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<br />09/08/2008 <br /> <br />ORIGINAL <br /> <br />RESOLUTION NO. 14897 <br /> <br />A RESOLUTION OF THE CITY OF REDWOOD CITY APPROVING, <br />AUTHORIZING AND DIRECTING THE ISSUANCE OF REVENUE <br />OBLIGATIONS BY THE SOUTH BAYSIDE WASTE MANAGEMENT <br />AUTHORITY (SBWMA), AND DIRECTING RELATED ACTIONS IN <br />CONNECTION WITH SOLID WASTE FACILITY PROJECT FINANCING <br /> <br />WHEREAS, the City of Redwood City (the "City") has, together with certain other <br />public agencies (the "Member Agencies"), entered into a First Amended and Restated <br />Joint Exercise of Powers Agreement dated as of December 14, 2005 (the <br />"Agreement"), establishing the South Bayside Waste Management Authority (the <br />"SBWMA") for the purpose, of having the SBWMA issue its obligations to be used to <br />finance and refinance the acquisition, construction and improvement of certain public <br />capital improvements; and <br /> <br />WHEREAS, for the purpose of raising funds necessary to finance the public <br />capital improvements, the SBWMA proposes to authorize the issuance of its revenue <br />obligations (the "Obligations") under the provisions of Article 4 (commencing with <br />Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State <br />of California (the "Act"); and <br /> <br />WHEREAS, a portion of the proceeds received from the sale of the Obligations <br />will be used by the SBWMA to acquire, construct and improve a solid waste facility (the <br />"Project"); and <br /> <br />WHEREAS, pursuant to the Agreement, the SBWMA will own and operate, or <br />cause to be operated, the Project for the benefit of the City and the Member Agencies; <br />and <br /> <br />WHEREAS, pursuant to the Agreement, so long as bonds of the SBWMA remain <br />outstanding, the Member Agencies have agreed to designate the SBWMA's solid waste <br />facility as the disposal and processing location for solid waste, recyclable materials and <br />plant materials generated and collected pursuant to each Member Agency's solid waste <br />collection franchise agreement; and <br /> <br />WHEREAS, the SBWMA will collect solid waste tipping fees charged on tonnage <br />delivered to the SBWMA's solid waste facility and will receive revenues from the sale of <br />recyclable materials recovered therefrom (the "Revenues"); and, <br /> <br />WHEREAS, the SBWMA will use the Revenues to pay debt service on the <br />Obligations, on parity with or subordinate to the SBWMA's Solid Waste Revenue <br />Bonds, Series 2000, currently outstanding in the principal amount of $14,320,000 (the <br />"2000 Bonds"); and <br /> <br />1 <br /> <br />A TTY/RESO/RESO.1854 <br />082608 <br />