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8.A. - Page 49 of 51 and large-scale planning efforts to determine how to reduce greenhouse gas emissions. Additionally, the State has enacted the California Global Warming Solutions Act of 2006 (Senate Bill No. 32), which established a revised statewide GHG emission reduction target of 40% below 1990 levels by 2030. Redwood City. Redwood City adopted a Climate Action Plan (the "2013 CAP") on April 22, 2013 that contained strategies to reduce emissions 15% below 2005 levels by 2020. Since the adoption of the 2013 CAP, a majority of recommended strategies therein are on-going programs, have been completed by Redwood City, or have been superseded by subsequent reduction measures. On November 16, 2020, Redwood City adopted the 2030 Climate Action Plan, which identifies greenhouse gas emission reduction targets through 2030, builds on Redwood City's recent 2013 CAP implementation experiences, and adds sea level rise and climate adaptation strategies. San Carlos. San Carlos adopted a Climate Action Plan (the "San Carlos CAP") on October 12, 2009 that contained strategies to reduce emissions 15% below 2005 levels by 2020 and 35% below 2005 levels by 2030. San Carlos is in the process of updating the San Carlos CAP with a Climate Mitigation and Action Plan (the "San Carlos CMAP"). The San Carlos CMAP is intended to act as a blueprint for how San Carlos will address climate change and will include new and updated climate action strategies consistent with state efforts to reduce greenhouse gas emissions as far out as 2050, look at how climate change may affect natural hazards, and incorporate policies to help build a more resilient community. West Bay. West Bay has not adopted a climate action plan, however West Bay management takes climate factors into consideration during planning and operations. The Participating Members are unable to predict the impact that any current or future laws and regulations related to climate change, if adopted, and the effects of climate change will have on the revenues of the Participating Members. However, such effects could be material. Limitations on Remedies Available; Bankruptcy The enforceability of the rights and remedies of the Owners and the obligations of any of the Participating Members may become subject to the following: the federal bankruptcy code and applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or affecting the enforcement of creditors' rights generally, now or hereafter in effect; equitable principles which may limit the specific enforcement under State law of certain remedies; the exercise by the United States of America of the powers delegated to it by the Federal Constitution; and the reasonable and necessary exercise, in certain exceptional situations, of the police power inherent in the sovereignty of the State and its governmental bodies in the interest of servicing a significant and legitimate public purpose. Bankruptcy proceedings, or the exercising of powers by the federal or State government, if initiated, could subject the Owners to judicial discretion and interpretation of their rights in bankruptcy or otherwise and consequently may entail risks of delay, limitation, or modification of their rights. Limited Obligations The SBSA Bond Payments and Authority Bond Payments are limited obligations of the Participating Members payable solely from and secured solely by the Net Revenues of their respective wastewater systems. If for any reason, any Participating Member does not have Net Revenues available in an amount sufficient to make its SBSA Bond Payments or Authority Bond Payments, the Participating Member will not be obligated to utilize any other of its funds to make SBSA Bond Payments or Authority Bond Payments. The obligation of the Participating Members to pay the SBSA Bond Payments and Authority Bond Payments does not constitute an obligation of any Participating Member for which the ATTY/AGR/2020.264/PRELI M I NARY OFFICIAL STATEMENT— WASTEWATER REV: 11-18-2020 EI Page 27 of 29 715