AgdaPkt 2020-11-23 Joint SA PFA - Laserfiche WebLink

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8.A. - Page 1 of 51 /<�ik Redwood CitylCallifornia Faunded 1867 \IAW DATE: November 23, 2020 SUBJECT STAFF REPORT To the Honorable Mayor and City Council From the City Manager Issue revenue bonds to refund Series 2014 and Series 2015 bonds associated with the Silicon Valley Clean Water (SVCW) capital improvement program for the City of Redwood City, City of San Carlos, and West Bay Sanitary District RECOMMENDATION Adopt a resolution of the City Council of the City of Redwood City authorizing execution and delivery of the Fourth Amendment of a Financing Agreement with Silicon Valley Clean Water relating to the issuance of refunding bonds and approving related documents and official actions. STRATEGIC PLAN GUIDING PRINCIPLE Excellence in Government Operations BACKGROUND Silicon Valley Clean Water (SVCW or the Authority) is a joint exercise of powers authority (JPA) that provides wastewater transmission, treatment, and effluent disposal services to the Cities of Belmont, Redwood City, and San Carlos, and the West Bay Sanitary District (Members). Under the JPA agreement that created the Authority, the Authority owns and operates certain wastewater facilities and the Members are obligated to pay the Authority for their allocable share of the Authority's operating, maintenance, and capital expenses. SVCW launched a ten-year Capital Improvement Program ("CIP") in 2008 to address critical infrastructure needs, including rehabilitation of the Wastewater Treatment Plant and replacement of the conveyance system including the forcemain and related pump stations. SVCW has frequently updated the CIP, most recently in January 2020, with the entire program currently estimated to cost approximately $931 million Page 1 of 6 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 667