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I1Zy`Z1FK11r~: RESOLUTION NO. 15784 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING REVISION TO THE CITY OF REDWOOD CITY'S ALLOCABLE SHARE OF DEBT SERVICE IN CONNECTION WITH SILICON VALLEY CLEAN WATER'S WIFIA FINANCING PROGRAM WHEREAS, in order to provide for the transmission, treatment and disposal of wastewater, the City of Belmont, the City of Redwood City (the "City"), the City of San Carlos and the West Bay Sanitary District (collectively, the "Members") have previously entered into a Joint Exercise of Powers Agreement, dated as of November 13, 1975, as amended to the date hereof (as amended, the "Joint Powers Agreement"), under which Silicon Valley Clean Water (formerly known as the South Bayside System Authority) has been organized as a joint powers authority (the "Authority"), which is a public entity separate and apart from the Members; and WHEREAS, under the Joint Powers Agreement, the Authority owns and operates a sub -regional wastewater treatment plant and related conveyance facilities which serve the Members, and in order to provide financing for such facilities, the Authority has previously issued multiple series of its Wastewater Revenue Bonds and the City has entered into a financing agreement, as amended to the date hereof (as amended, the "Original Financing Agreement"), with respect to such bond issues; and WHEREAS, on May 20, 2019, the City Council of the City adopted a resolution authorizing certain actions and approving certain documents, including an amendment to the Original Financing Agreement (the "Amendment to Financing Agreement"), in connection with a loan agreement under the authority of the Water Infrastructure Finance and Innovation Act (the "WIFIA Loan") with the United States Environmental Protection Agency, the issuance of certain interim notes (together with the WIFIA Loan, the "WIFIA Financing Program") and a loan from the State of California (the "State Loan"); and WHEREAS, the Amendment to Financing Agreement sets forth the City's Allocable Share (as defined in the Amendment to Financing Agreement) of debt service of the WIFIA Financing Program; and WHEREAS, the City of Belmont ("Belmont") has notified the Authority of Belmont's desire to increase Belmont's initial cash contribution toward its share of the costs of the WIFIA Project (as defined in the Amendment to Financing Agreement) and the Authority has determined that the principal amount expected to be authorized under the State Loan to finance the WIFIA Project has increased, which, together, reduces the principal amount expected to be financed through the WIFIA Financing Program; and WHEREAS, the revisions described in the preceding recital do not change the City's share of the capital costs of the WIFIA Project (48.57%); however, the percentage share of debt service of the WIFIA Financing Program allocated to each member, other ATTY/RESO.0069/CC RESO AUTHORIZING A REVISION OF THE CITY'S ALLOCABLE SHARE OF DEBT IN CONNECTION WITH SVCW REV: 06-17-19 VR RESO. NO. 15784 MUFF NO. 304 Page 1 of 2