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8.A. - Page 42 of 51 (Continued from previous page) (4) Represents Redwood City's share of SVCW pay go capital expenditures. (5) Represents Redwood City's SBSA Bond Payments due under the Redwood City Financing Agreement with respect to the Authority's outstanding Parity Debt, which are senior to the pledge of and lien upon the Net Revenues for the payment of Subordinate Debt under the Redwood City Financing Agreement. Amounts shown are net of reserve and interest credits received by Redwood City. 0) Represents SBSA Bond Payments with respect to the SVCW 2009 Bonds, net of Redwood City's proportionate share of Refundable Credits received as a result of receipt by the Authority of cash subsidy payments from the United States Treasury. Represents Redwood City's share of other SVCW obligations which are junior and subordinate to the pledge of and lien upon the Net Revenues for the payment of SVCW Bond Payments on the Parity Debt and payments of principal of and interest on any Subordinate Debt. (8) Represents Net Revenues divided by Total SBSA Bond Payments and City Share of Other SVCW Obligations. (9) Includes a $10,000,000 contribution to SVCW for capital funding in -lieu of full participation in the SVCW 2015 Bond financing. Source: City of Redwood City. Projected Revenues, Expenses, and Debt Service Coverage The estimated projected operating results and debt service coverage of the City for the Fiscal Years ending June 30, 2020 (based on unaudited actual results) through 2024 are set forth below, excluding City revenues that are not pledged towards payment of principal of and interest on Parity Debt and Subordinate Debt. The projected operating results reflect certain significant assumptions concerning future events and circumstances. The financial forecast represents the City's estimate of projected financial results based on the assumptions stated in the footnotes to the chart set forth below. Such assumptions are material in the development of the City's financial projections, and variations in the assumptions may produce substantially different financial results. Actual operating results achieved during the projection period may vary from those presented in the forecast and such variations may be material. Under the Redwood City Financing Agreement, Redwood City may issue additional obligations constituting Parity Debt, which debt would be secured by a pledge of and lien upon the Net Revenues on a parity with the City's allocated share of the 2020 Bonds. See "SECURITY FOR THE OBLIGATIONS — Financing Agreements" in the forepart of this Official Statement and "APPENDIX F — SUMMARY OF PRINCIPAL LEGAL DOCUMENTS" attached hereto. The City anticipates paying its allocable share of debt service on the 2019 Notes at maturity with proceeds of the WIFIA Loan. The City's ability to pay its allocable share of debt service on the 2019 Notes is dependent on the availability of proceeds of the WIFIA Loan or, if such proceeds were not to be available at the maturity of the 2019 Notes, SVCW's ability to issue and sell refunding obligations prior to the maturity of the 2019 Notes. See the caption "CERTAIN AUTHORITY RISK FACTORS—Failure to Issue Refunding Bonds or Notes" in the forepart of this Official Statement. [REMAINDER OF PAGE LEFT BLANK] ATTY/AGR/2020.264/PRELIMINARY OFFICIAL STATEMENT— WASTEWATER REV: 11-18-2020 EI Page 20 of 29 1: