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10/26/2020 of the current Rate Year, specifying the date on which the Member intends to withdraw. c. The approval of such withdrawal by a 4/5 affirmative vote of Equity Members; and WHEREAS, pursuant to Section 15.1.a. of the JPA, the Board of Directors of SBWMA ("Board") is required to determine the amount necessary for Atherton to achieve "the liquidation in full of its proportion of any and all existing debts, obligations, and liabilities incurred, earned, or expected to be earned by the date of withdrawal;" and WHEREAS, pursuant to Section 15.1.c.of the JPA, four-fifths (10) of the Member Agencies are then required to approve the withdrawal in order for it to be effective; and WHEREAS, on August 20, 2020, the Board held a properly noticed hearing to determine Atherton's liquidation obligation, and considered the staff report and all evidence, oral and documentary, presented to it at the hearing; and WHEREAS, the Board, having reviewed and considered the evidence presented, and based thereon, determines that in order to satisfy its requirement under Section 15.1.a., Atherton must fully defease its proportionate share of the 2019A and 2019B bonds which is 3.24 percent, based on Atherton's share of SBWMA's overall franchise tonnage in 2019, the cost to defease Atherton's bond share is estimated to be $2,203,016 ($2,103,016 to defease + $100,000 costs), and the actual amount is subject to adjustment depending on market conditions at the time of defeasance; and WHEREAS, having made this determination, the SBWMA Board directed its staff to work with SBWMA's financial consultants and Atherton staff to ensure the defeasance of the bonds occurs prior to December 31, 2020; and WHEREAS, the Board further recommended to its Member Agencies that they review and approve Atherton's withdrawal from the SBWMA, effective December 31, 2020, provided that on or before December 31, 2020, Atherton satisfies its obligation to liquidate its proportionate share of debt, as determined by the Board; and WHEREAS, pursuant to JPA Section 15.1.c, 4/5 of the Member Agencies, defined as Equity Members, must, before December 31, 2020, approve Atherton's withdrawal in order for it to be effective; and WHEREAS, the City of Redwood City is an Equity Member of the SBWMA empowered by the JPA to consent to Atherton's withdrawal; and ATTY/RESO.0115/CC RESO APPROVING ATHERTON'S WITHDRAWAL FROM SOUTH BAYSIDE WASTE MANAGEMENT RESO. NO. 15898 REV: 10-08-2020 MI MUFF NO. 304 Page 2 of 3