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HomeMy WebLinkAbout1986-06-18 District 2 iZY COUNTY SANITATION DISTRICTS OF ORANGE COUNTY, CALIFORNIA 6E� P.O. BOX 8127,FOUNTAIN VALLEY,CALIFORNIA 92728-8127 IM4 ELLIS, FOUNTAIN VALLEY,CALIFORNIA 92T08-➢018 (714)962-2411 June 13, 1986 NOTICE OF ADJOURNED REGULAR MEETING DISTRICT NO. 2 WEDNESDAY, JUNE 18, 1986 - 6:30 P.M. 10844 Ellis Avenue Fountain Valley, California Pursuant to adjournment of the regular meeting of June 11, 1986, the Board of Directors of County Sanitation District No. 2 will meet in an adjourned regular meeting at the above hour and date to review long-term debt financing alternatives. Secretary BOARDS OF DIRECTORS County Sanitation Districts Pmt Office Box 8127 OF Orange County, California 10844 Ellis Avenue Fountain Valley, Calif., 92708 Telephones: DISTRICT No. 2 Code "` 7r 962-2-2411 9411 AGENDA ADJOURNED REGULAR MEETING WEDNESDAY, JUNE 18, 1986 — 6: 30 P. M. (1) Roll Call ( 2) Consideration of items re long-range debt financing alternatives: (a) Verbal report and presentation by consultants/staff on long-term debt financing alternatives (b) Discussion (c) Consideration of direction to consultants/staff re long-term debt financing ( 3) Other business and communications, if any ( 4 ) Consideration of motion to adjourn MANAGER'S AGENDA REPORT County Sanitation Districts Post Office Box 8127 of Orange County, California 10844 Ellis AvenueFountain Valley, Calif., 92708 Telepi, n : Area Code 714 540-291 T DISTRICT NO. 2 9622411 MANAGER'S REPORT TO DISTRICT NO. 2 DIRECTORS ADJOURNED BOARD MEETING - JUNE 18, 1986 - 6:30 P.M. At the regular meeting on June 11, 1986, the Boad adjourned to June 18th to further consider the possibility of long-term tax-exempt debt financing to finance capital construction of master planned sewerage facilities. Enclosed are: - The preliminary report summarizing background information on the long-term financing alternatives that was previously sent to all Directors for the June 11, 1986 Joint Board Meeting - The handout material regarding long-term debt financing alternatives presented by Lora Stovall, Bartle Wells Associates, at the June 11, 1986 Joint Board Meeting The financial and legal consultants and staff are preparing additional financial data to review with the Directors on June 18th when the Board meets to further consider this matter. COUNTY SANITATION DISTRICTS W ORANGE COUNTY, CAUFONNIA PO.BOX 8127 F WAM VG .0 UMRNIA 92)28-B12] 10844 EW9 AVENUE F WNTAIN VA0. .CAUFORNN 92818J018 ntA:sa0.2910 June 13, 1986 n1A19622A11 M E M O R A N D U M TO: District No. 3 Board Members SUBJECT: CHANGE OF JUNE 18, 1986 ADJOURNED MEETING FROM 7:30 P.M. TO 8:00 P.M. chairman Partin has asked us to advise you that he has requested a change in the June 18th adjourned Board meeting time from 7:30 p.m. to 8:00 p.m. District No. 2 will be meeting at 6:30 immediately preceding the District No. 3 meeting, and there are several Directors that sit on each Board. There was concern that the logistics might not allow these Board members to attend both meetings because of possible time overlap and, similarly, that the consultants, staff and legal counsel might not be able to simultaneously cover both meetings. Chairman Partin has, therefore, changed the District No. 3 meeting to 8:00 p.m. to assure that the Board members can fully participate, and that the consultants and staff will be readi $era for each Board. e S vester M ager M.D3.6.1 JWS:pi • June 3, 1986 PRELIMINARY REPORT �..i LONG-TERM DEBT FINANCING ALTERNATIVES PURPOSE OF REPORT Over the past several months, the Fiscal Policy Committee has been reviewing and evaluating alternative long-term capital financing methods. The benefits of one major alternative financing method recently taken under consideration by the Fiscal Policy Committee and the Executive Committee, issuance of certificates of participation or similar long-term tax-exempt securities, are expected to be eliminated by the pending tax reform legislation now under review in the O.S. Senate and the House of Representatives. Existing language in HR 3838, the House's tax reform bill, establishes September 1, 1986 as the date upon which the new provisions restricting the benefits of such tax-exempt public financing methods as certificates of participation will become effective in the event the legislation is enacted. The Executive Committee and the Fiscal Policy Committee, at a joint meeting held on Wednesday, May 28, 1986, reviewed this alternative with staff and consultants. The Committees' members directed the staff and General Counsel to engage consultants to prepare a report for presentation to the Joint Boards for consideration at the regularly scheduled meeting on June 11, 1986. The purposes of this preliminary report are to: - provide the Directors with background information on the Fiscal Policy Committee/Executive Committee deliberations to date regarding alternative capital �. financing methods - outline the potential impacts of various provisions in HR 3838 and the Senate tax reform legislation on the Districts' ability to employ long-term debt financing - identify the major financial reasons for considering issuance of long-term debt securities to finance Districts' capital facilities - outline the necessary actions and time schedule should any/all of the individual Districts choose to proceed with long-term debt financing for their capital requirements. A full report will be presented to the Boards by the consultants at the June llth meeting. HISTORICAL BACKGROUND/ACTIONS TO DATE Privatization The Fiscal Policy Committee has been reviewing alternative long-term capital financing methods in recent months. in April the Committee submitted, and the Boards.approved, a report on privatization concluding that while the use of this concept could potentially result in some cost savings to the Districts, the disadvantages currently associated with the concept outweighed the potential economic benefits. The overriding issue was the reliability trade-off of any potential economic benefit to the Districts versus our responsibilities for protecting the public health and safety and complying with ever-changing regulatory requirements. Long-Term Debt Financing Alternatives Page Two June 3, 1986 v Given the state-of-the-art for privatizing sewerage systems, the many uncertainties and the Districts' particular circumstances, the Committee did not believe that privatization of Districts' sewerage facilities would be in the best public interest at this time. Other Alternatives & Interim Measures The Committee also directed the staff to evaluate other long-term capital financing alternatives such as certificates of participation, equipment leasing or installment sales agreements that may be beneficial to the Districts and to report back on the potential benefits and costs of these alternatives for the Districts. On an interim basis an addendum to the pre-purchase plans and specifications has been issued to the pre-qualified manufacturers of the outfall booster station equipment, Project J-15A, estimated cost $5,800,000, requesting the manufacturers to submit proposed financing packages to the Districts along with their equipment bids for our review and consideration. In addition, a Request for Proposal (RFP) has been issued for consulting services to prepare plans and specifications for the pre-purchase of engines and engine-driven generator sets, switchgear and a 69KV substation for the central power generation facilities scheduled for construction at both plants. The estimated cost of this pre-purchase equipment package is $8,010,000. The RFP includes a section requiring the consultant to evaluate various alternatives for financing this major equipment package, including: A - Master lease agreement with major financial institution E - Certificates of participation C - Lease agreements with the equipment manufacturers