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8e Page 34 the City for such purpose shall be applied to prepay the Installment Payments and any Parity Obligations, on a pro rata basis in the manner provided in the Installment Purchase Contract and in the instruments authorizing such Parity Obligations. (b) If the conditions described above are not met, then such Net Proceeds shall be applied to the prepayment of Installment Payments. CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY The Authority is a joint exercise of powers authority duly organized and existing under the laws of the State of California and a Joint Exercise of Powers Agreement dated as of June 18, 1991. The Authority was formed for the purpose of implementing the construction, acquisition, maintenance and improvement of public facilities and infrastructure within the City. Among the powers expressly granted to the Authority is the power to acquire property and to borrow money to provide funds for the construction, acquisition, maintenance or improvement of public facilities and infrastructure and to issue in its name revenue bonds to evidence the indebtedness created by such borrowing. The City Council of the City acts as the governing body of the Authority, and the Mayor acts as its Chairperson. THE ENTERPRISE General Background The City of Redwood City (the "City") is located in southern San Mateo County (the "County") and, through its water utility, supplies water to the City, unincorporated areas of the County, and portions of the City of San Carlos and the Town of Woodside. The City is a full- service city and owns and operates its own water utility. Operation and maintenance of the City's water utility is financed through the Water Enterprise Fund. The City is one of 28 agencies in San Mateo, Santa Clara, and Alameda Counties which purchase water from the City and County of San Francisco's Regional Water System (the "Regional Water System"). In 1984 the City entered into a Master Water Sales Contract with the City and County of San Francisco and certain other suburban purchasers which provides certain water supply assurance for the City. The City currently receives virtually all of its water, and all of its potable water, from the Regional Water System. Management The maintenance and operation of the City's water utility (the "Enterprise") is the responsibility of the Public Works Service Department. The Public Works Services Director has responsibility for the Department, and one of the four superintendents reporting to him has the responsibility of maintaining and operating the Enterprise. The Water Utilities Services Division is staffed by a Public Works superintendent along with two supervisors, who manage the operations and maintenance of the water system including transmission, storage, distribution, meter reading, regulatory compliance sampling and analyses, cross-connection control, long- range planning and asset management/mapping. The Division has thirty-four employees involved in the Enterprise. The Engineering and Construction Division of the Community Development Services Department is responsible for the design and construction of water system projects, primarily system replacement, and regulatory compliance improvements. 19