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Page 1 of 6 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />DATE: August 26, 2024 <br />SUBJECT <br />Authorize City of Redwood City Public Financing Authority (PFA) to sell not more than $16,260,000 PFA <br />Water Revenue Refunding Bonds, Series 2024 (2024 Bonds) to refinance the PFA Water Revenue <br />Refunding Bonds, Series 2013 (2013 Bonds) <br />RECOMMENDATION <br />1. By motion, City Council, in its capacity as the legislative body of the City of Redwood City, adopt a <br />resolution authorizing proceedings and agreements relating to the refinancing of certain water facilities, <br />approving issuance and sale of bonds by the City of Redwood City Public Financing Authority, approving <br />an Official Statement and authorizing related documents and actions; and <br />2. By motion, City Council, in its capacity as the governing body of the City of Redwood City Public <br />Financing Authority, authorizing the issuance of not to exceed $16,260,000 principal amount of Water <br />Revenue Refunding Bonds, Series 2024 approving the form and authorizing and directing execution of an <br />Indenture of Trust, an Installment Purchase Contract and an Escrow Deposit and Trust Agreement, <br />approving the form and authorizing the sale of bonds pursuant to a Bond Purchase Agreement, approving <br />an Official Statement, and authorizing related documents and actions. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Excellence in Government Operations <br />BACKGROUND <br />The City purchases all of its potable water supplies from the San Francisco Public Utilities Commission <br />(SFPUC) via the Hetch Hetchy regional water system and its demand for water consistently exceeds its <br />assured supply of water from the SFPUC. To address this imbalance, the City initiated a water recycling <br />project in 2005. The project consists of water recycling equipment and storage tanks at the Silicon Valley <br />8.A. - Page 1 of 255 <br />629