AgdaPkt 2018-01-22 Joint SA PFA - Laserfiche WebLink

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RESOLUTION NO. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING DOCUMENTS AND ACTIONS RELATING TO SILICON VALLEY CLEAN WATER 2018 WASTEWATER REVENUE BONDS WHEREAS, in order to provide for the transmission, treatment and disposal of wastewater, the cities of Belmont, Redwood City and San Carlos and the West Bay Sanitary District (collectively, the "Members") have previously entered into a Joint Exercise of Powers Agreement, dated as of November 13, 1975 (as amended, the "Joint Powers Agreement"), under which Silicon Valley Clean Water (formerly known as the South Bayside System Authority) has been organized as a joint powers authority (the "Authority") that is a public entity separate and apart from the Members; and WHEREAS, under the Joint Powers Agreement, the Authority owns and operates a sub -regional wastewater treatment plant and related conveyance facilities which serve the Members (the "Project"), and in order to provide financing for the Project the Authority has previously issued its multiple series of its Wastewater Revenue Bonds; and WHEREAS, the City Council has previously approved a Financing Agreement dated as of December 1, 2008, as amended, between the City and the Authority (the "Financing Agreement") in order to facilitate the issuance of tax-exempt bonds, notes or other obligations in series from time to time to provide financing for the Project, in accordance with the Joint Powers Agreement and the laws of the State of California, and to implement provisions of the Joint Powers Agreement with respect to the repayment of, and to provide adequate security for, such bonds, notes or other obligations; and WHEREAS, in order to provide additional financing for the Project, the Authority has proposed to issue its Silicon Valley Clean Water (San Mateo County, California) 2018 Wastewater Revenue Bonds in the aggregate principal amount of not to exceed $160,000,000 (the "2018 Bonds"); and WHEREAS, under the Joint Powers Agreement, the Members are obligated to pay their allocable share of debt service on the 2018 Bonds, as such allocable shares are determined in accordance with the provisions of the Joint Powers Agreement; and WHEREAS, pursuant to Government Code Section 5852.1 which became effective on January 1, 2018 by the enactment of Senate Bill 450, certain information relating to the portion of the 2018 Bonds which is allocable to the City is set forth in Exhibit A attached to this Resolution, and such information is hereby disclosed and made public; and WHEREAS, the City Council desires to approve documents and actions relating to the 2018 Bonds, in furtherance of the public purposes of the City; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redwood City, California, as follows: ATTY/RESO.0006/CC RESO APPROVING REVENUE BONDS REV: 01-16-18 JS Page 1 of 4