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RESOLUTION NO. 4 <br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE CITY <br />OF RIVERSIDE MUNICIPAL IMPROVEMENTS CORPORATION <br />AUTHORIZING PROCEEDINGS TO ASSIST THE CITY OF <br />RIVERSIDE IN FINANCING IMPROVEMENTS TO THE RYAN <br />BONAMINIO PARK AT THE TEQUESQUITE ARROYO AND <br />APPROVING RELATED DOCUMENTS AND ACTIONS <br />WHEREAS, the City of Riverside (the "City ") desires to finance <br />improvements to the Ryan Bonaminio Park at the Tequesquite Arroyo (the "Project ") <br />by entering into a lease /leaseback arrangement with the City of Riverside Municipal <br />Improvements Corporation (the "Corporation ") whereby the City will lease six City <br />fire stations (the "Sites ") to the Corporation and the Corporation will immediately <br />lease the Sites back to the City; and <br />WHEREAS, the Corporation has been organized for the purpose of assisting <br />the City in financing public improvements, including parks, and is authorized to enter <br />into financing and lease documents for that purpose; and <br />WHEREAS, the Board of Directors wishes at this time to approve <br />proceedings to assist the City in financing the Project and to approve related <br />documents and actions; <br />NOW, THEREFORE, IT IS HEREBY RESOLVED by the Board of Directors <br />of the City of Riverside Municipal Improvements Corporation as follows: <br />Section 1 . Approval of Financing. The Board of Directors hereby approves <br />assisting the City in financing the Project. To that end, the Board of Directors <br />hereby approves each of the following agreements in substantially the respective <br />forms on file with the City Clerk of the City together with any changes therein or <br />additions thereto deemed advisable by the President or Vice President or Treasurer, <br />and the execution thereof by the President or Vice President or Treasurer shall be <br />conclusive evidence of such approval: <br />Site Lease between the City and the Corporation, whereby the City <br />leases the Sites to the Corporation in consideration of the agreement <br />of the Corporation to provide sufficient funds to finance the Project. <br />Lease Agreement between the City and the Corporation, whereby <br />the Corporation leases the Sites back to the City in consideration of <br />the payment of semiannual lease payments by the City as rental for <br />the Sites. <br />26131.00008\7314236.1 1 <br />