D - Use of Districts' capital construction reserves. Exhibit 1 provides additional detail on these alternatives, including the apparent advantages and disadvantages of Districts' use of each method. Long-Term Debt Securities At the suggestion of Director Peer Swan, the Fiscal Policy Committee, staff and General Counsel have also initiated a review of other long-term tax-exempt debt financing alternatives. The primary reasons for considering use of bonds or similar securities such as certificates of participation for capital construction financing at this time are to: - preserve our existing capital reserves for long-term construction requirements such as construction of full secondary treatment at Plant No. 2 (estimated cost: $285 million if constructed between 1990 and 1995) in the event the Districts' existing NPDES permit is not extended by EPA in 1990, as well as ultimate solids reuse/disposal facilities and other long-term construction projects �.s Long-Term Debt Financing Alternatives Page Three June 3, 1986 - allow the Districts to continue to invest our existing reserves in the County commingled investment pool managed by the County Treasurer and benefit from the favorable spread between investment returns and the potentially lower rate of interest paid for the securities - take advantage of currently favorable tax laws and law capital market interest rates that might be financially beneficial to the Districts - provide a source of capital financing potentially needed to meet long-term Joint Works construction and trunk sewer system construction requirements and necessary capital replacement reserves. Tax reform legislation soon to be reviewed by a Senate-House conference committee may change the structure and limit or change the tax benefits currently available to municipal bond investors. Should the legislation be approved by the Congress and signed into law by the President this year, existing language in the House version of the bill establishes September 1, 1986 as the effective date of the proposed legislative changes. Thus, 'if the Boards are interested in pursuing this alternative, proceedings would have to be instituted immediately. Exhibit 2, entitled Long-Term Capital Financing Program Schedule, identifies the tasks to be completed and the actions to be considered by the Boards of the individual Districts should! they elect to participate in a long-term debt financing prior to the September, 1986 deadline to take advantage of the currently favorable laws. Exhibit 3 identifies the consultants/legal counsel participating Districts will have to engage to provide the various services needed to prepare and market the issue. DISTRICTS' FINANCIAL POSITIONS Participation in a long-term debt financing program is a decision to be made by each individual District's Board of Directors. Enclosed with the report are two sets of cash flow projections. The two sets of cash flows identify the individual Districts' financial positions over the next ten years assuming the following sets of conditions: - the Districts receive an extension of our existing NPDES permit for five years following its expiration in 1990; our current NPDES permit conditions provide for a waiver from full secondary treatment until April, 1990 (Statement of Cash Flow Projections annotated WITH WAIVER) - the Districts receive a new MRS permit in April, 1990 which requires construction of an additional 100 MGD of secondary treatment facilities to provide full secondary treatment to 100% of the Districts' flows (estimated cost of construction: $285 million from 1990-1995; Statement of Cash Flow Projections annotated WITHOUT WAIVER) . Exhibit 41 entitled Summary of Districts' Fund Balance/(Deficit) Positions - Long-Term Financing Program, provides a consolidated overview of the projected available fund imbalance or deficit (worst case scenario) position of each District's operating fund, capital funds and total funds for both the next five years and the next ten years with Long-Term Debt Financing Alternatives Page Four June 3, 1986 and without a waiver. While all of the Districts start the 1986-87 fiscal year with positive fund balances, several Districts are projected to be in deficit positions in either their operating or capital funds, or both, within the initial 5-year period as well as at the end of the 10-year period, either with or without extension of the Districts' existing NPDES permit conditions, based on current fee and property tax structures. These Districts have various methods of generating additional revenues to avoid or delay these deficits, as outlined in the following table: Applicable Revenue Actions Available to Fund Type Sources Increase Revenues Ad Valorem Taxes -Two-thirds vote of electorate Operating Funds Supplemental User Fees -Increases adopted by Board passage of user fee ordinances raising existing fees in Districts 1,5,6 and 13 (new ordinances would be necessary in Districts 2,3,7 and 11 to initiate fees) ----------------------------------------------------------------------------------- Capital Funds Federal/State Grants -Grant program expected to be phased out by EPA Connection Fees -Increases adopted by Board passage of ordinances increasing fees Supplemental User Fees -Increases adopted by Board passage of user fee ordinance raising existing fees in Districts 1,5,6 and 13 (new ordinances necessary in Districts 2,3,7 and it to initiate fees) Long-term Securities -Boards authorize issuance of securities and pledge fees or other revenues to pay principal and interest over 20-30 years. BOARDS' CONSIDERATION At the direction of the Executive Committee and Fiscal Policy Committee, the Districts' financial consultant, General Counsel/bond counsel and staff will make a formal presentation at the June 11, 1986 meeting of the Joint Boards of the long-term tax-exempt debt financing alternative that could be used by any/all of the Districts in meeting Long-Term Debt Financing Alternatives Page Five June 3, 1986 their long-term capital financing requirements. As indicated on the Long-Term Financing Program Schedule (Exhibit 1) , following the presentation, each individual Board will: - proceed with preparation of the necessary documents/legal opinions and carry out the additional tasks outlined on Exhibit 2 to prepare for issuance of long-term debt securities prior to the September 1, 1986 deadline OR - discontinue consideration of issuing long-term debt securities prior to the September 1, 1986 deadline OR - request additional information to be presented to an adjourned meeting to be held no later than Thursday, June 19, 1986, at which time the Board(s) will decide which of the above actions they wish to take regarding long-term financing. The Board(s) of the District(s) which elect to participate in a long-term financing program will have another opportunity to give final approval or disapprove the proposed program at the July 9, 1986 meeting. The Districts which elect to authorize issuance of the securities must also take final action at that regularly scheduled Board meeting to approve the form of the contract drawn up by the Districts' General Counsel/bond counsel. The contract will commit the participating District(s) to pledge their required share of revenues to pay the principal and interest for the securities over the life of the issue. Exhibit 5 presents an estimate of the costs associated with issuance of $200 million in long-term securities. These costs would be incurred only after Board direction to proceed with the program and would be included in the overall amount of the financing. They will be shared by participating Districts in proportion to each District's percentage of the total issue. FPC - 3/25/86 Revised 5/28/86 EXHIBIT 1 �..i ALTERNATIVE LONG-TERM CAPITAL FINANCING METHODS A. LEASE/LEASE-PURCHASE AGREEMENT WITH A MAJOR FINANCIAL INSTITUTION Master lease/lease-purchase agreements between