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04/24/2017 <br />RESOLUTION NO. 15577 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY APPROVING AND AUTHORIZING THE CITY MANAGER TO <br />EXECUTE AN INTER -AGENCY LOAN AGREEMENT WITH THE TOWN <br />OF WOODSIDE FOR SILICON VALLEY CLEAN WATER CAPITAL <br />IMPROVEMENT AND REPAIR COSTS <br />WHEREAS, Redwood City is one of four member agencies of Silicon Valley Clean <br />Water (SVCW), a regional joint powers authority that provides wastewater conveyance <br />and treatment services to its members; and <br />WHEREAS, the City conveys sewage from the Town of Woodside's Town Center <br />Sewer Assessment District (TCSAD) to SVCW for treatment and disposal; and <br />WHEREAS, Woodside is contractually obligated to reimburse the City for TCSAD's <br />share of the City's total SVCW payments; and <br />WHEREAS, in 2015, the City made a one-time cash payment to SVCW to help fund <br />the City's share of SVCW's capital improvements and repairs; and <br />WHEREAS, Woodside is responsible for $59,000 of this cash payment; and <br />WHEREAS, Woodside proposes to repay the total amount over a period of up to <br />ten years with interest calculated annually at the California Local Agency Investment Fund <br />quarterly rate. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />REDWOOD CITY AS FOLLOWS: <br />1. The City Council hereby approves and authorizes the City Manager to <br />execute an inter -agency loan agreement with the Town of Woodside for SVCW capital <br />improvement and repair costs. <br />2. This Resolution shall be effective upon adoption. <br />ATTY/RESO.0034/CC RESO APPROVING &AUTHORIZING INTER AGENCY LOAN AGREEMENT RESO. NO. 15577 <br />REV: 04-05-17 MI MUFF NO. 802 <br />Page 1 of 1 <br />