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6.H. - Page 1 of 27 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />A,&/ <br />DATE: May 6, 2019 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />South Bayside Waste Management Authority (SBWMA) Solid Waste Enterprise Revenue Bonds issuance <br />of up to $64 million to refinance outstanding bonds and to finance certain improvements to the Authority - <br />owned solid waste facilities of the South Bayside Waste Management Authority <br />RECOMMENDATION <br />Adopt a Resolution authorizing the issuance of up to $64 million of solid waste enterprise bonds of the <br />South Bayside Waste Management Authority to refinance outstanding bonds and to finance certain <br />improvements to the Authority -owned solid waste facilities of the South Bayside Waste Management <br />Authority <br />STRATEGIC INITIATIVE <br />Government Operations <br />BACKGROUND <br />The Cities of Atherton, Belmont, Burlingame, East Palo Alto, Foster City, Hillsborough, Menlo Park, <br />Redwood City, San Carlos, and San Mateo, the County of San Mateo, and the West Bay Sanitary District <br />are members of the South Bayside Waste Management Authority (SBWMA), a joint powers authority that <br />was originally established in 1982 to purchase the solid waste transfer station located in San Carlos. <br />Currently, SBWMA owns and manages the Shoreway Environmental Center, which receives all of the <br />recyclables, organics, and garbage collected in its service area. SBWMA also provides strategic oversight, <br />support, and management of service providers that collect, process, recycle, and dispose of materials for <br />the member agencies. <br />In August 2009, SBWMA issued $53.5 million of tax-exempt Solid Waste Enterprise Revenue Bonds, Series <br />2009A to fund improvements to the Shoreway Environmental Center. Currently, $44.7 million of the <br />2009A Bonds remains outstanding. <br />The 2009A Bonds were issued during a high interest rate period, and currently SBWMA is paying interest <br />on the 2009A Bonds ranging from 5.0 percent to 6.25 percent. Given the current level of tax-exempt <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />188 <br />