special districts, municipal utilities and other government agencies are routinely employed to finance equipment acquisitions. These agreements are established between the public agency and a major financial insitution (typically a bank) , and provide the agency with a pre-approved, commercial revolving line of credit at a percentage of the existing prime interest rate. The agency can draw funds against its line of credit to pay for equipment whenever it receives an invoice for the equipment. The financial institution issues a check to the equipment manufacturer and then leases the equipment to the agency on either a lease or lease-purchase basis. B. CERTIFICATES OF PARTICIPATION Certificates of Participation (COP's) are a type of tax-exempt, long-term security issued by cities, counties, states and special districts to finance equipment acquisitions and capital improvement projects. C. LEASE AGREEMENTS WITH EQUIPMENT MANUFACTURERS v Manufacturers of major capital equipment such as General Electric and Westinghouse have subsidiaries that .provide financing for major equipment purchases by their customers. The financing arrangements typically consist of a lease/lease-purchase agreement with the customer, and the terms and length of the leasing arrangement can be negotiated to provide a financing package that benefits both the manufacturer and the public agency. The following table presents the apparent advantages and disadvantages to the Districts of employing these alternative financing methods. FPC - 3/25/86 Revised 5/28/86 EXHIBIT 1 `..i ADVANTAGES & DISADVANTAGES OF ALTERNATIVE LONG-TERM CAPITAL FINANCING METHODS A. LEASE/LEASE-PURCRASE AGREEMENT WITH A MAJOR FINANCIAL INSTITUTION ADVANTAGES DISADVANTAGES - Agreements can be established - Limited increase in staff time and without voter approval. administrative expenses to establish master lease/revolving line of credit - Can generate funds on an as-required and administer individual leases for basis to finance major equipment specific equipment. purchases while allowing existing Districts' construction reserves - Districts must maintain property to remain invested in the County insurance to cover leases/damage to commingled investment pool equipment throughout the lease period. (potential interest rate benefit to the Districts may range from 50 to 100 basis points) . - Revolving line of credit offers flexibility of acquiring equipment as required to meet the Districts' construction program schedule, allowing funding to be procured only when an invoice is received for the desired equipment. B. CERTIFICATES OF PARTICIPATION ADVANTAGES DISADVANTAGES - Can be issued by Districts' - Generally require establishment of Boards of Directors without a separate municipal corporation voter approval. or assignment of a trustee to issue the securities and manage the - Can generate funds to finance agreement. major equipment purchases and major construction projects - The Districts' extended equipment while allowing existing Districts' pre-purchase and construction construction reserves to remain schedule could potentially violate invested in the County commingled arbitrage regulations, thus investment pool at higher interest threatening the tax-exempt status of rates. the securities and significantly raising the interest rates. - Spreads out payments for major �.r capital projects over 20-30 - Underwriter, legal counsel and years vs, up-front payment administrative expenses reduce requirements for a pay-as-you-go effective benefit of financing method. construction program. EXHIBIT 1 FPC - 3/25/86 Page Three Revised 5/28/86 C. LEASE AGREEMENTS WITH EQUIPMENT MANUFACTURERS ADVANTAGES DISADVANTAGES - Agreements can be established - Limited increase in staff time and without voter approval. administrative expenses to establish and administer individual leases for - Can generate funds on an as-required specific equipment. basis to finance major equipment purchases while allowing existing - Districts must maintain property Districts' construction reserves insurance to cover leases/damage to to remain invested in the County equipment throughout the lease period. co-mingled investment pool (potential interest rate benefit to the Districts may range from 50 to 100 basis points) . - Use of lease/lease-purchase arrangement offers flexibility of acquiring equipment as required to meet the Districts' construction program schedule, allowing payments to be made over the useful life of �..i the equipment (or other negotiated lease period) rather than up front as required if the equipment is purchased outright. June 3, 1986 EXHIBIT 2 LONG-TERM CAPITAL FINANCING PROGRAM SCHEDULE Date Decision Task/Action Decision Making Authority Made/Required 1. Direct staff to investigate Fiscal Policy Committee (FPC) May 20, 1986 long-term capital financing alternatives affected by HR3838/Senate tax reform proposals and present to joint FPC/Executive Committee meeting May 28, 1986. 2. Direct staff to: FPC/Executive Committees May 28, 1986 - evaluate benefits/costs of long-term financing for each District - engage consultants (financial consultant/ bond counsel) to develop long-term financing plan/ evaluate legal status of potential issuance of long-term securities - prepare presentation re long-term financing plan/ legal status to Boards at June 11, 1986 joint meeting. 3. Evaluate long-term financing Individual District Boards June 11, 1986 plan/legal status and direct staff/consultants to either proceed with/stop preparation of official statements/legal opinions/other actions required to issue/sell long-term securities prior to September 10 1986 (or request additional information to be presented at June 19, 1986 special Board meeting if desired) . 4. Give staff/consultants final Individual District Boards June 19, 1986 approval to proceed with document preparation for issuance/sale of securities (if not already given on June 11, 1986) . EXHIBIT 2 Page Two Date Decision Task/Action Decision Making Authority Made/Required 5. Prepare/mail preliminary N/A June 26, 1986 official statement of securities offering. 6. Obtain credit rating for Forting agencies-New York City July 3, 1966 securities. 7. Approve form of contract for Boards of participating July 9, 1986 securities offering/take Districts official action to offer securities for sale. 8. Offer securities for sale. N/A July 10, 1986 9. Close financing and receive N/A August 15, 1986 proceeds of sale. T May 28, 1986 EXHIBIT 3 COUNTY SANITATION DISTRICTS OF ORANGE COUNTY Parties Necessary to Complete a Long-term Debt Financing Party Duties Financial Consultant - Serve as independent financial advisor to the Districts - Evaluate the Districts' financing requirements - Manage/coordinate the debt issuance process Senior-Managing Underwriter - Structure the financing - Supervise drafting of all necessary legal documents - Prepare rating agency presentations - Market the issue Bond Counsel - Draft legal documents including: Bond Indenture, Trust Agreement and various legal opinions Underwriters' Counsel - Represent Underwriters on securities matters - Draft documents including: Preliminary Official Statement Final Official Statement Bond Purchase Agreement and Remarketing Agreement (only necessary in a variable- rate financing) General Counsel to the Districts - Represent the Districts - Review Documents Consulting Engineer - Prepare report on estimated capital improvement needs and corresponding costs Trustee - Fiduciary responsibility for bond proceeds - Responsible for maintaining bond-holder registration records Trustee's Counsel - Represent Trustee Remarketing Agent - Responsible for setting interest rate on (Only necessary in a variable- the bonds rate financing) - Responsible for remarketing tendered bonds EXHIBIT 3 Page Two Party Duties Rating Agencies - Evaluate Districts' credit worthiness (Standard 6 Pours and Moody's) and assign ratings