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8.A. - Page 46 of 73
<br />Attachment D
<br />certain other adjustments. For more information with respect to the operating results of the City's Sewer
<br />Utility Fund, see the City's audited financial statements attached hereto as Exhibit I.
<br />NET REVENUES $ 13,600,528 $ 16,059,181 $ 18,966,365 $ 18,601,229 $ 17,368,615
<br />Financing Agreement Supported Authority Debts)
<br />SVCW 2008 Bonds $ 360,802 $ 450,194 $ 345,206 $ $
<br />SVCW 2009 Bonds (Net)(6) 2,110,594 2,180,607 1,731,416 2,193,074 2,190,674
<br />SVCW 2014 Bonds 1,790,222 2,072,928 2,070,782 2,070,514
<br />SVCW 2015 Bonds 121,503 1,038,950 1,016,300
<br />Total Financing Agreement Supported Authority
<br />Debt $ 2,471,396 $ 4,421,023 $ 4,271,053 $ 5,302,806 $ 5,277,488
<br />City Share of Other SVCW Obligations (7)
<br />SRF Loan $ 398,278 $ 398.278 $ 398,278 $ 398,278 $ 1,315,327
<br />Total City Share of Other SVCW Obligations $ 398,278 $ 398,278 $ 398,278 $ 398,278 $ 1,315,327
<br />Total Financing Agreement Supported Authority
<br />Debt and City Share of Other SVCW Obligations $ 2,869,674 $ 4,819,301 $ 4,669,331 $ 5,701,084 $ 6,592,815
<br />Total Financing Agreement Supported Authority
<br />Debt and City Share of Other SVCW Obligations
<br />Coverages) 4.74 3.33 4.06 3.26 2.63
<br />Based on accrual basis under GAAP. See Note 1 of the City of Redwood City Financial Statements attached hereto as Exhibit I.
<br />2 Represents Depreciation and Amortization.
<br />0) Represents Redwood City's SBSA Bond Payments obligations on the Parity Debt outstanding under the Redwood City Financing Agreement
<br />and Redwood City's proportionate share of other SVCW obligations which are junior and subordinate to the pledge of and lien upon the Net
<br />Revenues established under the Redwood City Financing Agreement. Remaining treatment operating expenses paid to SVCW are included
<br />in the Operating Expenses.
<br />c4) Represents Redwood City's share of SVCW pay go capital expenditures.
<br />0) Represents Redwood City's SBSA Bond Payments due under the Redwood City Financing Agreement with respect to the Authority's
<br />outstanding Panty Debt, which are senior to the pledge of and lien upon the Net Revenues for the payment of Subordinate Debt (including
<br />the Series 2019 Notes) under the Redwood City Financing Agreement. Amounts shown are net of reserve and interest credits received by
<br />Redwood City.
<br />(Footnotes continued on following page)
<br />(Continued from previous page)
<br />(6) Represents SBSA Bond Payments with respect to the SVCW 2009 Bonds, net of Redwood City's proportionate share of Refundable Credits
<br />received as a result of receipt by the Authority of cash subsidy payments from the United States Treasury.
<br />Represents Redwood City's share of other SVCW obligations which are junior and subordinate to the pledge of and lien upon the Net
<br />Revenues for the payment of SVCW Bond Payments on the Parity Debt and payments of principal of and interest on any Subordinate Debt.
<br />(8) Represents Net Revenues divided by Total SBSA Bond Payments and City Share of Other SVCW Obligations.
<br />(9) Includes a $10,000,000 contribution to SVCW for capital funding in -lieu of full participation in the SVCW 2015 Bond financing.
