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10/12/2015 ORIGINAL RESOLUTION NO. 15450 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY RELATING TO 2015 SILICON VALLEY CLEAN WATER WASTEWATER REVENUE BONDS, AND APPROVING RELATED DOCUMENTS AND OFFICIAL ACTIONS WHEREAS, in order to provide for the transmission, treatment and disposal of wastewater, the Cities of Belmont, Redwood City and San Carlos and the West Bay Sanitary District(collectively, the"Members") have previously entered into a Joint Exercise of Powers Agreement, dated as of November 13, 1975 (as amended, the "Joint Powers Agreement"), under which Silicon Valley Clean Water (formerly known as the South Bayside System Authority) (the "Authority") has been organized as a joint powers authority, which is a public entity separate and apart from the Members; and WHEREAS, under the Joint Powers Agreement, the Authority owns and operates a sub-regional wastewater treatment plant and related facilities which serve the Members (the "Project"), and the Commission of the Authority has approved a 10-Year Capital Improvement Program for the construction of improvements to the Project which includes improvements which benefit the City of Redwood City (the "City") and the other Members; and WHEREAS, the City Council of the City has previously approved a Financing Agreement dated as of December 1, 2008, as amended, between the City and the Authority (the "Financing Agreement") in order to facilitate the issuance of tax exempt bonds, notes or other obligations in series from time to time to provide financing for the Project, in accordance with the Joint Powers Agreement and the laws of the State of California, and to implement provisions of the Joint Powers Agreement with respect to the repayment of, and to provide adequate security for, such bonds, notes or other obligations; and WHEREAS, in order to provide additional financing for the Project and in order to refinance outstanding bonds of the Authority for the purpose of realizing debt service savings, the Authority has proposed to issue its Silicon Valley Clean Water (San Mateo County, California) 2015 Wastewater Revenue Bonds in the aggregate principal amount not to exceed $40 million (the "2015 Bonds"), in accordance with the Financing Agreement; and WHEREAS, under the Joint Powers Agreement, the Members are obligated to pay their allocable share of debt service on the 2015 Bonds, as such allocable shares are determined in accordance with the provisions of the Joint Powers Agreement; and WHEREAS, the City Council of the City wishes to approve documents and actions relating to the 2015 Bonds, in furtherance of the public purposes of the City; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Redwood City, California, as follows: ATTY/RES0.3144/CC RESO SVCW 2015 BONDS APPROVING DOCS RESO.#15450 REV:10-05-15 PT MUFF#505 Page 1 of 3