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This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold, nor may offers to buy them be accepted, prior to the time the Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.PRELIMINARY OFFICIAL STATEMENT DATED [AUGUST 27], 2024
<br />NEW ISSUE - FULL BOOK-ENTRY RATING:
<br />S&P: “AA”
<br />See “Rating”.
<br />In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, subject, however to certain
<br />qualifications described herein, under existing law, the interest on the Bonds is excluded from gross income for federal income tax
<br />purposes and such interest is not an item of tax preference for purposes of the federal alternative minimum tax. Interest on the Bonds
<br />may be subject to the corporate alternative minimum tax. In the further opinion of Bond Counsel, such interest is exempt from California
<br />personal income taxes. See "TAX MATTERS."
<br />[CITY LOGO]
<br />$___________*
<br />CITY OF REDWOOD CITY PUBLIC FINANCING
<br />AUTHORITY
<br />(SAN MATEO COUNTY, CALIFORNIA)
<br />WATER REVENUE REFUNDING BONDS, SERIES 2024
<br />Dated: Date of Delivery Due: February 1, as shown on inside cover
<br />Authority for Issuance. The Water Revenue Refunding Bonds, Series 2024 (the “Bonds”) are being issued by the City of
<br />Redwood City Public Financing Authority (the “Authority”) under a resolution adopted by the Board of Directors of the Authority on
<br />[August 26], 2024, and an Indenture of Trust dated as of September 1, 2024 (the “Indenture”) by and between the Authority and U.S.
<br />Bank Trust Company, National Association, as trustee for the Bonds (the “Trustee”). See “INTRODUCTION – General.”
<br />Use of Proceeds. The proceeds of the Bonds will be used to (i) redeem all of the outstanding $15,915,000 principal amount of
<br />City of Redwood City Public Financing Authority Water Revenue Refunding Bonds, Series 2013 (the “Refunded Bonds”) and the
<br />corresponding portion of the related installment payment obligation of the City of Redwood City (the “City”); and (ii) pay the costs of
<br />issuing the Bonds. See “THE REFINANCING PLAN.” A reserve fund will not be funded for the Bonds.
<br />Security for the Bonds. The Bonds are special obligations of the Authority payable from the revenues pledged under the
<br />Indenture, consisting primarily of installment payments (the “2024 Installment Payments”) to be made by the City under an installment
<br />purchase contract, dated as of September 1, 2024, by and between the Authority and the City (the “2024 Installment Purchase
<br />Contract”). The 2024 Installment Payments are secured by a pledge of and lien on the net revenues (the “Net Revenues”) of the City’s
<br />municipal water enterprise (the “Enterprise”). The City’s pledge of Net Revenues under the 2024 Installment Purchase Contract is on
<br />a parity basis with a pledge of Net Revenues under an installment purchase contract by and between the Authority and the City (the
<br />“2015 Installment Purchase Contract”), under which the City makes installment payments that secure the Authority’s Water Refunding
<br />Revenue Bonds, Series 2015, and under an installment purchase contract by and between the Authority and the City (the “2017
<br />Installment Purchase Contract”), under which the City makes installment payments that secure the Authority’s Water Refunding
<br />Revenue Bonds, Series 2017. The City may also pledge Net Revenues to additional parity obligations, subject to compliance with
<br />requirements set forth in the 2024 Installment Purchase Contract (the “Parity Obligations”).
<br />The City has covenanted under the 2024 Installment Purchase Contract to fix, prescribe and collect charges in connection with
<br />the services and facilities of the Enterprise which will produce gross revenues sufficient in each Fiscal Year to provide Net Revenues
<br />equal to at least 1.20 times the aggregate amount of obligations of the City in such fiscal year with respect to the 2024 Installment
<br />Purchase Contract, the 2017 Installment Purchase Contract, the 2015 Installment Purchase Contract, and any Parity Obligations
<br />hereafter issued or incurred by the City.
<br />Bond Terms; Book-Entry Only. The Bonds will bear interest at the rates shown on the inside cover page, payable semiannually
<br />on February 1 and August 1 of each year, commencing on February 1, 2025, and will be issued in fully-registered form without coupons
<br />in integral multiples of $5,000. The Bonds will be issued in book-entry only form, initially registered in the name of Cede & Co., as
<br />nominee of The Depository Trust Company, New York, New York (“DTC”). Purchasers of the Bonds will not receive certificates
<br />representing their interests in the Bonds. Payments of the principal of, premium, if any, and interest on the Bonds will be made to
<br />DTC, which is obligated in turn to remit such principal, premium, if any, and interest to its DTC Participants for subsequent
<br />disbursement to the beneficial owners of the Bonds. See “THE BONDS – General.”
<br />No Redemption. The Bonds are not subject to redemption prior to maturity. See “THE BONDS – No Redemption.”
<br />NEITHER THE BONDS, NOR THE OBLIGATION OF THE CITY TO MAKE 2024 INSTALLMENT PAYMENTS, CONSTITUTES
<br />A DEBT OR A LIABILITY OF THE AUTHORITY, THE CITY, THE STATE OF CALIFORNIA OR ANY OF ITS POLITICAL
<br />SUBDIVISIONS WITHIN THE MEANING OF ANY CONSTITUTIONAL LIMITATION ON INDEBTEDNESS, OR A PLEDGE OF THE
<br />FULL FAITH AND CREDIT OF THE CITY. THE BONDS ARE SECURED SOLELY BY THE PLEDGE OF REVENUES AND CERTAIN
<br />FUNDS HELD UNDER THE INDENTURE. THE BONDS ARE NOT SECURED BY A PLEDGE OF THE TAXING POWER OF THE
<br />CITY. THE AUTHORITY HAS NO TAXING POWER. THE 2024 INSTALLMENT PAYMENTS ARE PAYABLE ONLY FROM NET
<br />REVENUES OF THE ENTERPRISE.
<br />THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF
<br />THIS ISSUE OF BONDS. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION
<br />ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION WITH RESPECT TO THE PURCHASE OF THE
<br />BONDS.
<br />The Bonds are offered when, as and if issued and received by the Underwriter and subject to the approval as to their legality by
<br />Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel. Certain legal matters will be passed upon for
<br />the City by Veronica Ramirez, Esq., the City Attorney, and Jones Hall, A Professional Law Corporation, San Francisco, California,
<br />Disclosure Counsel to the City, for the Authority by the City Attorney, and for the Underwriter by Stradling Yocca Carlson & Rauth
<br />LLP, Newport Beach, California. It is anticipated that the Bonds will be delivered in book-entry form through the facilities of DTC on or
<br />about [September 19], 2024.
<br />[Stifel Logo]
<br />The date of this Official Statement is: __________, 2024.
<br />* Preliminary; subject to change.
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