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7.C. - Page 1 of 5 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />A,&/ <br />DATE: January 25, 2021 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />Consent to the issuance of refunding bonds by Silicon Valley Clean Water to refund a State Water <br />Resources Control Board loan <br />RECOMMENDATION <br />Adopt a resolution of the City Council of the City of Redwood City supplementing Resolution No. 15920 of <br />the City Council to consent to the issuance by Silicon Valley Clean Water of refunding bonds to refund a <br />State Water Resources Control Board State Revolving Fund loan at a lower interest rate in order to reduce <br />debt service payments by approximately $412,000 over the life of the loan. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Excellence in Government Operations <br />BACKGROUND <br />Silicon Valley Clean Water (SVCW or the Authority) is a joint exercise of powers authority (JPA) that <br />provides wastewater transmission, treatment, and effluent disposal services to the Cities of Belmont, <br />Redwood City, and San Carlos, and the West Bay Sanitary District (Members). Under the JPA agreement <br />that created the Authority, the Authority owns and operates certain wastewater facilities and the <br />Members are obligated to pay the Authority for their allocable share of the Authority's operating, <br />maintenance, and capital expenses. <br />SVCW launched a ten-year Capital Improvement Program ("CIP") in 2008 to address critical infrastructure <br />needs, including rehabilitation of the Wastewater Treatment Plant and replacement of the conveyance <br />system including the forcemain and related pump stations. SVCW has frequently updated the CIP, most <br />recently in January 2020, with the entire program currently estimated to cost approximately $931 million <br />Page 1 of 3 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />188 <br />