Printers - Printing of Preliminary and Final Official Statements - Printing of bonds Provider of Liquidity or Credit - If necessary in a variable-rate Facility financing, responsible for providing a (Only necessary in a variable- Liquidity or Credit Facility rate financing) ` k _dIT 4 Jl.. _ 6, 19B6 SUMMARY OF DISTRICTS' FOND BALANCE/(DEFICIT) POSITIONS LONG-TERM FINANCING PROGRAM WIT FULL SECONDARY IVER WITH T YUNvuxum5FULL SSCONDAN WAIVER DISTRICT FUND 7 1 86 1986-87 1990-91 1986-87 1995-96 7 1 86 1986-87 1990-91 1986-87 1995-96 1 OPERATING 3,614,000 (5:044:010) (19,596,000 3,614,000 (5,044,000) (19,546,000 CAPITAL 6 771 000 13 606 000 15 357 000 6,771,000 13 606 000 45 738 000 TOTAL 10,385 000 18 650 000 34 903 000 10,385 000 18 650 000 65 284 000 2 OPERATING 10,179,000 (4,017:000) (37,303:001 10,179,000 (4,O'7,001) 37,303,000) CAPITAL 62 054 000 1 523 000 5 394 000 62,054,000 1 523 000 76 727 000 TOTAL 72,233,000 17,516,000 (31 909 000) 72,233,000 17,516,000 (114,030,000 3 OPERATING 5,945,000 (15,672,000) "1,132:000) 5,145,000 (15,672,000) (61,132,000) CAPITAL 55 775 000 7 192 000 1 635 000 55,775,000 7 192 000 86 601,000 TOTAL 61,720,000 8 480 000 59 497 000 61,720,000 8 480 000 147 733 000 5 OPERATING 2,114:000 7,117:000 16,826,000 2,114,000 7,037:000 16,826,000 CAPITAL 11 127 000 99 000) 1 506 000 11,127,000 99 000 13 827 000 TOTAL 13,241,000 6,938,000 18,332,000 13,241,000 6,938,000 2,999.000 6 OPERATING 14, ,949,000 617,000 (1,565,000) 1,949,000 601,000 (1,565,100) CAPITAL 4 103,000 2 554 000 (5 960,000) 4 103 000 2 554 000 21 607 000 TOTAL 6,052,000 1 937 000) 7 525 000) 6,052,000 (1 937 000) (23 172 000 7 OPERATING 2,065,000 2,918,000 (2,473,000) 2,645,000 2,918,000 (2,473,000) CAPITAL 24,469,000 30,120,000 35:753,000 24,469,000 30:120,000 18,143,000 TOTAL 27,114,000 33,038,000 33,280,000 27,114,000 33,038,000 15,670,000 11 OPERATING 2,057,000 (4,964,000) (18,080,000) 2,057,000 (4,964,000) (18,080,000) CAPITAL 9,152,000 4,429,000 1,792,000 9,152,000 4,429,000 (18,550,000) TOTAL 11.209.000 (535,000) 16 288 000 11,209,000 (535,000) 36 630 000 13 OPERATING 169,000 12 432,000 16,937,000 169,000 40,000 463,000 CAPITAL 5,523,000 12:472,000 17,400,000 5,523,000 12,432,000 16,819,000 TOTAL 5,692,000 12,455,000 17,382 000 5,692,000 12,472,000 17r282,000 14 OPERATING 139 000 135,000 272,000 139 000 135,000 272,000 CAPITAL 464:000 464,000 464,000 464:000 464,000 464,000 TOTAL 603,000 599,000 736,000 603,000 599,000 736,000 ALL OPERATING 28,811,000 (18,940,000) (122,538,000) 28,811,000 (11:940,000) (122,5348 000) DISTRICTS CAPITAL 179:438:000 59,901,000 42:164,000 179,438:000 59,901:000 (227:624:000) TOTAL 208,249,000 40,961,000 (80 374 000) 208,249,000 40,961,000 350 162 010 June 3, 1986 EXHIBIT 5 ESTIMATED COSTS ASSOCIATED WITH A $200 MILLION FINANCING Variable-Rate (1) 30-Year I. ISSUANCE COST ESTIMATE Financing Fixed-Rate Financing eof 8of Amount Issue Amount Issue Underwriter's Fees Management, Sales, Underwriting 6 Expenses $1,250,000 0.625% $4,000,000 2.00% Financial/Legal/Related Fees & Expenses Financial Consultant, Bond/Trustee/Underwriter's Counsel Fees, Rating Agency Fees, Printing Expenses, Etc. 350,000 0.175 350,000 0.175 Total Estimated Issuance Costs $1,600,000 0.800% $4,350,000 2.175% ...i II. ANNUAL COST ESTIMATE Annual Fees Liquidity or Credit Support $ 500,000 .25% N/A N/A Trustee 6,000 .003 $ 6,000 .0031 Remarketing (2) -- -- -- -- Total Estimated Annual Costs $ 506,000 .253% $ 6,000 .003% NOTES: (1) Assumes an initial six-month pricing period. (2) A remarketing fee only applies to a variable-rate financing and is charged only if bonds are tendered. 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(CRANK)........HANSON......_ (MURPHY).........BEVERAGE...._ (LUXEMBOURGER).GRISET......_ _ _ (ZIEGLER)........BUCK........_ , (WIEDER).......STANTON.... (HORSY)..........CAT-IN......_ ` ..o (RISHER).........CLIFT....... DISTRICT 7 (PERRY)..........CULVEA...... (SALTXRELLI).....EDGAR....... (NORBY)........BMG'EM...... Y (REESE)..........GRI=FI4..... _ (ZIEGLER)......BUCK....:... 17 (LUXEMBOURGER)...CR13ET...... (LUXEMBOURGER).GRISET...... (CRANK)..........MANSON...... (SILIEL).......KAWANAMI.... (COX)............HART........ (WEOEL)........MANBMBY.....JC (SALTARELLI).....HOST=4-1..._ (BEVERAGE).....MURPHY......JC (SILIEL).........NAKANAMi...._ (SCOTT)........WEAL........JC (SALTARELLI).....KENNEDY..... ((OVERHOLT).....R ........ (WEDEL)..........MAHONE•..... CULVER).......ROTHM........ (COX)............MAUREi...... (BEYER)........SMITH....... (BAKER)..........MI.LER......_ (WIEDER).......STANTON..... (BEVERAGE)...:...MUR'-v......— (NELSON)......AYR81A... ..�• (SC OTT)..........xERL........_ (SUTTON).........NELSO'I......_ DISTRICT 3 (LACAYO).........PAATIK......_ (CULVER).........PERRY......._ (LACAYO).......PARTIN......_ _ _ (COX)............PLOWER....._ (NELSON).......POLIS ...... (NELSON).........POLIS.......— (NAND!)).......BAILEY....:._ (WIEDER).........RILEY......._ (RISHER).......CXTLIN......_ (PACE)...........ROTH........_ (RISNER........CLIFT _ _ (PALE)...........SAPIEN......_ (PERKY)........GRIFFIN....._ _ _ (WILES)..........SIEFEN......_ (REESE)........GRIFFI......_ _ (BEYER)..........SMITH......._ CLUXEMBOURGER).GRISET MAHONE......_ _ _ (WEEDER).........STANTON....._ (SCOTT)........NEAL........_ (NELSON).........SOTTO WAN........_ (SUTTON).......NEAT........_ (SELLER).).......SYLVIA......_ (OVERHOLT).....NELSON...... (FINLEY)I).......THOMAS......— (OVERHOLT).....ROTH........_ _ _ (FINLEY).........THOMAS......— (PACE).........SAPIEN....... (GREEN)..........VAHNER......_ (WILDS)........SI ......_ (WEEDER).......SYLVIA.STANTON ..... (SELVXGGI).....SYLYIA......_ DISTRICT 5 � SYLVESTER...e CLARKE...... rI (COX)..........HART........_ _ _ DAYES.......�� (COX)..........MAURER......_ _ _ ANDERSON...._ (WIEDER).......STANTON....._ _ _ BUTLER.......LC "BROWN.......J< DISTRICT 6 BAKER....... KYLE........ ( )....WANNER......_ _ _ VON LANGEx (COX)..........PLUMMER....._ _ _ YINSOR...... (WIEDER).......STANTON....._ _ _ STREED......� CLAWSON.....� DISTRICT 7 OOTEN....... LINDER...... (SALTARELLI)...EDGAR......._ (BAKER)........MILLER......_ (LUXEMBOURGER).GRISET......_ (COX)..........MAURER......_ OTHERS: WOODRUFF....J� (BEYER)........SMITH......._ _ _ ATKINS...... (WIEDER).......STANTON....._ _ _ HOHENER..... (GREEN)........WANNER......_ _ _ HOWARD...... HUNT........_Le DISTRICT 11 KEITH......._ KNOPF........IC (MANDIC).......BAILEY......_ _ _ LE BLANC...._ (WIEDER).......STANTON....._ _ _ LINDSTROM..._ (FINLEY).......THOMAS......_ _ _ LYNCH......._ MARTINSON..._ DISTRICT L3 PEARCE...... WASON....... (NELSON).......SUTTON....... _ _ YOUNG..... .. (MURPHY).......BEVERAGE...._ _ (OVERHOLT).....ROTH........_ _ _ (BEYER)........SMITH......._ _ _ (YIEDER).......STANTON....._ DISTRICT 16 (BAKER)........MILLER......_ _ _ (MILLER).......SWAN........_ _ _ (SALTARELLI)...KENNEDY.....