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08/25/2008 ORIGINAL RESOLUTION NO. 14893 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING EXECUTION AND DELIVERY OF FINANCING AGREEMENT WITH THE SOUTH BAYSIDE SYSTEM AUTHORITY AND APPROVING RELATED ACTIONS WHEREAS, in order to provide for the transmission, treatment and disposal of wastewater, the Cities of Belmont, San Carlos and Redwood City and the West Bay Sanitary District (collectively, the "Members") have entered into a Joint Exercise of Powers Agreement dated as of November 13, 1975, as amended (the "Joint Powers Agreement"), under which the South Bayside System Authority (the "Authority") has been organized as a joint powers 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 facilities which serve the Members, and the Commission of the Authority has approved a 10-Year Capital Improvement Program for the construction of improvements to such plant and facilities, including improvements which benefit individual Members, including the City of Redwood City (the "City"); and WHEREAS, in order to provide financing for such improvements, the Authority intends to issue tax-exempt bonds, notes or other obligations in series from time to time in accordance with the Joint Powers Agreement and the laws of the State of California (collectively, the "Bonds"); and WHEREAS, under the Joint Powers Agreement, the Members are obligated to pay their allocable share of debt service on the Bonds, as such allocable shares are determined in accordance with the provisions of the Joint Powers Agreement; and WHEREAS, the Authority has requested the City to enter into a Financing Agreement in order to facilitate the issuance of the bonds and to implement provisions of the Joint Powers Agreement with respect to the repayment of the Bonds and to provide adequate security for the Bonds; and WHEREAS, this Council wishes to approve the Financing Agreement in furtherance of the public purposes of the City; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Redwood City, California, as follows: Section 1. Approval of Financing Agreement. That certain agreement entitled "Financing Agreement," between the Authority and the City, is hereby approved substantially in the form of the copy thereof on file in the Office of the City Clerk, to which copy reference is hereby made for the full particulars thereof and is incorporated herein, and the Mayor and City Clerk are hereby authorized and directed to execute said agreement and to attest thereto, respectively, for and on behalf of the City. Section 2. Official Actions. The Mayor, the City Manager, the Finance Director and the City Clerk and their duly authorized deputies, designees or agents are each hereby authorized and directed, in their respective official capacities, to execute or attest thereto, any and all financial instruments, warrants, agreements and other financing documents, necessary or A TTY/RESO/RESO.1849 082108