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10/26/2020 RESOLUTION NO. 15903 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING THE THIRD AMENDMENT OF A FINANCING AGREEMENT WITH SILICON VALLEY CLEAN WATER TO IMPLEMENT A REDUCED INTEREST RATE ON AN EXISTING WIFIA LOAN FROM THE ENVIRONMENTAL PROTECTION AGENCY WHEREAS, in order to provide for the transmission, treatment and disposal of wastewater, the City of Belmont, the City of Redwood 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 (the "Project"), and in order to provide financing for the Project the Authority has previously issued multiple series of its Wastewater Revenue Bonds; and WHEREAS, in order to provide funds to finance additions to the Project, the Authority executed and delivered a loan agreement with the United States Environmental Protection Agency (the "EPA"), as WIFIA lender (the "WIFIA Loan Agreement"), for a loan under the authority of the Water Infrastructure Finance and Innovation Act (the "WIFIA Loan"); and WHEREAS, in connection with the financing and refinancing of the Project and the execution and delivery of the WIFIA Loan Agreement, the Authority and the City entered into a Financing Agreement dated as of December 1, 2008 (the "Original Financing Agreement"), as amended by the First Amendment to Financing Agreement dated as of March 20, 2014 (the "First Amendment") and by the Second Amendment to Financing Agreement dated as of May 1, 2019 (the "Second Amendment" and together with the Original Financing Agreement and the First Amendment, the "Financing Agreement") to, among other purposes, implement provisions of the Joint Powers Agreement with respect to the repayment of the WIFIA Loan; and WHEREAS, the Authority and the EPA are proposing to reset the interest rate on the WIFIA Loan to reduce the interest rate payable thereunder; and WHEREAS, the City has determined to further amend the Financing Agreement to effectuate such lower interest rate; and WHEREAS, pursuant to Government Code Section 5852.1, a good faith estimate of costs relating to such amendment is set forth in Exhibit "A" attached to this Resolution, and such information is hereby disclosed and made public; and ATTY/RESO.0117/CC RESO AUTHORIZING THE THIRD AMENDMENT OF A FINANCING AGREEMENT RESO. NO. 15403 REV: 10-20-2020 MI MUFF NO. 304 Page 1 of 3