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