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8.B. - Page 8 <br /> WHEREAS, the City Council of the City wishes to pay an upfront cash contribution <br /> of $10,000,000 to Silicon Valley Clean Water, which will reduce the City's share of the <br /> 2015 Bonds to $11,455,549 and will result in City savings of approximately $7,900,000 <br /> over the 30 year life of the 2015 Bonds; <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Redwood <br /> City, California, as follows: <br /> 1. The sum of $10,000,000 to be appropriated in the Wastewater Enterprise <br /> Fund for payment of an upfront cash contribution to reduce the City's share of the <br /> principal amount of the Silicon Valley Clean Water (San Mateo County, California) 2015 <br /> Wastewater Revenue Bonds. <br /> * * <br /> ATTY/RES0.3143/CC RESO SVCW APPROPRIATION$10M IN LIEU OF BOND DEBT <br /> REV: 10-05-15 PT <br /> Page 2 of 2 <br />