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8.B. - Page 1 of 5 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />A,&/ <br />DATE: June 24, 2019 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />Resolution authorizing a revision to the City of Redwood City's Allocable Share of debt service in <br />connection with Silicon Valley Clean Water's Water Infrastructure Finance and Innovation Act (WIFIA) <br />Financing Program. <br />RECOMMENDATION <br />Adopt a resolution authorizing a revision to the City of Redwood City's Allocable Share of debt service in <br />connection with Silicon Valley Clean Water's WIFIA Financing Program. <br />STRATEGIC INITIATIVE <br />Government Operations <br />BACKGROUND <br />Silicon Valley Clean Water (SVCW or the Authority) is a joint exercise of powers authority (JPA) that <br />provides wastewater transmission, treatment, and effluent disposal services to the Cities of Redwood <br />City, Belmont, and San Carlos, and the West Bay Sanitary District (Members). Under the JPA agreement <br />that created the Authority, the Authority owns and operates certain wastewater facilities and the <br />Members are obligated to pay the Authority for their allocable share of the Authority's operating, <br />maintenance, and capital expenses. SVCW is responsible for arranging funding for the wastewater <br />treatment and disposal facilities. <br />On May 20, 2019, the City Council authorized an Amended Financing Agreement with SVCW to pay for <br />the City's allocable share of the capital expenditures and funding sources for the Regional Environmental <br />Sewer Conveyance Upgrade (RESCU) Program of SVCW. <br />Subsequent to City Council's action on May 20, 2019, SVCW identified two changes to its proposed 2019 <br />debt issuance. Specifically, SVCW confirmed it could increase the amount borrowed from lower-cost State <br />Revolving Fund (SRF) loans provided through the State Water Resources Control Board (SWRCB), which <br />results in cost savings for each Member. Secondly, the City of Belmont has confirmed it has cash available <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />753 <br />