> action," as contemplated by Paragraphs 1,103- <br /> 8(a)(5)(ii) and (iii) of the Treasury Regulations, <br /> toward the issuance of revenue refunding bonds <br /> pursuant to the Act. <br /> <br /> - 2- <br /> <br /> <br />