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___________________________________________________________________________________ <br />JOINT CITY COUNCIL/SUCCESSOR AGENCY BOARD/ April 13, 2015 <br />PUBLIC FINANCING AUTHORITY MEETING MINUTES PAGE 8 <br /> <br />three series bonds sold to finance the construction of the City's recycled water project. <br />The Finance Committee has recommended moving forward with this item. He spoke <br />about how much of the original bonds have been paid down and what is remaining. Net <br />present value savings are estimated to be $1.39 million, which is more than double the <br />best practices minimum. There would be an approximate $100,000 savings per year. <br />He elaborated on the documents requiring approval and the schedule for the refinancing <br />process. Dr. Bell noted that the notice of sale is to be published tomorrow, but if the <br />Council direction is not consistent with that, then this would be canceled. <br /> <br />Council Member Howard asked Mr. Euphrat how many years his company has worked <br />for the City of Redwood City. He replied that he has worked for Redwood City sine <br />1998. Council Member Howard thanked him for his presentation and doing whatever is <br />best for Redwood City. <br /> <br />RESOLUTION No. 15401 OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY <br />AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE REFINANCING AND <br />FINANCING OF CERTAIN WATER FACILITIES, APPROVING ISSUANCE AND SALE OF <br />BONDS BY THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, APPROVING <br />AN OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTIONS <br /> <br />RESOLUTION PFA 15-02 OF THE CITY OF REDWOOD CITY PUBLIC FINANCING <br />AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $21,055,000 PRINCIPAL <br />AMOUNT OF WATER REVENUE REFUNDING BONDS, SERIES 2015, APPROVING THE <br />FORM AND AUTHORIZING AND DIRECTING EXECUTION OF AN INDENTURE OF TRUST <br />AND AN INSTALLMENT PURCHASE CONTRACT, APPROVING THE FORM AND <br />AUTHORIZING THE SALE OF BONDS PURSUANT TO A NOTICE OF SALE, APPROVING AN <br />OFFICIAL STATEMENT AND PROVIDING OTHER MATTERS PROPERLY RELATING <br />THERETO <br /> <br />M/S Seybert/Pierce to approve the staff recommendations. Motion carried <br />unanimously by electronic vote. <br /> <br /> B. Sale of refunding bonds by the Port of the City of Redwood City (505) <br /> <br /> Recommendation: <br />Approve, by resolution, the issuance of Port of Redwood City Revenue Bonds in <br />an amount not to exceed $8.1 million to refinance the Port of Redwood City’s <br />1999 Bonds pursuant to the City Charter. <br /> <br />RESOLUTION No. 15402 OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY <br />APPROVING THE ISSUANCE OF PORT OF REDWOOD CITY REFUNDING <br />REVENUE BONDS PURSUANT TO THE CITY CHARTER <br /> <br />Ms. Ramberg, Assistant City Manager, and Mr. Euphrat, Bond Advisor, gave a <br />presentation about the option for the Port to refinance bonds that they received in 1999 <br />(presentation on file). He discussed the amount outstanding and the average interest <br />rate. Estimated average annual savings would be $61,500 and these bonds have a <br />significantly lower rating than the City's bonds. The estimated savings would be <br />approximately $655,000. He noted that the Port approved all required documents and <br />7.1.J. - Page 8