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11/23/2020 RESOLUTION NO. 15920 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 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 and the City of Redwood City (the "City") has entered into a financing agreement, as amended to the date hereof (as amended, the "Original Financing Agreement"), with respect to such financings; and WHEREAS, in order to provide financing for the portion of,the costs of the Project which are allocable to the City of Redwood City, the City of San Carlos and the West Bay Sanitary District, the Authority has previously issued its 2014 Wastewater Revenue Bonds which are currently outstanding in the aggregate principal amount of $53,860,000 (the "2014 Bonds") and its 2015 Wastewater Revenue Bonds which are currently outstanding in the aggregate principal amount of $64,995,000 (the "2015 Bonds"); and WHEREAS, given the current interest rate environment, there is an opportunity to refund all or a portion of the 2014 Bonds and/or all or a portion of the 2015 Bonds to reduce the debt service payments on such bonds and the City wishes to authorize and direct staff to take certain actions necessary to accomplish such refunding; and WHEREAS, the Authority has requested that the City enter into a fourth amendment to the Original Financing Agreement (the "Fourth Amendment to Financing Agreement", and, together with the Original Financing Agreement as previously amended, the "Financing Agreement") in order to facilitate the delivery of the Refunding Bonds described below; and WHEREAS, concurrently with the execution and delivery of the Fourth Amendment to Financing Agreement, the Authority is issuing its Wastewater Refunding Revenue Bonds (the "Refunding Bonds") under an Indenture of Trust dated as of December 1, 2020, between the Authority and Zions Bancorporation, National Association to refinance ATTY/RESO.0136/CC RESO AUTHORIZING EXECUTION & DELIVERY OF 4RTH AMENDMENT OF FINANCING AGR —SVCW BONDS RESO. NO. 15920 REV: 11-16-2020 MI MUFF NO. 505 Page 1 of 4