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6.C. - Page 17 of 57 <br />Board's determination. To assist the Member Agencies as they consider this request, staff will prepare a staff report <br />and resolution which can be utilized by each Member Agency as it considers Atherton's request. <br />Timing Considerations <br />As noted above, once the Board determines the amount necessary for Atherton to liquidate its proportional debt, Atherton will <br />need to secure the approval of at least ten of the Member Agencies in order to effectuate the withdrawal. This needs to occur <br />before the end of the year, and with enough time for Atherton to complete its negotiations with GreenWaste and to make its <br />liquidation payment to SBWMA no later than December 31, 2020. Staff understands this is a daunting task, which is why this <br />item has been scheduled for this special meeting rather than waiting to have it placed on the Board's next regular meeting in <br />September. Once ten Member Agencies approve the withdrawal, staff with work with its consultants and Atherton's staff to <br />effect the defeasance. <br />Recommendation <br />It is recommended the Board take action to determine the amount necessary for Atherton to liquidate its <br />proportionate share of debt so that it can move forward in the withdrawal process. Staff recommends the Board <br />select Option 1 - full defeasance of Atherton's share of both 2019A and B bonds (approximately $2,203,016), as the <br />liquidation amount. It is further recommended the Board adopt the attached Resolution, setting forth the liquidation <br />process and recommending that Member Agencies approve Atherton's withdrawal contingent and effective upon its <br />payment of the determined amount. <br />Attachments: <br />1) March 18, 2020 Letter from Atherton re Intent to Withdraw; April 27, 2020 response letter from Authority <br />to Atherton <br />2) KNN Public Finance Analysis dated December 6, 2019 <br />3) June 26, 2020 Notice of Intent to Withdraw including NHA Advisors Analysis <br />4) KNN Public Finance Additional Analysis dated July 22, 2020 <br />5) HF&F Consultants Analysis dated August 11, 2020 <br />6) Resolution 2020-34 - Determining the Amount Required for the Town of Atherton to Liquidate its <br />Proportionate Share of SBWMA Existing Debt in Connection with the Town's Notice of Intent to Withdraw <br />from Membership in SBWMA; and Recommending Member Agencies Approve the Withdrawal, Subject to <br />Certain Conditions. <br />SBWMA BOD PACKET 8/20/2020 <br />AGENDA ITEM: 5A - p9 <br />48 <br />