RESOLUTION NO.      _____

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SUNNYVALE APPROVING THE ISSUANCE OF TAX ALLOCATION BONDS BY THE Redevelopment Agency of the City of Sunnyvale to REFUND THE AGENCY’S CENTRAL CORE REDEVELOPMENT PROJECT TAX ALLOCATION REFUNDING BONDS, SERIES  1992

WHEREAS, the Redevelopment Agency of the City of Sunnyvale (the "Agency") is authorized by Part 1 of Division 24 of the Health and Safety Code of the State of California, as amended (the "Redevelopment Law"), and particularly Chapter 6 thereof, to issue and sell tax allocation bonds for any of its corporate purposes; and

WHEREAS, the Agency wishes to issue and sell tax allocation refunding bonds (the "Series 2003 Bonds") under the Redevelopment Law secured by a pledge of tax increment revenues allocated to the Agency under and pursuant to the Redevelopment Law, including Section 33334.3 thereof, to refund bonds of the Agency issued in May, 1992 in the original principal amount of $8,900,000, $7,245,000 of which remain outstanding (the “1992 Bonds”), so long as net present value savings of at least 3% (expressed as a percentage of the principal amount of the 1992 Bonds remaining outstanding) are realized by the issuance of the Series 2003 Bonds and the refunding of the 1992 Bonds; and

WHEREAS, the Redevelopment Law requires that the City Council approve the issuance of the Bonds by reason of the pledge of said tax increment revenues as security for the payment of the Bonds; and

WHEREAS, it is in the public interest, for the public benefit and in furtherance of the public purpose of the City that the City approve the issuance of the Series 2003 Bonds by the Agency for the aforesaid purposes.

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Sunnyvale that:

1.  The City Council of the City of Sunnyvale hereby approves the issuance of the Series 2003 Bonds by the Agency under the Redevelopment Law for the purpose of refunding the 1992 Bonds.

2.  This Resolution shall take effect immediately upon its adoption.

Adopted by the City Council at a regular meeting on October 14, 2003 by the following vote:

AYES: NOES: ABSENT:
Attest:	APPROVED:
City Clerk	Mayor
(SEAL)