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b. Conceptually approve a 12% water rate increase, and ask the City Council Utilities Committee to work with staff to recommend how rate increases could be implemented on July 1, 2006. The motion passed by a unamimous voice vote. (802) MINUTE ORDER 06 -20 C. Approval by the City Council of the City of Redwood City and the City of Redwood City Public Financing Authority Board of Directors of bond financing documents in connection with the issuance of City of Redwood City Public Financing Authority (the "PFA ") Water Revenue Bonds — CITY COUNCIL AND PUBLIC FINANCING AUTHORITY Director of Finance and Financial Planning Ponty explained some of the more pertinent terms of the proposed bond issue. Recommendation: M/S Hartnett/Ira n connection with the sale of not more than $26 million PFA Water Revenue Bonds to finance water recycling project expenditures and encumbrances projected to be made over the next 18 months, adopt a resolution approving, in substantially final form: • An Installment Purchase Contract (City and PFA); • An Indenture of Trust (PFA); • A Continuing Disclosure Agreement with the trustee for the 2006 Bonds (City); • A Preliminary Official Statement and its distribution (City of PFA); • An Official Notice of Sale (City and PFA; and Authorizing all action specified in the resolution in connection with the issuance of the Water Revenue Bonds. (505) RESOLUTION 14691 OF THE COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE 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 PFA RESOLUTION 06 -01 OF THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $26,000,000 PRINCIPAL AMOUNT OF WATER REVENUE BONDS, SERIES 2006A, AUTHORIZING AND DIRECTING EXECUTION OF AN INDENTURE OF TRUST AND AN INSTALLMENT PURCHASE CONTRACT, AUTHORIZING THE SALE OF BONDS PURSUANT TO A NOTICE OF SALE, APPROVING AN OFFICIAL STATEMENT AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO The motion passed by a unanimous roll call vote. .............................................. ............................... JOINT CITY COUNCIL AND PUBLIC FINANCING AUTHORITY MEETING MINUTES JANUARY 23, 2006 PAGE 8 MINUTE ORDER BOOK NO. 61 Page No. 92