— _ _ (WIEOER).......RILEY......._ (VIEDER).......STANTON....._ 06/11/86 DISTRICT 2 AWOMM MEET= NNM - 6/18/86 (6:30 p.m.) #2(a) - Report and presentation by consultants/staff on long-term debt financing The Director of Finance referred to additional information in the Directors' folders and also to the information mailed to Directors the previous week. He said the key thing to look at was the five-year cash flow statement (tan and yellow section of report - SEE ATrACH D). He stated that the major expenditure in the Operating Fund is the joint operating costs. Major revenue sources in District 2 are ad valorem taxes and fees from industries. In Capital Funds the major expenditure is for joint works facilities (CORF budget). Also included are trunk sewer projects. Major revenue sources have been federal grants over the last decade. District 2 has some substantial cash reserves, and interest earned on these reserves has been able to finance the capital projects. The federal grant program is perhaps on its last leg. We anticipate by the end of this decade, the federal grant program will be phased out. This cash flaw reflects grant revenues of $9.4 million in the next five years. Director Todd Murphy questioned whether it was true that they have a positive cash flow of $5 million in the Capital Fund and a negative $37 million as far as the operation on an overall basis. Was answered yes. Bill Butler then referred to the Operating Funds (green graph) . He said these costs are going up about 15% per year. Between 1989 - 1990 the District dips to a negative position and by the end of the 5-year period, they are $4 million in the hole and going down. In Capital Funds (yellow graph) have included payment to Operating Fled for deficits. If ad valorem tax revenue becomes insufficient, would transfer capital reserves to the Operating Fund prior to moving toward user fees. Past the five-year period would probably need to move to user fees. He then referred to the blue summary sheet. If the Directors chose to go forward with the financing issue, debt service would cost $4.3 million. The figure is on a fixed rate basis at 88 per year. If the District were not to finance, the overall fund position begins to go negative in 1991. With financing of $40 mullion, it would defer going into a deficit position for a couple years. Director Murphy asked if he was saying that eventually the District will be going to a user fee. Was answered yes, eventually. He then stated, why not start out with fees now and have the people pay for the operation of the District. Staff advised that since the District has $60 million in reserves, they might find themselves in a difficult position to go to the public to implement a user fee program with that much money in the bank. Murphy asked if that money wasn't allocated already? Was told yes. Staff further explained that there is at least a one-year processing period to implement a user fee. We don't bill directly and the present approach of Districts 1, 5, 6, and 13 has been to place the fee on the tax roll. That requires a series of steps working with the County Assessor to implement the fee and put it on the tax roll. Must also go through the public hearing process. They can establish the fee now but the collection process takes approximately one year. Director Norby reiterated that they would have to have a fee between 1991-96 without bonding. Asked if they did bond, would they still have to have the fee two years late? Was told yes. Director Welel camented that once they did start the fees, they would be much steeper to make up for the deficit. If they started right now, there could be a gradual increase in fees. r/ Director Richard Buck added that one aspect of the user fee is they wouldn't have the borrowing costs then. Director Smith stated if this bond is placed, it would be two years before needing a user fee. Is that using all of the bond during the two years? Lora Stovall of Bartle Wells responded. She referred to the salmon colored report in the Directors' folders (SEE ATTACHED). She said they made a series of assumptions and addressed basic District functions. looked at three years of joint facilities being built. She then reviewed the figures on page 2 of the report. Should the waiver not be given, the figure at the end of the five years would triple. The District is in a cash short position in 1991 and would have a substantial amount of obligations facing then for the next period. Director Buck asked what the debt service would be on borrowing $36 million? Lora answered that it depends on how you borrow it. Annual debt service for fixed rate of 88 would be $4.3 million. On variable would depend on interest rate. At 50 it would be $3.4 million per year. As interest rate goes up, the payments go up. Director Buck said he wondered what user fee amount would be required after they spent the $72 million they have. Lora answered by 1990-91 you will have to raise $15-20 million. If there were about 200,000 parcels in District 2, it would be about $200 per household per year. If user fee started before that, they could start lower. Director Smith state], having been one of those that spent time at the first public hearing to implement user fees, he thought it would be pretty rough to have a public hearing when they show that much of a reserve balance. Director Buck stated they they needed to decide that night whether they were going to fund along with the rest of the Sanitation Districts. He added that he learned that day that Congress is kind of changing their attitude on "COPS" so they may not be discontinued. Peer Swan commented that with arbitrage you get 3-48 right now. 3.9% interest today. Has been 3.88. By concurrently investing $130 million of bonds at 88 or even 7%, are talking $3 million profit per year. He added that the reason District 2 would approach this now is because of what happens in the next five years if the Districts lose their ocean waiver. Interest may be considerably different then. What the District has the option to do since they have cash, is cane in and buy insurance to help protect then in the event they lose their permit in five more years. Then take that money that they issue and deposit in the bank so it will cost then nothing. Don't spend the money in the bank. Sped bond proceeds and earn interest on money in bank. The cost of variable rate issue is approximately one-half of fixed issue. You have nonney in the bank and it costs you nothing. You make back the cost of underwriting in investment proceeds in the first few months. Since the District has a lot of money, financial institutions will help more readily than when you don't have money. other Districts would have to look at fixed rates, but District 2 could look at variable interest rate. No cost--make money for three years and have protection at the end. Almost like grant funding. If interest rates jump up, the rate on the cash in the bank goes up too. Very little risk of District losing any money. If after the issuance date, interest rates go dawn, you can go out of variable rate and to to fixed rate. If you do it before September 1st, can keep arbitrage earnings. If you do it afterwards, federal government takes the spread so might as well be on a fixed rate then. Because of the time limit, the District will have to put it out in escrow form right away. Said he knew they would make money all the time that they have this issue. Lora responded that there is n0 question that in the future they will have the ability to borrow to finance projects. She said there are a number of other -2- issues that would preclude escrow financing. These are a lot of philosophical differences re fixed vs. variable rates. She stated that in her opinion, the best time to do variable is when interest rates are high. Fixed rates are lower than they have been for several years and lower than we are going to continue to see on a long-term basis. Said she had a very conservative philosophy re borrowing. She doesn't like interest rate fluctuation in variable rates and doesn't like the exposure. It is true you can make some money by playing the spread. The District has that money to do capital projects and has a necessity to do them. Basically, she said she believed a fixed rate debt is the better deal and this is still a good time to do it. She added that financial management philosophy varies from agency to agency. Bartle Walls feels satisfied that District 2 can benefit by only financing joint facilities projects and planning for three years. Director Norby asked, with $60 million in the bank, is it okay to borrow? Lora answered, yes, as the District will spend $56 million in the next five years and $35 - 120 million in the five-year period beyond that. District 2 can borrow for about $39 million worth of projects. She added, if you undertake fixed rate financing, there is an absolute cost because there is no arbitrage. Underwriting fees