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6.H. - Page 3 of 27 <br />Date/Meeting <br />Action Item / Approval <br />February 28: Zero Landfill Committee <br />• <br />Study Session — MRF Equipment Upgrades <br />Meeting <br />February 28: Board Meeting <br />• <br />Presentation — Financing Alternatives <br />• <br />Presentation — MRF Processing Equipment Upgrades <br />• <br />Favorable Straw Poll on Capital Improvements, Bond <br />Refunding and New Money Issuance <br />• <br />Approval — Bond & Disclosure Counsel and Underwriter <br />Appointment <br />March 28: Board Meeting <br />• <br />Approval — Plan of Finance Approach <br />April 10 <br />• <br />Model staff report and resolution approving the issuance of <br />2019 Bonds to Member Agencies <br />April 11: Finance Committee <br />• <br />Presentation - overview of financing documentation and <br />issuance parameters <br />April 25: Board Meeting <br />• <br />Adopt resolution recommending approval of the 2019 Bonds <br />to Member Agencies <br />ANALYSIS <br />Overview of the 2019 Bond Issuance <br />The proposed bonds will be issued to refund the SBWMA's Solid Waste Enterprise Revenue Bonds <br />(Shoreway Environmental Center), Series 2009A (the "2019 Refunding Bonds"), and pay the cost of certain <br />improvements to the SBWMA's solid waste management facilities (the "2019 Revenue Bonds" and, <br />together with the 2019 Refunding Bonds, the "2019 Bonds"). The 2019 Bonds will also fund a deposit to <br />the Reserve Account and pay costs of issuance on the 2019 Bonds. <br />The anticipated savings expected to be generated through the 2019 Refunding Bonds creates an <br />opportunity for SBWMA to raise $20 million in new money proceeds by deploying the refunding savings <br />to raise new money capital ($10.0 million) in tandem with the issuance of additional debt (approximately <br />$10.OM) to fund priority capital projects of the SBWMA, with minimal impact to the SBWMA's current <br />annual debt service payment obligations. <br />The objective of the issuance of the 2019 Bonds is to maintain an aggregate average annual debt service <br />payment near SBWMA's current annual obligation on the 2009A Bonds ($4.1 million annually) while also <br />extending the final maturity of the combined issuance by six years (from September 1, 2036 to September <br />1, 2042) to allow for the additional new money capital. This issuance approach is supported by the SBWMA <br />Finance Committee and SBWMA Board. See Attachment 3 — Bond Plan of Finance Slides. <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />190 <br />