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<br />Recommendation: <br />By resolution, approve, authorize and direct the issuance of debt by the South <br />Bayside Waste Management Authority ("SBWMA") in the maximum amount of <br />$65,455,000. This authorization includes an amount estimated to be sufficient to <br />fund the Shoreway masterplan improvements needed to handle future tonnage <br />from the rollout of new franchised collection services for member agencies. The <br />authorization of new debt is net of cash reserves the SBWMA will contribute to the <br />project, and includes an amount sufficient to refund the SBWMA's 2000 bonds. <br />Pursuant to the SBWMA joint powers agency agreement, at least two-thirds of the <br />member agencies are required to approve any debt sold by the SBWMA. <br /> <br />RESOLUTION No. 14897 OF THE CITY OF REDWOOD CITY APPROVING, <br />AUTHORIZING AND DIRECTING THE ISSUANCE OF REVENUE OBLIGATIONS BY <br />THE SOUTH BAYSIDE WASTE MANAGEMENT AUTHORITY, AND DIRECTING <br />CERTAIN RELATED ACTIONS IN CONNECTION WITH A SOLID WASTE FACILITY <br />PROJECT FINANCING <br /> <br />Mayor Foust announced that each speaker would be given 10 minutes each for <br />their presentations and public comment would then follow. <br /> <br />Mr. Ponty, Finance Director, gave an introduction, which included single stream <br />recycling, the refinance of bonds issued in 2007, and the Joint Powers Authority <br />(JPA). He then introduced Mr. Hilary Gans, Facility and Contracts Manager of <br />South Bayside Water Management Authority (SBWMA) (presentation on file). <br /> <br />Mr. Gans continued the presentation by reviewing the properties owned by <br />SBWMA, the Shoreway Recycling and Disposal Center (SRDC), the process of <br />collection to either landfill or recycling, and how updating the old and inefficient <br />building and equipment are needed to handle anticipated volumes, improving <br />customer service levels, decreasing wait time, and handling the increasing needs <br />for recycling. <br /> <br />Mr. Panty estimated the current cost as of June is $53.9 million with a <br />recommended 10 percent for project contingency. He stated that there are two <br />finance plan goals: to provide sufficient funding for SRDC improvements and to <br />refund the bonds with taxable bonds under treasury guidelines. <br /> <br />Mayor Foust asked for any questions from Council. There were no questions. <br />Mayor Foust then asked for public comment. There were no public comments. <br /> <br />Council discussion and questions included doubling the public access dumping <br />area, cost containment in construction and bid process, options available for <br />community members who anticipate a lot more recycling and may not need 32 <br />gallon container, and writing the specification clearly, especially regarding bay <br />mud. <br /> <br />REGULAR CITY COUNCIL MEETING <br />MINUTES <br /> <br />SEPTEMBER 8, 2008 <br />PAGE 8 <br />