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M/S Howard /Foust to extend the meeting to 11:30 p.m. The motion passed by a <br />unanimous voice vote by those present. <br />C. Approval by the City Council of the City of Redwood City and the City of Redwood <br />City Public Financing Authority Board of Directors of bond financing documents in <br />connection with the issuance of City of Redwood City Public Financing Authority <br />(the "PFA ") Water Revenue Bonds. CITY COUNCIUPUBLIC FINANCING <br />AUTHORITY <br />Finance Director Ponty presented the staff report and presentation. The proposed <br />increase will require a 10 percent increase in water rates in 2007 -2008, which is <br />consistent with the original plan presented to Council in 2005 when the first series <br />of these bonds was sold. The bonds are callable after 10 years. <br />M/S Foust/Aguirre to approve by resolution, in connection with the sale of not more <br />than $15.5 million PFA water revenue bonds, to finance water recycling project <br />expenditures and encumbrances projected to be made over the next 18 months, in <br />substantially final form: <br />• An Installment Purchase Contract (City and PFA); <br />• An indenture of Trust (PFA); <br />• A Continuing Disclosure Agreement with the trustee for the 2007 Bonds (City); <br />• A Preliminary Official Statement and its distribution (City and PFA); <br />• An Official Notice of Sale (City and PFA); and, <br />authorizing all actions specified in the resolution in connection with the issuance of <br />the Water Revenue Bonds. (505) <br />RESOLUTION 07 -01 OF THE CITY OF REDWOOD CITY PUBLIC FINANCING <br />AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $15,500,000 <br />PRINCIPAL AMOUNT OF WATER REVENUE BONDS SERIES 2007A, AUTHORIZING <br />AND DIRECTING EXDCUTION OF AN INDENTURE OF TRUST AND AN INSTALLMENT <br />PURCHASE CONTRACT, AUTHORIZING THE SALE OF BONDS PURSUANT TO A <br />NOTICE OF SALE, APPROVING AN OFFICIAL STATEMENT AND PROVIDING OTHER <br />MATTERS PROPERLY RELATED THERETO <br />RESOLUTION 14774 OF THE COUNCIL OF THE CITY OF REDWOOD CITY <br />AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE FINANCING <br />OF CERTAIN WATER FACILITIES, APPROVING ISSUANCE AND SALE OF BONDS BY <br />THE CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, APPROVING AN <br />OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTIONS <br />The motion passed by a unanimous roll call vote. <br />JOINT CITY COUNCIL /REDEVELOPMENT AGENCY BOARD AND APRIL 23, 2007 <br />PUBLIC FINANCING AUTHORITY MEETING MINUTES PAGE 12 <br />MINUTE BOOK NO. 61 <br />Page No. 388 <br />