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<br />7A <br />A IT ACHMENT 1 Page 6 <br /> <br />RESOLUTION NO. <br /> <br />A RESOLUTION OF THE CITY OF REDWOOD CITY APPROVING, <br />AUTHORIZING AND DIRECTING THE ISSUANCE OF REVENUE <br />OBLIGATIONS BY THE SOUTH BAYSIDE WASTE MANAGEMENT <br />AUTHORITY, AND DIRECTING CERTAIN RELATED ACTIONS IN <br />CONNECTION WITH A SOLID WASTE FACILITY PROJECT <br />FINANCING <br /> <br />WHEREAS, the City of Redwood City (the "Member") has, together with certain <br />other public agencies (the "Member Agencies"), entered into a First Amended and <br />Restated Joint Exercise of Powers Agreement dated as of December 14, 2005 (the <br />"Agreement"), establishing the South Bayside Waste Management Authority (the <br />"Authority") for the purpose, among others, of having the Authority issue its obligations <br />to -be used to finance and refinance the acquisition, construction and improvement of <br />certain public capital improvements; and <br /> <br />WHEREAS, for the purpose of raising funds necessary to finance the public <br />capital improvements, the Authority proposes to authorize the issuance of its revenue <br />obligations (the "Obligations") under the provisions of Article 4 (commencing with <br />Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State <br />of California (the "Act"); and <br /> <br />WHEREAS, a portion of the proceeds received from the sale of the Obligatfons <br />will be used by the Authority to acquire, construct and improve a solid waste facility (the <br />"Project"); and <br /> <br />WHEREAS, pursuant to the Agreement, the Authority will own and operate, or <br />cause to be operated, the Project for the benefit of the Member and the Member <br />Agencies; and <br /> <br />WHEREAS, pursuant to the Agreement, so -long as bonds of the Authority <br />remain outstanding, the Member Agencies have agreed to designate the Authority's <br />solid waste facility as the disposal and processing location for solid waste, recyclable <br />materials and plant materials generated and collected pursuant to each Member <br />Agency's solid waste collection franchise agreement; and <br /> <br />WHEREAS, the Authority will collect solid waste tipping fees charged on tonnage <br />delivered to the Authority's solid waste facility and will receive revenues from the sale of <br />recyclable materials recovered there from (the "Revenues"); and, <br /> <br />WHEREAS, the Authority will use the Revenues to pay debt service on the <br />Obligations, on parity with or subordinate to the Authority's Solid Waste Revenue <br />Bonds, Series 2000, currently outstanding in the principal amount of $14,320,000 (the <br />"2000 Bonds"); and <br /> <br />1 <br /> <br />ATIY/RESO/RESO.1854 <br />082508 <br />