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TABLE OF CONTENTS Paoo INTRODUCTION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Authority for Issuance ................................................................................................................1 Financing Purpose .....................................................................................................................1 Security for the Bonds................................................................................................................1 No Outstanding Enterprise Debt................................................................................................2 Future Parity Debt......................................................................................................................2 Rate Covenants .........................................................................................................................2 Bond Insurance .........................................................................................................................2 The Official Statement................................................................................................................2 FINANCING PLAN..............................................................................................................................3 The Recycled Water Project .......................................................................................................3 Estimated Sources and Uses of Funds.......................................................................................4 TH E BON OS ...................................................................................................................................... 4 Authority for Issuance ................................................................................................................4 Bond Terms ...............................................................................................................................5 Redemption ...............................................................................................................................5 Debt Service Schedule...............................................................................................................7 SECURITY' FOR THE BONDS.............................................................................................................8 Revenues; Pledge of Revenues.................................................................................................8 Installment Sale Payments; Application of Systems Revenues...................................................9 Covenant to Maintain and Budget...........................................................................................11 Reserve Fund ..........................................................................................................................11 Special Obligation; Obligations Absolute..................................................................................12 Rate Covenants; Collection of Rates and Charges ...................................................................12 Additional Debt ........................................................................................................................13 Insurance; Net Proceeds; Condemnation Awards.....................................................................16 MUNICIPAL BOND INSURANCE POLICY......................................................................................... .17 CITY' OF REDWOOD CITY' PUBLIC FINANCING AUTHORITY'.......................................................... .17 lHE ENlERPRISE ............................................................................................................................ 17 General Background ................................................................................................................17 Management............................................................................................................................17 Service Area ............................................................................................................................18 Water Supply and Demand ......................................................................................................18 Historical Wholesale Water Cost ...............................................................................................21 Water Conservation Program....................................................................................................22 Water Storage and Distribution System ....................................................................................22 Water Quality Environmental Issues and Regulatory Requirements ..........................................23 Capital Improvement Program ..................................................................................................23 Billing and Collection Procedures .............................................................................................26 Current Water Rates, Fees and Charges ..................................................................................26 Water Rate Increases...............................................................................................................28 Comparative Monthly Water Bills...............................................................................................29 Customer Base ........................................................................................................................29 ENTERPRISE FINANCIAL INFORMATION........................................................................................ .31 Budgetary Process...................................................................................................................31 Financial Statements................................................................................................................32 Enterprise Accounting ..............................................................................................................32 Outstanding Enterprise Obligations ..........................................................................................33 Enterprise Historical and Projected Operati ng Resu Its.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 33 RISK FACTORS............................................................................................................................... 35 Risks Relating to Water Supplies ..............................................................................................35 Seismic Considerations ............................................................................................................36 Environmental Regulation ........................................................................................................36 Limited Obligations...................................................................................................................36 Limitations on Remedies and Limited Recourse on Default......................................................36