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<br />TABLE A9
<br />CITY OF REDWOOD CITY SEWER UTILITY FUND
<br />HISTORIC OPERATING
<br />RESULTS AND DEBT
<br />SERVICE COVERAGE
<br />FISCAL YEAR ENDED JUNE 30
<br />2014 2015
<br />2016
<br />2017
<br />2018
<br />GROSS REVENUES(')
<br />Sewer Service Charges
<br />$ 28,218,306 $ 31,232,763
<br />$ 33,479,149
<br />$ 36,702,114
<br />$ 36,116,459
<br />Connection Fees
<br />877,109 1,329,542
<br />1,272,329
<br />366,664
<br />1,090,932
<br />Investment Earnings
<br />126,519 177,602
<br />250,884
<br />225,234
<br />165,114
<br />Total Revenues
<br />$ 29,222,616 $ 32,739,907
<br />$ 35,002,362
<br />$ 37,294,014
<br />$ 37,372,505
<br />OPERATION AND MAINTENANCE COSTS
<br />Operating Expenses
<br />$ 19,989,758 $ 22,081,105
<br />$ 34,345,565(9)
<br />$ 26,675,531
<br />$ 29,054,577
<br />Less Depreciation (2)
<br />(523,563) (581,078)
<br />(627,173)
<br />(670,287)
<br />(720,872)
<br />Less SBSA Bond Payments and City Share of Other
<br />SVCW Obligations(')
<br />(2,869,674) (4,819,301)
<br />(4,669,331)
<br />(5,701,084)
<br />(6,592,815)
<br />Less SVCW Non -Operating Payments (4)
<br />(974,433)
<br />(13,013,064)(9)
<br />(1,611,375)
<br />(1,737,000)
<br />Plus Transfers Out
<br />23,047
<br />516,286
<br />517,835
<br />537,454
<br />Total Operation and Maintenance Costs
<br />$ 15,622,088 $ 16,680,726
<br />$ 16,035,997
<br />$ 18,692,785
<br />$ 20,003,891
<br />NET REVENUES $ 13,600,528 $ 16,059,181 $ 18,966,365 $ 18,601,229 $ 17,368,615
<br />Financing Agreement Supported Authority Debts)
<br />SVCW 2008 Bonds $ 360,802 $ 450,194 $ 345,206 $ $
<br />SVCW 2009 Bonds (Net)(6) 2,110,594 2,180,607 1,731,416 2,193,074 2,190,674
<br />SVCW 2014 Bonds 1,790,222 2,072,928 2,070,782 2,070,514
<br />SVCW 2015 Bonds 121,503 1,038,950 1,016,300
<br />Total Financing Agreement Supported Authority
<br />Debt $ 2,471,396 $ 4,421,023 $ 4,271,053 $ 5,302,806 $ 5,277,488
<br />City Share of Other SVCW Obligations (7)
<br />SRF Loan $ 398,278 $ 398.278 $ 398,278 $ 398,278 $ 1,315,327
<br />Total City Share of Other SVCW Obligations $ 398,278 $ 398,278 $ 398,278 $ 398,278 $ 1,315,327
<br />Total Financing Agreement Supported Authority
<br />Debt and City Share of Other SVCW Obligations $ 2,869,674 $ 4,819,301 $ 4,669,331 $ 5,701,084 $ 6,592,815
<br />Total Financing Agreement Supported Authority
<br />Debt and City Share of Other SVCW Obligations
<br />Coverages) 4.74 3.33 4.06 3.26 2.63
<br />Based on accrual basis under GAAP. See Note 1 of the City of Redwood City Financial Statements attached hereto as Exhibit I.
<br />2 Represents Depreciation and Amortization.
<br />0) Represents Redwood City's SBSA Bond Payments obligations on the Parity Debt outstanding under the Redwood City Financing Agreement
<br />and Redwood City's proportionate share of other SVCW obligations which are junior and subordinate to the pledge of and lien upon the Net
<br />Revenues established under the Redwood City Financing Agreement. Remaining treatment operating expenses paid to SVCW are included
<br />in the Operating Expenses.
<br />c4) Represents Redwood City's share of SVCW pay go capital expenditures.
<br />0) Represents Redwood City's SBSA Bond Payments due under the Redwood City Financing Agreement with respect to the Authority's
<br />outstanding Panty Debt, which are senior to the pledge of and lien upon the Net Revenues for the payment of Subordinate Debt (including
<br />the Series 2019 Notes) under the Redwood City Financing Agreement. Amounts shown are net of reserve and interest credits received by
<br />Redwood City.
<br />(Footnotes continued on following page)
<br />(Continued from previous page)
<br />(6) Represents SBSA Bond Payments with respect to the SVCW 2009 Bonds, net of Redwood City's proportionate share of Refundable Credits
<br />received as a result of receipt by the Authority of cash subsidy payments from the United States Treasury.
<br />Represents Redwood City's share of other SVCW obligations which are junior and subordinate to the pledge of and lien upon the Net
<br />Revenues for the payment of SVCW Bond Payments on the Parity Debt and payments of principal of and interest on any Subordinate Debt.
<br />(8) Represents Net Revenues divided by Total SBSA Bond Payments and City Share of Other SVCW Obligations.
<br />(9) Includes a $10,000,000 contribution to SVCW for capital funding in -lieu of full participation in the SVCW 2015 Bond financing.
<br />A-18
<br />560
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