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01/25/2021 RESOLUTION NO. 15933 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY SUPPLEMENTING RESOLUTION NO. 15920 OF THE CITY COUNCIL TO CONSENT TO THE ISSUANCE BY SILICON VALLEY CLEAN WATER OF REFUNDING BONDS TO REFUND A STATE WATER RESOURCES CONTROL BOARD LOAN AT A LOWER INTEREST RATE IN ORDER TO REDUCE DEBT SERVICE PAYMENTS BY APPROXIMATELY $412,000 OVER THE LIFE OF THE LOAN WHEREAS, on November 23, 2020, the City Council of the City of Redwood City (the "City") adopted Resolution No. 15920 consenting to the issuance by Silicon Valley Clean Water (the "Authority") of refunding bonds to refund all or a portion of the Authority's 2014 Wastewater Revenue Bonds (the "2014 Bonds") and all or a portion of the Authority's 2015 Wastewater Revenue Bonds (the "2015 Bonds") and approving certain documents and authorizing certain actions in connection therewith; and WHEREAS, given the current interest rate environment, there is also an opportunity for the Authority to refund a loan from the State Water Resources Control Board (the "State Loan") to the Authority to finance the "Administration and Plant Control Building Project," through the issuance of refunding bonds by the Authority for debt service savings, which will benefit the City, and the City wishes to supplement Resolution No. 15920 to consent to the refunding of the State Loan; and WHEREAS, pursuant to Government Code Section 5852.1, a good faith estimate of costs related to the refunding bonds with respect to the State Loan allocated to the City is set forth in Exhibit "A" attached to this Resolution, and such information is hereby disclosed and made public. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Redwood City, California, as follows: Section 1. Supplement to Resolution No. 15920. Resolution No. 15920 is hereby supplemented to provide that all consents and approvals set forth therein with respect to the refunding of the 2014 Bonds and the 2015 Bonds shall also apply to the issuance of refunding bonds by the Authority for the purpose of refunding the State Loan. The City Manager, the Assistant City Manager of Administrative Services/Treasurer and their designees are hereby authorized to approve any changes to the documents previously approved by Resolution No. 15920 as may be necessary to accomplish the refunding of the State Loan. Section 2. Effective Date. This Resolution shall take effect immediately upon its passage and adoption. ATTY/RESO.0003/CC RESO REFUNDING STATE LOAN REV: 01-20-2021 MI Page 1 of 2 RESO. NO. 15933 MUFF NO. 505