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three series bonds sold to finance the construction of the City's recycled water project. The Finance Committee has recommended moving forward with this item. He spoke about how much of the original bonds have been paid down and what is remaining. Net present value savings are estimated to be $1.39 million, which is more than double the best practices minimum. There would be an approximate $100,000 savings per year. He elaborated on the documents requiring approval and the schedule for the refinancing process. Dr. Bell noted that the notice of sale is to be published tomorrow, but if the Council direction is not consistent with that, then this would be canceled. Council Member Howard asked Mr. Euphrat how many years his company has worked for the City of Redwood City. He replied that he has worked for Redwood City sine 1998. Council Member Howard thanked him for his presentation and doing whatever is best for Redwood City. RESOLUTION No. 15401 OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE REFINANCING AND FINANCING OF CERTAIN WATER FACILITIES, APPROVING ISSUANCE AND SALE OF BONDS BY THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, APPROVING AN OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTIONS RESOLUTION PFA 15-02 OF THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $21,055,000 PRINCIPAL AMOUNT OF WATER REVENUE REFUNDING BONDS, SERIES 2015, APPROVING THE FORM AND AUTHORIZING AND DIRECTING EXECUTION OF AN INDENTURE OF TRUST AND AN INSTALLMENT PURCHASE CONTRACT, APPROVING THE FORM AND AUTHORIZING THE SALE OF BONDS PURSUANT TO A NOTICE OF SALE, APPROVING AN OFFICIAL STATEMENT AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO M/S Seybert/Pierce to approve the staff recommendations. Motion carried unanimously by electronic vote. B. Sale of refunding bonds by the Port of the City of Redwood City (505) Recommendation: Approve, by resolution, the issuance of Port of Redwood City Revenue Bonds in an amount not to exceed $8.1 million to refinance the Port of Redwood City's 1999 Bonds pursuant to the City Charter. RESOLUTION No. 15402 OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING THE ISSUANCE OF PORT OF REDWOOD CITY REFUNDING REVENUE BONDS PURSUANT TO THE CITY CHARTER Ms. Ramberg, Assistant City Manager, and Mr. Euphrat, Bond Advisor, gave a presentation about the option for the Port to refinance bonds that they received in 1999 (presentation on file). He discussed the amount outstanding and the average interest rate. Estimated average annual savings would be $61,500 and these bonds have a significantly lower rating than the City's bonds. The estimated savings would be approximately $655,000. He noted that the Port approved all required documents and JOINT CITY COUNCIL/SUCCESSOR AGENCY BOARD/ April 13, 2015 PUBLIC FINANCING AUTHORITY MEETING MINUTES PAGE 8 MINUTE BOOK NO. 65 Page No. 365