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B. Water Financing Plan — 2006 Update — CITY COUNCIL Public Works Services Director Ingram explained the background and that the original Water Financing Plan was created several years ago for the purpose of exploring financing the Recycled Water Project. The first plan was approved in December 2004 and a year ago, conceptually, approved a rate increase similar to tonights and authorized the first of a series of bond issues. He further stated that Council requested annual updates of the Plan be presented, this being the first. He further presented the update (presentation on file in City Clerk Department). Council Members comments included the assumption that staff would be vigilant in seeking grant monies from State, Federal or other sources in order to not issue as much in bonds as anticipated. Bond Counsel Jeff Stava explained the status of Proposition 218 as it applies to this topic. All water customers will have a much more reliable water source supply by 2010 and well beyond to ensure that this essential resource is sustained for future generations. The continual effort to get information out to the public of what is behind all of this and what are trying to do for the community. It is really very important that there is a strategic plan that is crucial. And building a resource to provide an additional source of water into the future and perhaps other agencies will have interest in purchasing the water. Public Comment: Nita Spangler suggested an advisory committee meet periodically to discuss the topic and provide good advice rather than utilizing a consultant. She stated that there are great misconceptions around and that it is all Hetch Hetchy water being used. She further stated that taking the run off and the discharge into the bay, even if clean and pure, is not the only answer. She stated that the tree policy could ultimately have a great influence as trees take the groundwater and evaporate it out. She encouraged study of the wells within the city and asked that Council pay attention to the large houses being built within the city. Recommendation: Aguirre /Ira to: a. Approve the Redwood City Water Financing Plan — 2006 Update, prepared by Bartle Wells Associates, Independent Public Finance Advisors for the purpose of financing the Recycled Water Project — Alternative 'TF,' as recommended by the Community Task Force on Recycled Water. JOINT CITY COUNCIL AND PUBLIC FINANCING AUTHORITY MEETING MINUTES JANUARY 23, 2006 PAGE 7 MINUTE ORDER BOOK NO. 61 Page No. 91