and carrying fees. Director Perry stated that before they decide which way to go, let's decide if we want to go to bonding and them decide which way. Director Buck asked, if the District decides not to do this, how will that affect the other Districts? Bill Butler answered that it would have a positive effect if District 2 did participate. The actual details of haw the Districts would be structured hasn't been worked out at this time. In general, District 2's financial strength would enhance the issue but would not make or break the program. Director Norby MIED that the District not bond at this time. Director Mrphy SEC MED the motion. Norby stated that he was not convinced that they needed this. A lot of it is going to delay the user fee for 2-3 years. Also, that banding would be primarily for operating costs. Iora advised that the bonding is for three-years of joint project capital expenses. Sane of the cash presently on hand would be used to support operating costs. Director Neal asked if the money transferred to the Operating Fled needed to be paid back and was told that that has not been done in the other Districts. Murphy stated that the bottom line is that the Capital Fund will be borrowing for the operating costs. Don Smith stated this is a business deal. It is a money maker for the Districts. If we are going to need it at some time, then might be wise to consider this. Director Buck added that they are going to need the money eventually. Smith asked if there was another point at which they could still decide whether to go or not? Lora replied that if they want to do it before September let, this is the point it has to be decided because of the change in federal tax law. The changes have been to correct abuses in the legislators' eyes, not to make it impossible to finance treatment plants. Another reason to consider now is because the interest rate is low now. Director Perry commented that Peer Swan said there is no cost until possibly August let or September lst, and that the tax laws may change where it would not be advantageous to sell municipal bonds. If that is true, we have a unique situation in that because we don't need any money, we can get a low interest �./ rate for three years and we can earn interest, and at the end of the three years, have to pay it back. Be said he thought they had an opportunity to look ahead as they have always done, more than just 2-3 years. If we do something now and use this cheap bond money, will be in good financial situation. -3- Lora said, we aren't going to take money and put it in the bank but instead of using cash, will issue bonds for specific capital projects and reserve cash. Director Roth said he has been involved in quite a bit of financing in Anaheim and was for this proposal. Thought it was imperative that they take advantage and give consideration to tax issue. Mist get it completed by September let. May even be by August let now. It would be very prudent to complete this action by July 31st. Added that those of us at the parking lot fiasco know that to immediately proceed with user fees with that much reserve, would cause an alarming kind of meeting. Think we should take advantage of window period. Director Neal said his concern is starting off with user fees without a lot of consideration. Also asked, with what money or fund are we paying the bond issue off? was told that it is all unrestricted funds. May have it already in the bank, with connection fees, annexation fees, etc. Are obligated to pay this bill and the debt service out of whatever source. Norby commented that he didn't favor borrowing for operating costs. Bill Butler replied that they would still have $5 million in the bank in 1995-96. On the other hand, if they were to implement no fees, would be $37 million in the hole. Before defaulting on paying operating costs, we would certainly take capital monies if we had then and transfer to the Operating Elrod, but the issue would not be specifically for operating. The potential benefit would be that we can maintain certain levels of capital available for operating, if necessary, and only if necessary. Lora added that the District has a number of sources of revenue. Property taxes are camnited to Operating budget. Other revenues are unrestricted in a legal sense and can be directed wherever they are needed. They have connection charge revenues. This District calls those capital revenues and puts them in the Capital Elul, while many other districts call them operating revenues. �..i Director Neal asked if interest on their reserves was ade quate enough to pay off the bond issue? was told interest was not adequate but there is a continuing decline in fund balances. Are not putting all of the capital projects in the bonds. These is about $20 million in additional capital projects. You do continue to earn interest on fund balances that go into the pot. ROLL CALL VOTE on motion not to bond. MOTION FAILED. It was then mwED 6 SECONDED to go in with the rest of the Districts on the bad issue and to proceed. (Motion directed staff/consultants to continue to prepared the necessary contracts, legal opinions, official statements and related documents necessary to prepare for issuance of long-term debt securities prior to the September 1, 1986 deadline.) VOTED BY HAND COUNT. MOTION CARRIED. Director Murphy further MOVED to proceed with variable-rate debt. (No second) Lora commented that variable rates are lows now. At the end of last year they were about 88 which is where the fixed rate is now. Said she would push fixed rate because (1) variable rate is what you do in high interest. You ride the interest down and wait; (2) don't like long-term uncertainty. Don't know what your position will be five years from now and at that time, you don't have fund balances that you have now to do the hedging. Right now there would be a cost. Short-term investment but may be 98 one year from now. At this moment there is a negative arbitrage but does not mean that it will be that way for three years. ..i May or may not. -4- Directors asked the Director of Finance for his opinion but he deferred to the experts in the field which were brought in for this purpose. Iora added that it is possible to do a structure that carbines both but it is the hardest way to go. Said she was opposed to it. A fixed rate gives you an understanding of where you will be five years from now. Stated she supported the fixed rate. 1./ It was then bUM & SECONDED to direct the staff/consultants to proceed with issuance of fixed-rate debt prior to the September 1, 1986 deadline. VOTE BY HAND COUNT. MOTION CARRIED. -5- DISTRICT 2 : ALL FUNDS YEAR -TO- YEAR COMPARISON OF ALL DISTRICT/ JOINT WORKS EXPENDITURES AND FUND BALANCES ( WITH WAIVER ) JUNE 16 , 1986 300 - - - ENDING FUND BALANCE (WITHOUT FINANCING) -o-- JOINT WORKS COSTS 250 TOTAL REQUIREMENTS (WITHOUT FINANCING) TOTAL REQUIREMENTS (WITH FINANCING) ENDING FUND BALANCE (WITH FINANCING) N C O 200 E 0 cc J 150 J O 100 50 � \ \ 1986 -87 1988-89 1990- 91 \ 199- 96 ( 50 ) FISCAL YEAR \ \ \ \ DISTRICT 2 : CAPITAL FUNDS YEAR-TO-YEAR COMPARISON OF ALL DISTRICT/JOINT WORKS EXPENDITURES AND FUND BALANCE ( WITH WAIVER ) 6 0 JUNE 16 , 1986 --- --- ENDING FUND BALANCE (WITHOUT FINANCING) DISTRICT COLLECTION SYSTEM REQUIREMENTS TOTAL REQUIREMENTS 50 \ 40 N C \ O E \� 30 \ a � J \ 0 \ p \ 20 \ 10 0 1986-87 1988-89 1990-91 ,1995-96 FISCAL YEAR (10) DISTRICT 2 : OPERATING FUNDS YEAR-TO-YEAR COMPARISON OF ALL DISTRICT/JOINT WORKS EXPENDITURES AND FUND BALANCE (WITH WAIVER) JUNE 16 . 