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19 <br />additions, betterments, extensions or improvements that are required for the City to comply with <br />the maintenance and operation covenant of the 2024 Installment Purchase Contract, the excess <br />shall be applied to any lawful purpose of the Enterprise, including (i) the payment of 2024 <br />Installment Payments and payments on any Parity Obligations, (ii) the prepayment or discharge <br />of 2024 Installment Payments and payments on any Parity Obligations as provided in the section <br />of the 2024 Installment Purchase Contract governing prepayments of 2024 Installment Payments <br />and similar provisions of the documents governing Parity Obligations and (iii) the payment of <br />capital costs of improvements to the Enterprise. <br />THE AUTHORITY <br />The Authority was established pursuant to a Joint Exercise of Powers Agreement, dated <br />June 18, 1991 (the “JPA Agreement”), between the City and the former Redevelopment Agency <br />of the City of Redwood City (the “Agency”). The Agency has been succeeded by the Successor <br />Agency to the Redwood City Redevelopment Agency (the “Successor Agency”). The JPA <br />Agreement was entered into pursuant to the provisions of Articles 1 through 4 of Chapter 5 of <br />Division 7 of Title 1 of the California Government Code. The members of the governing board of <br />the Authority consist of the members of the City Council of the City. The Authority was formed for <br />the purpose of implementing the construction, acquisition, maintenance and improvement of <br />public facilities and infrastructure within the City. Among the powers expressly granted to the <br />Authority is the power to acquire property and to borrow money to provide funds for the <br />construction, acquisition, maintenance or improvement of public facilities and infrastructure and <br />to issue in its name revenue bonds to evidence the indebtedness created by such borrowing. <br />Although the Agency has been dissolved pursuant to State law and the Successor Agency <br />has succeeded to the Agency as a party to the JPA Agreement, the Authority expects to remain <br />in existence through the final maturity of the Bonds and each of the Authority and the City has <br />covenanted to take all actions that are reasonably necessary to continue the Authority’s existence <br />until the Bonds have been paid in full. <br />THE CITY <br />The City is located in the San Francisco Bay Area 25 miles south of San Francisco and <br />27 miles north of San Jose. It is the oldest bayside city in San Mateo County, having been <br />incorporated in 1867, and has served as the County Seat since 1856. The City became a charter <br />city in 1929. Over its approximately 19 square miles in land area, the City combines residential, <br />industrial, and commercial elements in a largely urban environment. Its waterfront provides a <br />yacht harbor and the only deep-water port in the South Bay. As of January 1, 2024, the population <br />of the City was 81,863. See APPENDIX A – GENERAL INFORMATION ABOUT THE CITY OF <br />REDWOOD CITY AND SAN MATEO COUNTY for further information about the City and San <br />Mateo County. <br />THE ENTERPRISE <br />General Background <br />The Enterprise supplies water to the City, unincorporated areas of the County and portions <br />of the City of San Carlos and the Town of Woodside. The Enterprise contains approximately 259 <br />miles of pipeline, 12 storage facilities, and 10 pump stations. Operation and maintenance of the <br />8.A. - Page 33 of 255 <br />661