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$70,200,000 SILICON VALLEY CLEAN WATER (San Mateo County, California) 2015 WASTEWATER REVENUE BONDS CITY OF REDWOOD CITY PARITY DEBT CERTIFICATE The undersigned hereby states and certifies as follows that: (i) I am the duly appointed, qualified and acting Director of Finance of the City of Redwood City, a charter city and municipal corporation duly organized and existing under the laws of the State of California (the "City") , and as such, I am familiar with the facts herein certified and am authorized and qualified to certify the same under that certain Financing Agreement dated as of December 1 , 2008 , between South Bayside System Authority, currently known as Silicon Valley Clean Water (the "Authority"), as amended by that certain First Amendment to Financing Agreement dated as of March 1 , 2014, between the City and the Authority (as so amended, the "Financing Agreement") ; (ii) under an Indenture of Trust dated as of November 1 , 2015 (the "Indenture"), between the Authority and The Bank of New York Mellon Trust Company, N.A. , as trustee (the "Trustee"), the Authority is issuing on the date hereof its bonds designated the "Silicon Valley Clean Water 2015 Wastewater Revenue Bonds," in the aggregate principal amount of $70,200,000 (the "2015 Bonds"); (iii) the City is obligated under the Financing Agreement to pay its allocable portion of debt service on the 2015 Bonds, and the City's obligations in respect of the 2015 Bonds are intended to be on a parity with its obligation under the Financing Agreement to pay an allocable portion of debt service on the outstanding bonds issued by the Authority (the "Outstanding Parity Bonds") ; and (iv) the City hereby certifies that the conditions precedent to its obligations in respect of the 2015 Bonds being secured on a parity with its obligations in respect of the Outstanding Parity Bonds, as such conditions are set forth in Section 8 of the Financing . Agreement, have been met and satisfied or provided for. Without limiting the generality of the foregoing , the City hereby certifies as follows: (a) The City is not now in default in the payment of the SBSA Bond Payments and in the payment of principal of and interest on any Parity Debt. (b) The amount of Net Revenues, calculated in accordance with sound accounting principles, as shown by the books of the City for the Fiscal Year ending June 30, 2014, being the most recent Fiscal . Year for which audited financial statements are available, together with the additional Net Revenues referred to below, are at least equal to 120% of the amount of Maximum Annual Debt Service on