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8.A. - Page 47 of 73 Attachment D <br />Source: City ofRedwood City. <br />Projected Revenues, Expenses, and Debt Service Coverage <br />The estimated projected operating results and debt service coverage of the City for the Fiscal Years <br />ending June 30, 2019 through 2023 are set forth below, excluding City revenues that are not pledged towards <br />payment of principal of and interest on Parity Debt and Subordinate Debt. The projected operating results <br />reflect certain significant assumptions concerning future events and circumstances. The financial forecast <br />represents the City's estimate of projected financial results based on the assumptions stated in the footnotes <br />to the chart set forth below. Such assumptions are material in the development of the City's financial <br />projections, and variations in the assumptions may produce substantially different financial results. Actual <br />operating results achieved during the projection period may vary from those presented in the forecast and such <br />variations may be material. <br />Under the Redwood City Financing Agreement, Redwood City may issue additional obligations <br />constituting Parity Debt, which debt would be senior to the Series 2019 Notes and secured by a senior pledge <br />of and lien upon the Net Revenues. See "SECURITY FOR THE SERIES 2019 NOTES — Financing <br />Agreements" in the forepart of this Official Statement and "APPENDIX F — SUMMARY OF PRINCIPAL <br />LEGAL DOCUMENTS" attached hereto. <br />The City anticipates paying its allocable share of debt service on the 2019 Notes at maturity with <br />proceeds of the WIFIA Loan. The City's ability to pay its allocable share of debt service on the 2019 Notes <br />is dependent on the availability of proceeds of the WIFIA Loan or, if such proceeds were not to be available <br />at the maturity of the 2019 Notes, SVCW's ability to issue and sell refunding obligations prior to the maturity <br />of the 2019 Notes. See the captions "INTRODUCTION—WIFIA Loan" and "CERTAIN AUTHORITY <br />RISK FACTORS—Failure to Issue Refunding Bonds or Notes" in the forepart of this Official Statement. <br />[REMAINDER OF PAGE LEFT BLANK] <br />A-19 <br />561 <br />