The City has an opportunity to refinance its Series 2007A and 2007B Certificates of Participation (the “2007 Certificates”) to reduce interest costs and restructure payments to increase reserves and create a better debt payment structure to enhance affordable rates. In order to refinance the 2007 Certificates, the City proposes to issue City of Willits Wastewater Revenue Refunding Bonds, Series 2020A. The City’s obligation to pay the debt service will be payable from net revenues of the Wastewater System. The refinancing is expected to release restricted reserves of approximately $535,000 and generate approximately $890,000 of additional cash flow savings through November 2021. Total present value savings over the life of the bonds is estimated to be $385,000.