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8.B. - Page 3 of 5 <br />proportional share of debt service to participating members on SVCW debt will be different than if each <br />member financed 100 percent of its capital obligations with SVCW-issued debt. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />PUBLIC NOTICE <br />Public Notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting. <br />ALTERNATIVES <br />The Council may reject staff's recommendation to revise to the City's Allocable Share of debt service as a <br />result of Belmont's cash contribution, and the increase in the amount that can be borrowed via SRF loans; <br />however, doing so would delay the WIFIA loan and sale of Notes, forego approximately $3.5 million in <br />overall savings in financing costs, including approximately $1.8 million in savings to the City, and would <br />run counter to the previous actions taken in favor of participating in the bond financing through SVCW. <br />ATTACHMENTS <br />Attachment A: Resolution Revising the Allocable Share of Debt Service <br />REPORT PREPARED BY: <br />Sylvia Bravo Peters, Principal Analyst - Finance <br />speters@redwoodcity.org <br />(650) 780-7073 <br />APPROVED BY: <br />Kimbra McCarthy, Assistant City Manager and Administrative Services Director <br />Melissa Stevenson Diaz, City Manager <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />755 <br />