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7.1.F. - Page 33 <br /> FIRST AMENDMENT TO FINANCING AGREEMENT <br /> This FIRST AMENDMENT TO FINANCING AGREEMENT (this "First Amendment"), <br /> dated as of March 2014, is between SILICON VALLEY CLEAN WATER, a joint <br /> exercise of powers authority duly organized and existing under the laws of the State of <br /> California (the "Authority"), and the CITY OF REDWOOD CITY, a charter city and <br /> municipal corporation duly organized and existing under the Constitution and laws of the <br /> State of California (the "City"). <br /> BACKGROUND : <br /> 1. In order to provide for the transmission, treatment and disposal of <br /> wastewater, the cities of Belmont, Redwood City and San Carlos and the West Bay <br /> Sanitary District (collectively, the "Members") have previously entered into a Joint <br /> Exercise of Powers Agreement dated as of November 13, 1975, as amended (the "Joint <br /> Powers Agreement"), under which the Authority has been organized as a joint powers <br /> authority which is a public entity separate and apart from the Members. <br /> 2. Under the Joint Powers Agreement, the Authority owns and operates a sub- <br /> regional wastewater treatment plant and related facilities which serve the Members, and <br /> the Commission of the Authority has approved a 10-Year Capital Improvement Program <br /> for the construction of improvements to such plant and facilities (the "Project"), including <br /> improvements which solely benefit individual Members. <br /> 3. In order to provide financing for such improvements, the Authority (acting <br /> under its former name of the "South Bayside System Authority") has previously issued <br /> its South Bayside System Authority 2008 Wastewater Revenue Bonds in the aggregate <br /> principal amount of $10,000,000, and its South Bayside System Authority 2009 <br /> Wastewater Revenue Bonds (Federally Taxable — Build America Bonds — Direct <br /> Payment) in the aggregate principal amount of $55,855,000, and concurrently with the <br /> execution and delivery of this First Amendment the Authority is issuing its Silicon Valley <br /> Clean Water 2014 Wastewater Revenue Bonds in the aggregate principal amount of <br /> $ (the "2014 Bonds"). <br /> 4. Under the Joint Powers Agreement, the Members are obligated to pay their <br /> allocable share of debt service on bonds and other obligations issued by the Authority, <br /> as such allocable shares are determined in accordance with the existing provisions of <br /> the Joint Powers Agreement. <br /> 5. In order to provide security for bonds and other obligations issued by the <br /> Authority to provide financing for the Project, the City and the Authority have previously <br /> entered into a Financing Agreement dated as of December 1, 2008 (the "Financing <br /> Agreement"), under which the City has agreed to pay its allocable share of debt service <br /> with respect to such bonds and other obligations issued by the Authority. <br /> 6. The Authority and the City wish to enter into this First Amendment in order <br /> to provide that the provisions of the Financing Agreement do not apply to loans made to <br /> the Authority by the State Water Resources Control Board (the "State Board") under its <br /> revolving loan fund program for the purpose of providing financing for the Project, <br /> ATTY/AGR/2014/AMENDMENTS/AMEND NO. 1 FINANCING AGREEMENT WITH SBSA <br /> REV:01-17-14 PT <br /> Page 1 of 6 <br />