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8.B. - Page 3 <br /> FISCAL IMPACT <br /> Redwood City's share of the $40 million in SVCW CIP projects being financed at this <br /> time, $21 ,455,549, will be funded by a combination of cash and participation in the 2015 <br /> SVCW bond debt. There are sufficient funds in the City's Wastewater Enterprise Fund <br /> to cover the recommended $10 million cash contribution. The City's share of the bond, <br /> $11,455,549, will result in approximately $19.6 million in debt service over the 30 year <br /> life of this bond, or an average of approximately $650,000 per year. The City has <br /> planned for the need to fund its share of the SVCW CIP by building these costs into <br /> Wastewater Fund projections and setting rates accordingly. Depending on market <br /> conditions at the time of the 2015 bond deal, there will be an opportunity to refund the <br /> 2008 and 2009 and achieve savings on the debt service on those bonds. These <br /> potential savings are not known at this time. <br /> ENVIRONMENTAL REVIEW <br /> The recommended action is exempt from the requirements of the California <br /> Environmental Quality Act (CEQA) in that it is not a project which has the potential for <br /> causing a significant effect on the environment, as described under Title 14 of the <br /> California Code of Regulations, Section 15061(b)(3). <br /> AUDREY SEYMOUR RAMBERG <br /> FINANCE DIRECTOR <br /> AARON AKNIN <br /> INTERIM CITY MANAGER <br /> ATTACHMENT <br /> 1. Resolution approving documents and actions relating to the 2015 SVCW <br /> Wastewater Revenue Bonds <br /> 2. Resolution appropriating $10 million from the City's Wastewater Enterprise Fund in <br /> lieu of bond debt <br /> 3. Appendix A to the Preliminary Official Statement <br /> RELATED DOCUMENTS IN THE CITY CLERK'S OFFICE <br /> 1 . Continuing Disclosure Certificate - http://www.redwoodcity- <br /> docs.org/Documents/FIN/1. SVCW Continuing Disclosure Certificate.pdf <br /> 2. Bond Closing Documents - http://www.redwoodcity- <br /> docs.org/Documents/FIN/2. SVCW Bond Closing Documents.pdf <br /> Page 3 of 3 <br />