AgdaPkt 2020-10-26 Joint SA PFA - Laserfiche WebLink

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7.B. - Page 3 of 11 (b) The finance charge of the loan, including all fees and charges paid to third parties, is estimated at $225,000 and the City's share is approximately $116,325. (c) Proceeds of the loan received by the City, including the estimated principal amount of the proposed loan of $116,963,151, will be available to fund $112,705,000 of eligible project costs and the applicable deferred interest. The finance charges set forth in (b) above are not included in the loan proceeds. (d) The total payment amount calculated as provided in Section 5852.1(a)(1)(D) of the Code is estimated at $141,711,389 (total of all payments the City will make to pay debt service on the loan plus the finance charges set forth in section (b) which are not paid from proceeds of the loan). The foregoing are estimates and the final costs will depend on market conditions and can be expected to vary from the estimated amounts set forth above. Following approval of the WIFIA Interest Rate Reset, SVCW intends to bring two additional debt -related items to its Members' Councils in November 2020. These items will recommend the Redwood City Council: 1. Authorize amendments to the City's Financing Agreement as required by the State Water Resource Control Board to satisfy terms of a new State Revolving Fund Loan; and 2. Authorize the City to refund outstanding 2014 and 2015 bonds and execute necessary documents. It is anticipated that staff will bring these two items to the City Council for approval at the November 9, 2020 City Council meeting. ENVIRONMENTAL REVIEW This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably foreseeable indirect physical change in the environment. PUBLIC NOTICE Public notification was achieved by posting the agenda, with the agenda items being listed, at least 72 hours prior to the meeting. ALTERNATIVES Do not authorize amending a Financing Agreement in connection with the WIFIA loan by and between Silicon Valley Clean Water and the EPA. This would prevent SVCW from resetting the interest rate of the WIFIA loan and would preclude SVCW and its participating members from realizing the interest cost savings. Page 3 of 4 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org 361