AgdaPkt 2007-04-23 - Laserfiche WebLink

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Be Page 14 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............................................... ......................................... .......................... ......... 3 FINANCI NG PLAN...................................................................................................................... 3 The Recycled Water Project....................................... ........................ ........................ .......................... 3 Estimated Sources and Uses of Funds.................................................................................................5 THE BONDS.............. ............... ............... ..... .............. ........ ...... ....................... ................... ........6 Authority fOi Issuance... ....................................................... ............ ............... ................................... .... 6 Bond Terms...................... ........................ ............. ............... .......... ............................ .............. ........ ..... 6 Redemption.............. .................................................. ..... ......................................................................6 Debt Service Schedule.............................. ............ ........................................................................... ..... 9 SECURITY FOR THE BONDS ..... .......................................................... ......................... ......... 1 0 Revenues; Pledge of Revenues.......................................................................................................... 10 Installment Sale Payments; Application of Systems Revenues ..........................................................10 Covenant to Maintain and Budget .......................................................................................................12 Reserve Fund............. ................................... .............................................................,........................ 12 Special Obligation; Obligations Absolute........................................................................... .... ..............14 Rate Covenants; Collection of Rates and Charges .............................................................................14 Additional Debt..................................................................,.................................... ........................... ..15 Insurance; Net Proceeds; Condemnation Awards .............................................................................. 18 CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY............................................... 19 THE ENTERPRiSE........... ............................. ............. ................... ............... ........................... .19 General Background ...................................... ............. .................... .............................. ...... .............. ..19 Management.. ...................................... ................. ............... ............... .......................... ......................19 Service Area.................................... ...... ..... .................................................. .............. ....... ........... .......20 Water Supply and Demand .......................... ................................. ....................... ...... ......................... 20 Historical Wholesale Water Cost .......... ...........-........ ..................... .................... ........ .........................23 Water Conservation Program............................................................................... ............................... 23 \,vater Storage and Distribution System ..............................................................................................24 Water Quality Environmental Issues and Regulatory Requirements ..................................................25 Capital Improvement Program........ ........... ............... .................... .................................................... ..25 Billing and Collection Procedures .... ....................... ................ ............. ................................................28 Current Water Rates, Fees and Charges............................................................................................28 Water Rate Increases. ............................. ............. ............... ................ ......................... ........... ........ ...31 Comparative Monthly Water Bills ............. ..........................., ...................................................,.... ....... 31 Customer Base......................................... ............................ ....................................................,.......... 32 ENTERPRISE FINANCIAL INFORMATION.................. ..... ..... .......... ..... ........ ............. .......... .... 34 Budgetary Process ......................,............ ............................................ ............................................. ..34 Financial Statements...................................... ,....... ........................... ................................................ ..35 Enterprise Accounting......................... ................... .................................................................... ....... ..35 Outstanding Enterprise Obligations........................... ..................... .................... ........ .................. ....... 35 Enterprise Historical and Projected Operating Results .......................................................................36 RISK FACTORS...... ..................................... .................... ................. ....................................... 38 Risks Relating to Water Supplies ....................... .................... ....... ................ .................... ..................38 Seismic Considerations....................................................................................................................... 39 Environmental Regulation.... ..... ........ .................................................... .............................................. 39 Limited Obligations.. ..................................... ...... ..... ............................................................................ 39 Limitations on Remedies and Limited Recourse on Default ...............................................................39 In it/atives........................................................................................................................................... ... 40 Tax Exemption of the Bonds................ .................. ............ ..... ..................... ............. ........................ ..40