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10/12/2015 <br /> ORIGINAL <br /> RESOLUTION NO. 15451 <br /> RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br /> CITY APPROVING AN APPROPRIATION IN THE AMOUNT OF <br /> $10,000,000 WITHIN THE WASTEWATER ENTERPRISE FUND FOR <br /> THE CITY'S CASH CONTRIBUTION TO THE 2015 SILICON VALLEY <br /> CLEAN WATER BONDS <br /> WHEREAS, Silicon Valley Clean Water (f/k/a the South Bayside System <br /> Authority) (the"Authority") is a joint powers authority organized and existing under a Joint <br /> Exercise of Powers Agreement, dated as of November 13, 1975 (as amended, the "Joint <br /> Powers Agreement") by and between the Cities of Belmont, Redwood City and San <br /> Carlos and the West Bay Sanitary District (collectively, the "Members"); and <br /> WHEREAS, the Authority owns and operates a sub-regional wastewater <br /> treatment plant and related facilities which serve the Members (the "Project"); and <br /> WHEREAS, the Commission of the Authority has approved a 10-Year Capital <br /> Improvement Program for the construction of improvements to the Project which <br /> includes improvements which benefit the City of Redwood City (the "City") and the other <br /> Members; and <br /> WHEREAS, in order to provide financing for improvements to the Project, the <br /> Authority has proposed to issue its Silicon Valley Clean Water (San Mateo County, <br /> California) 2015 Wastewater Revenue Bonds in the aggregate principal amount of not <br /> to exceed $40,000,000 (the "2015 Bonds"); and <br /> WHEREAS, under the Joint Powers Agreement, the Members are obligated to pay <br /> their allocable share of debt service on the 2015 Bonds, as such allocable shares are <br /> determined in accordance with the provisions of the Joint Powers Agreement; and <br /> WHEREAS, the City Council of the City has previously approved a Financing <br /> Agreement dated as of December 1, 2008, as amended, between the City and the <br /> Authority (the "Financing AgreemenY') in order to facilitate the issuance of tax exempt <br /> bonds, notes or other obligations in series from time to time to provide financing for the <br /> Project, in accordance with the Joint Powers Agreement and the laws of the State of <br /> California, and to implement provisions of the Joint Powers Agreement with respect to the <br /> repayment of bonds, and to provide adequate security for, such bonds, notes or other <br /> obligations; and <br /> ATTY/RES0.3143/CC RESO SVCW APPROPRIATION RESO.#15451 <br /> $10M IN LIEU OF BOND DEBT MUFF#505 <br /> REV:10-05-15 PT <br /> Page 1 of 2 <br />