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RESOLUTION NO. 749 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE APPROVING THE ISSUANCE OF ITS HOUSING SET-ASIDE TAX ALLOCATION BONDS, 2004 SERIES A, APPROVING A TRUST INDENTURE, AN ESCROW AGREEMENT, AN OFFICIAL STATEMENT AND A PURCHASE CONTRACT, AUTHORIZING THE EXECUTIVE DIRECTOR OR TREASURER TO SET THE FINAL TERMS OF THE SALE OF THE BONDS AND MAKING CERTAIN FINDINGS AND DETERMINATIONS RELATING THERETO WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") is a redevelopment agency duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Community Redevelopment Law (the "Law"), being Section 33000 and following of the Health and Safety Code of the State of California, and the powers of the Agency include the power to issue bond:s for any of its corporate purposes; and WHEREAS, redevelopment plans for redevelopment projects known as the University Corridor/Sycamore Canyon Merged Redevelopment Project, the Magnolia Center Redevelopment Project, the Merged Project consisting of the Riverside Downtown Redevelopment Project and the Riverside Airport Industrial Redevelopment Project and the Arlington Redevelopment Project (the "Redevelopment Projects") have been adopted and approved and all requirements of the law for, and precedent to, the adoption and approval .of said plans have been duly complied with; and WHEREAS, the Agency proposes to issue not to exceed $27,500,000 aggregate principal amount of its Housing Set-Aside Tax Allocation Bonds 2004 Series A (the "2004 Bonds"), the proceeds of which will be used to provide refinancing of a 1994 Loan Agreement (as defined heroin) and financing of low and moderate income housing projects described in Exhibit A hereto within or for the benefit of the Redevelopment Projects (the "Housing Projects"); and WHEREAS, the 2004 Bonds will be secured by and prepaid from a portion of the tax increment revenues from the Redevelopment Projects that are required under the Law to be deposited in the Low and Moderate Income Housing Fund of the Agency pursuant to Sections 33334.2 and 33334.3 of the Law; and WHEREAS, Sections 33334.2, 33334.6 and 33487 of the Law authorize the use of tax increment revenue outside of a Redevelopment Project but only if the Agency and the City Council find that such use constitutes a benefit to, the Redevelopment Project; and WHEREAS, there has been presented at this meeting a form of a Trust Indenture providing for the issuance of the 2004 Bonds; and WHEREAS, there has been presented to this meeting a form of Preliminary Official Statement relating to the 2004 Bonds and a form of Purchase Contract among the Agency, the Riverside Public Financing Authority (the "Authority") and Stone & Youngberg LLC, the underwriter for the 2004 Bonds (the "Underwriter") pursuant to which the Authority has offered to purchase the 2004 Bonds from the Agency and the Underwriter has offered to purchase the 2004 Bonds from the Authority, all on the terms and conditions set forth therein; and RVPU B\FJ B\680913 1 I