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7ð- Z4 TABLE OF CONTENTS Paqe INTRODUCTION ...........................................................................................................................................1 Authority for Issuance............................................................................................................................1 Financing Purpose....................................................................................."..........................................1 Security for the Bonds ...........................................................................................................................1 Outstanding Enterprise Debt .................................................................................................................2 Future Parity Debt .................................................................................................................................2 Rate Covenants.....................................................................................................................................2 The Official Statement...........................................................................................................................2 FINANCING PLAN .............................................................,..........................................................................3 The Recycled Water Project ...................,.............................................................................................3 Estimated Sources and Uses of Funds.................................................................................................4 THE BONDS..................................................................................................................................................5 Authority for Issuance............................................................................................................................5 Bond Terms...........................................................................................................................................5 Redemption ...........................................................................................................................................5 Debt Service Schedule ..........................................................................................................................8 SECURITY FOR THE BONDS......................................................................................................................9 Revenues; Pledge of Revenues............................................................................................................9 Installment Sale Payments; Application of Systems Revenues ............................................................9 Covenant to Maintain and Budget .......................................................................................................11 Reserve Fund ......................................................................................................................................11 Special Obligation; Obligations Absolute.............................................................................................13 Rate Covenants; Collection of Rates and Charges.............................................................................13 Additional Debt .....................,..............................................................................................................14 Insurance; Net Proceeds; Condemnation Awards ..............................................................................16 CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY................................................................17 THE ENTERPRISE ................................,....................................................................................................18 General Background ...........................................................................................................................18 Management ..........................,............................................................................................................18 Service Area ........................................................................................................................................18 Water Supply and Demand .................................................................................................................19 Historical Wholesale Water Cost ........................................................................................................21 Water Conservation Program..............................................................................................................22 Water Storage and Distribution System ..............................................................................................22 Water Quality Environmental Issues and Regulatory Requirements ..................................................23 Capital Improvement Program ............................................................................................................24 Billing and Collection Procedures........................................................................................................26 Current Water Rates, Fees and Charges............................................................................................26 Water Rate Increases ....,....................................................................................................................28 Comparative Monthly Water Bills ........................................................................................................29 Customer Base....................................................................................................................................29 ENTERPRISE FINANCIAL INFORMATION................................................................................................31 Budgetary Process .........................................,....................................................................................31 Financial Statements...........................................................................................................................32 Enterprise Accounting .........................................................................................................................32 Outstanding Enterprise Obligations.....................................................................................................33 Enterprise Historical and Projected Operating Results .......................................................................33 RISK FACTORS ..........................................................................................................................................35 Risks Relating to Water Supplies........................................................................................................35 Seismic Considerations...........................................................................................,...........................36 Environmental Regulation ...................................................................................................................36 Limited Obligations..............................................................................................................................36 Limitations on Remedies and Limited Recourse on Default ...............................................................36 Initiatives..............................................................................................................................................37 Tax Exemption of the Bonds """"""""""""""""""""""""""""""'"................................................37 Secondary Market for Bonds...............................................................................................................37