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. For example, if 50% of the issue were
remarketed each year, the cost would be approximately $150,000.
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MEETING DATE JUIIE 18, 1986 TIME 6:30 p.m. DISTRICTS Z
DISTRICT 1 JOINT BOARDS
(SALTARELLI)...HOESTEREY..._ (MANDIC).........BAILEY......
(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 \
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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-