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7.1.F. - Page 2 <br /> Since 2008, SVCW has issued two municipal bond sales, received two California Water <br /> Control Board State Revolving Fund Loans and opened a Line of Credit (in the amount <br /> of $30 million) with a bank in order to fund the work to date. SVCW has already funded <br /> or received funding commitments for over $113 million of capital improvements. SVCW <br /> anticipates funding its remaining Capital Improvement Program costs via a combination <br /> of bonds, State Revolving Fund Loans issued by the California State Water Resources <br /> Control Board, and cash funding. <br /> In order to fund the upcoming projects, Silicon Valley Clean Water is in the process of <br /> issuing another municipal bond sale ("2014 Bonds") and requires each of its member <br /> agencies to authorize the following: <br /> • allow Designated Officers to "deem final" the preliminary form of Appendix A to <br /> the Preliminary Official Statement relating to the 2014 Bonds <br /> • allow Designated Officers to approve changes or additions to portions of the <br /> Preliminary Offering Statement and the final Official Statement relating to <br /> Redwood City <br /> • allow distribution of Preliminary Official Statement and final Official Statement <br /> • allow the Mayor, City Manager, Finance Director, City Clerk, City Attorney, or <br /> designees of any of the aforementioned, to execute or attest to any and all <br /> financial instruments, warrants, agreements and other financing documents" <br /> relating to Redwood City, required for the issuance of the 2014 Bonds <br /> The issuance of the bonds will provide SVCW with the funding necessary to continue <br /> rebuilding, rehabilitating, and upgrading its wastewater transmission and treatment <br /> facilities. The total dollar amount of the 2014 Bonds to be issued is $85 million with <br /> Redwood City's share of the bond amount being 53.64% or $46,000,000. <br /> 2. FINANCING AGREEMENT <br /> As stated, SBSA is in the process of rebuilding and rehabilitating its wastewater <br /> treatment facilities and conveyance system. Pursuant to a "Joint Exercise of Powers <br /> Agreement — South Bayside System Authority" dated November 13, 1975 between the <br /> cities of Belmont, Redwood City and San Carlos and the West Bay Sanitary District and <br /> subsequent amendments (together, the JPA), each of the SBSA member agencies is <br /> obligated to fund its allocable share of SBSA capital improvements as designated in the <br /> JPA. <br /> The Financing Agreement between SBSA and City dated December 1, 2008 <br /> implemented provisions obligating the City to pay its allocable share of debt service for <br /> SBSA bonds and other financing obtained to fund SBSA's capital improvement <br /> program. SBSA subsequently obtained two funding commitments from the State Water <br /> Resources Control Board (SWRCB) through their Clean Water State Revolving Fund <br /> (SRF) financing program totaling approximately $46 million. The Project Finance <br /> Agreements securing these SRF loans with SBSA do not place any lien on the <br /> revenues of the sewer utility of Redwood City or other SBSA member agencies, as had <br /> been anticipated in the Financing Agreement dated December 1, 2008. <br /> Page 2 of 4 <br />