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BACKGROUND AND PROPOSAL <br />1975: Belmont, Redwood City, San Carlos and West Bay Sanitary District <br />formed JPA: Silicon Valley Clean Water (SVCW) <br />City funding share aligned with share of plant capacity <br />SVCW's $1 billion infrastructure improvement program is underway. The <br />current $554 million phase of the Regional Environmental Sewer Conveyance <br />Upgrade (RESCU) project includes rehabilitation of pump stations, plant <br />facility, and the new gravity pipeline. <br />On 11/16, SVCW approved a State Revolving Fund (SRF) Loan with the State <br />Water Resources Control Board for up to $180 million (estimated at $169 <br />million). The new SRF Loan will save SVCW an estimated $1.2 million annually, <br />which equates to an estimated $570,000 per year for Redwood City. <br />The State of California's loan requires parity with other sewer -related debt. <br />2014 and 12015 outstanding SVCW bonds must be refunded. The refunded <br />bonds will save SVCW an estimated $8.5 million, and Redwood City an Aft <br />Redwood <br />estimated $278,000 annually, or $4.5 million in savings. Cay <br />