1986 120 - - - ENDING FUND BALANCE 100 --0- JOINT WORKS 08M COSTS TOTAL REQUIREMENTS 80 y c 0 E 60 y J O 40 0 20 0 - 1 986-87 1988-89 - -1-9-9.0-91 _ _ 1 995 - 96 ( 20 ) \ ( 40 ) FISCAL YEAR \ Y. 7' Z �F - - ' r_ •�,Sp' , . lip 't ?,� ice•.. {� _ fl T J. ♦_: ,. � _ , ,; kS > , VLF ' 1 \ 112 fa 'Af I 1! �3 _�i_ �T•r J ��y 43{ a — � ��• >, ..i �:-_ r r `A, ,�. rL 41 66, n F r Bartle Wells Associates Municipal Financing Consultants 1636 Bush Street San Francisco 94109 L15A-70 MEMO TO: CSDOC District Board Members 415 775-3113 .... FROM: Lora J. Stovall Bartle Wells Associates SUBJECT: Updated Cash Flow Information DATE: June 13, 1986 To aid you in the analysis of whether your district should participate in the proposed debt issuance, Bartle Wells Associates has prepared the enclosed cash flows for each district interested in participating. The cash flow shows your district's capital fund balances for the next 5 years under scenarios of pay-as-you-go financing and borrowing for the next 3 years of joint facilities construction costs, with both fixed and variable interest rates. These cash flows are based on the project cash flow projections pre- pared by district staff and included in your June 11 board package, with the following changes in assumptions: ❑ No grant moneys are included. ❑ Capital funds are transferred to the operating fund to make up operating deficits. ❑ Joint facilities only are financed with the borrowing. ❑ Closing fund balances at 6/30/91 should equal 30% of the projected capital needs in the period 1991/92-1995/96, in the event the waiver of full secondary treatment is not extended. Your district's position at 6/30/91 is projected as follows: DISTRICT NO. 2 (dollars in millions) Amount of joint projects to be debt-financed $ 39,214 Capital funds balance 7/1/86 60,977 1990/91 closing balance with: ❑ Pay-as-you-go financing 10.564 ❑ Fixed-rate bonds, 25 years, 8% 35,890 ❑ Variable-rate bonds, 25 years, 5.5% 40,818 ❑ Variable-rate bonds, 25 years, 7.5% 36,913 ❑ Variable-rate bonds, 25 years, 9.5% 32.727 COMMENTS: District 2 faces very heavy capital needs in the 1991/92-95/96 period, particularly in the event of the possible loss of the waiver. Using debt financing now for the next 3 years' joint projects will put the district in very sound financial position to face the 1991/92-95/96 period, with or ..i without the waiver. .r COUNTY SANITATION DISTRICT N0. 2 CSDOCZ CAPITAL FUND CASH FLOW BARTLE WELLS (DOLLARS IN MILLIONS) 6/13/86 1986/87 1987/88 1988/89 1989/90 1990/91 REVENUE FEES 2,020 2, 091 2, 166 2, 245 2, 329 OTHER 6,496 67 67 3, 133 156 TOTAL 6, 516 2, 158 2, 233 5, 378 2,485 EXPENDITURES - JT FACILITIES 13, 409 13, 103 12, 702 12,538 11 , 158 DIST COLL 4, 950 6,425 5, 915 175 2, 175 OPERATING FD DEF 0 0 0 505 4 , 007 OTHER 0 TOTAL EXPENDITURES 18, 359 19,528 18,617 13, 218 17, 340 FINANCING REQUIREMENTS , 1991/92-1995/96: WITH WAIVER: 34 , 744 WITHOUT WAIVER: 115, 911 .� PAY-AS-YOU-GO FINANCING STARTING BALANCE 60,977 55,227 41 ,924 28,940 23,581 INTEREST EARNINGS 4 , 093 4, 067 3,400 2,480 1 , 838 TOTAL AVAIL FUNDS 73, 586 61,452 47, 557 36, 799 27, 904 DAL AFTER EXPENDITUR 55, 227 41, 924 28, 940 23,581 10,564 FIXED RATE DEBT DEBT SVC: 25 YRS, 8% STARTING BALANCE 60 , 977 90, 119 73, 716 58, 744 51 , 218 NET BOND PROCEEDS 39,214 0 0 0 0 INTEREST EARNINGS 4 , 093 5, 288 5, 734 4, 636 3, 849 TOTAL AVAIL FUNDS 112,800 97,566 81, 683 68, 758 57,552 ANNUAL DEBT SVC 4 , 322 4,322 4 , 322 4, 322 4, 322 BAL AFTER EXPEND 90, 119 73, 716 58, 744 51 , 218 35,890 VARIABLE RATE DEBT DEBT SVC: 25 YRS, 5.5% STARTING BALANCE 60, 977 91 . 002 75,512 61 ,516 55,033 NET BOND PROCEEDS 39,214 0 0 0 0 INTEREST EARNINGS 4, 093 5, 319 5, 828 4,796 4,079 TOTAL AVAIL FUNDS 112,800 98,479 83, 573 71 ,690 61 ,597 ANNUAL DEBT SVC 3,439 3, 439 3,439 3,439 3,439 BAL AFTER EXPEND 91 , 002 75,512 61 ,516 55,033 40, 818 VARIABLE RATE DEBT DEBT SVC: 25 YRS, 7.5% STARTING BALANCE 60, 977 90,302 74 , 088 59,319 52,010 NET BOND PROCEEDS 39, 214 0 0 0 0 INTEREST EARNINGS 4,093 5, 295 5,754 4,669 3, 897 TOTAL AVAIL FUNDS 112, 800 97,755 82, 075 69,366 58,391 ANNUAL DEBT SVC 4, 139 4, 139 4, 139 4, 139 4, 139 SAL AFTER EXPEND 90,302 74, 088 59, 319 52, 010 36, 913 VARIABLE RATE DEBT DEBT SVC: 25 YRS, 9.5% STARTING BALANCE 60, 977 89,553 72, 563 56,965 48, 770 NET BOND PROCEEDS 39,214 0 0 0 0 INTEREST EARNINGS 4 , 093 5, 269 5,674 4,533 3, 701 TOTAL. AVAIL FUNDS 112, 800 96, 979 80,470 66, 876 54, 955 ANNUAL DEBT SVC 4, 888 4, 888 4 , 888 4,888 4,888 DAL AFTER EXPEND 89,553 72,563 56,965 48,770 32, 727 POTFNMAL ACTIONS RE DEBT FINANCIM �..i JDNE 18, 1986 Following the verbal report and discussion regarding the long-term debt financing alternatives, the Hoard may consider taking the following actions to direct the staff/consultants in implemnting the Hoard's direction: (1) Consideration of motion directing the staff/consultants to continue to prepare the necessary contracts, legal opinions, official statements and related documents necessary to prepare for issuance of long-term debt securities prior to the September 1, 1986 deadline. - CR - (2) Consideration of motion directing the staff/consultants to discontinue a.. preparations for issuance of long-term debt securities prior to,the September 1, 1986 deadline. In the event the Hoard elects to take the first action, the staff/consultants are seeking direction regarding the type of security to issue: i.e., fixed-rate or variable rate. The following potential action may be appropriate: (3) Consideration of motion directing staff/consultants to proceed with issuance of (fixed or variable-rate) debt prior to the September 1, 1986 deadline. LONG-TERM FINANCING ALTERNATIVES DEBT FINANCING BARTLE WELLS ASSOCIATES V� TUNE 11, 1986 6/11/86 DISTRICTS HAVE SUBSTANTIAL PROJECT NEEDS OVER NEXT TEN YEARS District 1986/87 1991/92 - 1995/96 Total Number 1990/91 w/Waiver W/o Waiver Range 1 $ 24.1 $ 5.9 $ 36.3 $ 30.1 - $ 60.5 2 82.5 34.7 115.9 117.3 - 198.4 3 83.5 17.2 105.1 100.8 - 188.8 5 24.5 3.3 18.6 27.8 - 43.2 6 14.4 5.0 20.7 19.5 - 35.1 7 20.0 3.4 20.4 23.5 - 40.4 11 26.7 10.9 31.0 37.6 - 57.7 13 .09 .02 .1 .1 - .2 14 22.7 3.9 21.3 26.7 - 34.0 ./ $298.9 $84.7 $369.7 $383.7 - $668.7 (Dollars in millions) 6/11/86 DISTRICTS HAVE A VARIETY OF FINANCING ABILITIES - Pay-as-you-go - CSDOC's traditional approach - Finance from reserves and revenues - Borrowing - G.O. Bonds - 2/3 popular vote Permitted due to recent passage of Proposition 46 - Revenue Bonds Authorized by popular vote or ordinance - Certificates of Participation Based on contract authorized by resolution .► -2- 6/11/86 DISTRICTS HAVE SUBSTANTIAL CASH BALANCES - Not enough to cash-finance all projects - Projected balances with all-cash financing Reserve Balances (millions) District No. 7/1/86 7/1/91 7/1/96 1 $ 6.7 $(13.6) $(15.3)-$ (45.2) 2 62.0 21.5 5.3 - (76.7) 3 55.7 7.1 1.6 - (86.6) 5 11.1 (0.9) 1.5 - (13.8) 6 4.1 (2.5) (5.9)- (21.6) 7 24.4 30.1 35.7 - 18.1 11 9.1 4.4 1.7 - (18.5) 13 5.5 12.4 17.4 - 16.8 14 0.4 0.4 0.4 - 0.4 $179.4 $59.9 $ 42.1 - $(227.6) 6/11/66 WHY CONSIDER FINANCING NON? Most districts can't finance their full programs with cash Favorable conditions for tax-exempt borrowing - Through September 1, 1986 - Reinvestment earnings unrestricted during 3-year construction period - Law interest rates today: 25-year fixed, about 88 variable, about 58 -- plus about h% per year in costs - Borrow from position of financial strength - Facilitate long-term planning for all project requirements - Avoid "empty barrel" in 1990 `� -4- 6/11/86 PROS AND COBS OF BORROWING + Spread costs over project life + Preserve future financing ability + Protect financial position from adverse change o Provide funds for emergency repairs C Support operating costs o Fund capital costs resulting from changes in law + Retain and invest needed reserves to help pay costs of construction and debt service - Interest and borrowing costs - Obligation on future district revenues and operations 6/11/86 FINANCIAL PLANNING APPROACH - Financial Planning Horizon - Three years for bond financing - Project financial position at Year 4 - remaining projects - possible loss of Waiver - Maintain sound financial management, solid business practice Reserve levels sufficient to - protect investment - operate from financial strength - cover time period required to generate additional funds if necessary (revenues or borrowing) `r -6- 6/11/86 CAN WE BORROW EVEN THOUGH WE HAVE CASH ON HAND? — FEDERAL TAX ISSUE - Federal tax rules limit tax-exempt borrowing - Cannot borrow if have uncommitted funds available for projects to be financed - Can borrow while maintaining reserves consistent with - Sound business financial practice - Sound engineering practice - Funds committed to future projects - Demonstrated need for additional projects - Judgment by bond counsel on individual case basis -7- 6/11/86 WHICH DISTRICTS COULD BENEFIT FROM BORROWING? DISTRICT MAXIMUM PROJECT COSTS TO FINANCE 3 YEARS Yes 1 $15,077 Yes 3 51,276 Yes 5 16,033 Yes 6 8,510 Yes 11 13,261 Yes 14 11,472 Maybe 2 56,504 No 7 Have cash sufficient for all project needs through 1995-96 No 13 `i -8 6/11/B6 HOW COULD FINANCING BE STRUCTURED? Contract among Districts, with payments assigned to a trustee - Financing provides for project construction - Districts to make specified payments over term of contract - Trustee Hank provides funds by issuing Certificates of Participation ("Certificates") in contract payments - Underwriter sells Certificates of Participation for Trustee Bank to produce cash for construction - Amount of borrowing includes - Construction funds - to build projects - Reserve fund - to ensure payment - Initial interest payments (possible) - Issuance costs - Districts pay Bank as trustee - Trustee pays holders of Certificates `.s -9- 6/11/86 FIXED RATE INSTRUMENTS Fixed Rates - Interest rates established now for life of issue Today's fixed rates are lowest in years - Easy to administer throughout life - No future interest rate risk - Negative reinvestment today `� -10- 6/11/86 VARIABLE RATE INSTRUMENTS - Nominal 25-30 year maturity, act like short-term securities - Interest rate reset at regular short-term intervals, often weekly - Buyer can put bonds back on short-term basis for purchase at par - Lowest current interest rate, because short-term - Future interest rates unknown - short-term rates in any market should be lower than long-term in that market, but may exceed today-s long-term rates - Additional carrying costs - letter of credit for liquidity, and remarketing fee \.d -11- 6/11/86 CASH BALANCES JULY 1, 1991 Capital No 84 5.5% 7.51 9.5% District Financed Borrowing Fixed Variable Variable Variable 1 15,077 (18,468) (9,170) (6,893) (8,237) (9,679) 2 56,504 10,564 45,957 53,949 48,909 43,509 3 51,276 (39,373) (7,747) -0- (7,537) (12,437) 5 16,033 (1,410) 0,478 10,901 9,471 7,936 6 8,510 (3,386) 1,865 2,611 2,391 1,576 7 13,642 25,576 30,595 35,192 34,832 33,993 11 13,261 (9,101) (920) 244 (101) (1,366) 13 55 11,966 12,001 12,006 12,001 11,996 14 11,472 (2,197) 4,882 5,890 5,585 4,490 `+ -12- COUNTY SANITATION DISTRICT NO. 2 OF ORANGE COUNTY, CALIFORNIA MINUTES OF ADJOURNED REGULAR MEETING June 18, 1986 - 6:30 P.M. 10844 Ellis Avenue Fountain Valley, California Pursuant to the adjournment of the regular meeting of June 11, 1986, the Board of Directors of County Sanitation District No. 2 of Orange County, California met in an adjourned regular meeting at the above hour and date in the Districts' Administrative Offices. The Chairman called the meeting to order at 6:30 p.m. The roll was called and the Secretary reported a quorum present. DIRECTORS PRESENT: Richard Buck, Chairman pro tem, Todd Murphy, James Neal, Carrey Nelson, Chris Norby, Bob Perry, Don Rotb, Don Smith, Dorothy Wedel DIRECTORS ABSENT: Dan Griset, Carol Rawanami, Roger Stanton STAFF MEMBERS PRESENT: J. Wayne Sylvester, General Manager, Thomas M. Dawes, William H. Butler, Rita J. Brown, Gary Streed OTHERS PRESENT: Thomas L. Woodruff, General Counsel, Director Don Griffin, Director Peer Swan, Lora Stovall, Ed Long, Alan Watts �`� t � an ,r xrrae ,tx rtr Report, discussion and actions Chairman pro tem Buck reported that the re long-term debt financing for purpose of this adjourned meeting was to funding capital construction review and give further consideration to projects the alternative of partially funding the District's long-term capital construction program needs by issuance of tax-exempt certificates of participation, as discussed at the regular meeting of the Board on June 11. The Director of Finance then reviewed the five and ten-year fiscal projections of the District based upon two seta of assumptions for the Joint Works Master Plan - sewerage facilities construction program requirements and the supplemental financial information which had been provided to the Directors. He also reviewed the alternative financing methods for funding District operations as well as the capital expansion program, including ad valorem taxes, user and connection fees, federal and state construction grants, use of existing reserves and long-term debt financing, the anticipated time frame in which alternative funding sources would be required to be considered by the Board and the legal and procedural requirements for implementing the various financing alternatives. Ms. Lora Stovall of Bartle Wells, Districts' financial consultant, then reviewed financial projections prepared by her firm reflecting District's fiscal position with and without issuance of long-term debt securities, and the impact on the District's position by issuing debt securities. 06/18/86 The Board then entered into a lengthy discussion on the relative merits of issuing tax-exempt certificates of participation to partially fund the District's share of joint works capital construction requirements, including the advantages and disadvantages of fixed-interest rate versus variable-interest rate securities v and the potential for increased investment returns based upon the spread between the District's investment earnings on reserve funds and the currently lower interest rate for variable rate debt. It was then moved and seconded that the Board declare its intent not to proceed at this time with issuance of tax-exempt certificates of participation to partially fund the District's share of joint works sewage facilities requirements. Following further discussion of the District's funding requirements and the advantages and disadvantages of issuing long-term debt securities at this time because of the impending sunset of existing federal tax laws that are favorable for tax-exempt financing, the scheduling required to do so prior to the September let deadline, the use of District's existing construction reserves; and the source of funds for retiring debt, the vote was polled by roll call and the Secretary reported that the motion had failed. It was then moved, seconded and duly carried: That the financial consultant, bond counsel and staff be, and are hereby, directed to proceed with planning and preparation of necessary contracts, legal opinions, official statements and related documents required to prepare for issuance of tax-exempt certificates of participation to partially fund the District's share of joint works sewerage facilities prior to the September 1, 1986 deadline. - It was then moved that the financial consultant and bond counsel be directed to \4WW/ proceed with planning of issuance of variable interest rate certificates of participation. The motion failed for lack of a second. Following further discussion on the advantages and disadvantages of fixed interest rate versus variable interest rate debt securities, it was moved, seconded and duly carried: That the financial consultant and bond counsel be directed to proceed with planning for issuance of tax-exempt certificates of participation on a fixed interest rate basis. Adjournment Moved, seconded and duly carried: - That this meeting of the Board of Directors of County Sanitation District No. 2 be adjourned. The Chairman then declared the meeting so adjourned at 7:53 p.m., June 18, 1986. �Q Secretary, Boa d of Directors County Sanitation District No. 2 of Orange County, California -2-