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BACKGROUND AND PROPOSAL <br />1975: Belmont, Redwood City, San Carlos and West Bay Sanitary District <br />formed JPA: Silicon Valley Clean Water (SVCW) <br />City funding share aligned with share of plant capacity <br />SVCW's $1 billion infrastructure improvement program is underway. <br />The current $554 million phase of the Regional Environmental Sewer <br />Conveyance Upgrade (RESCU) project includes rehabilitation of pump <br />stations, plant facility, and the new gravity pipeline. <br />Financing for the project includes a <br />$218 <br />million Water <br />Infrastructure <br />Finance and Innovation Act <br />(WIFIA) <br />loan <br />to SVCW from <br />the <br />US EPA. <br />Since executing the loan in July 2019, interest rates have declined from <br />2.40% to 1.24%. <br />We estimate a reset could save Redwood City approximately $1 million <br />annually for thirty years, or a net of approximately $23.53 million. <br />Redwood <br />3 of F city ,» <br />