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Home My WebLink About1986-06-18 District 3 COUNTY SANITATION DISTRICTS OF ORANGE COUNTY, CALIFORNIA P.O. BOX 8127.FOUNTAIN VALLEY,CALIFORNIA 92728-8127 10840 ELLIS, FOUNTAIN VALLEY,CALIFORNIA 92708-7018 (714)902.2411 June 13, 1986 NOTICE OF ADJOURNED REGULAR MEETING DISTRICT NO. 3 WEDNESDAY, JUNE 18, 1986 - 8: 00 P .M. 10844 Ellis Avenue Fountain Valley, California u Pursuant to adjournment of the regular meeting of June 11, 1986 , the Board of Directors of County Sanitation District No. 3 will meet in an adjourned regular meeting at the above hour and date to review long-term debt financing alternatives . S ecrIetar BOARDS OF DIRECTORS County Sanitation Districts Post office Box 8127 of Orange County, California 108" Ellis Avenue Fountain Valley, Calif., 92708 Telephones: D►srRicr No. 3 Ouse "` 962-24 1-291a 9621 AGENDA ADJOURNED REGULAR MEETING WEDNESDAY, JUNE 18, 1986 - 8 : 00 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, Cafifomte 10844 Ellis Avenue Fountain Valley, Calif., 92708 TaleoFmes: Aran Code 714 T DISTRICT NO. 3 962-24111 MANAGER'S REPORT TO DISTRICT No. 3 DIRECTORS ADJOURNED BOARD MEETING - JUNE 18, 1986 - 8:00 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. June 3, 1986 PRELIMINARY REPORT 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 D.S. Senate and the House of Representatives. Existing language in MR 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 v financing methods - outline the potential impacts of various provisions in MR 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-Teem Debt Financing Alternatives Page Two June 3, 1986 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 beat 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 seta, 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 B - 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 v 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 low 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 NPDES 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 4, entitled Summary of Districts' Fund Balance/(Deficit) Positions - Long-Term Financing Program, provides a consolidated overview of the projected available fund balance 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 Tune 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) rr ----------------------------------------------------------------------------------- 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 11 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 mats associated with issuance of $200 million in long-term securities. These mats 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. a.i FPC - 3/25/86 Revised 5/28/86 EXHIBIT 1 ALTERNATIVE TANG-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 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 v ADVANTAGES a DISADVANTAGES OF ALTERNATIVE TANG-TERN CAPITAL FINANCING METHODS A. LEASE/LEASE-PURCHASE 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 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 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 ER3838/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 1, 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) . L'XBIBIT 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 Rating agencies-New York City July 3, 1986 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. 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 ..r (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 Poors 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) I _BIT 4 dl 16, 1986 � SUMMARY OF DISTRICTS' FUND BALANCE/(DEFICIT) POSITIONS LONG-TERM FINANCING PROGRAM WIT FULL SECONDARY IVER WIiq TR UT FULL SECONDAR WAIVER Tu DISTRICT FUND 7 1 86 1986-87 1990-91 1986-87 1995-96 7 1 86 1986-87 1990-91 192-87 1995-96 FUND uALANuH 1 OPERATING 3,614,000 (5,044,000) (19,546,000 3,614,000 (5,044,000 19,546,000 CAPITAL 6 771 000 (13 606 000 15 357 000 6.77 1 000 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 (4,007,000) (37,303,000) 10,179,000 (4,007,000) 37,303:000 CAPITAL 62,054,000 1 523 000 5 399 000 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) (61,132:000) 5,145,000 (15,172:101) (61,132,001 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 7,037,000 16,826,000 2,114,000 7,137,000 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 1,949,000 617,000 (1,565,000) 1,949,000 601,000 (1,565,000) 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) (2i,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 1 5,692,000 12,472 000 17,282,000 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 (18,940,000) (122,538,000) 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 40,961,000 350 162 000 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 B of 8 of Amount Issue Amount Issue Underwriter's Fees Management, Sales, Underwriting & Expenses $1,250,000 0.625% $4,000,000 2.00% Financial/Legal/Related Fees 5 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% II. ANNUAL COST ESTIMATE Annual Fees Liquidity or Credit Support $ 500,000 .25% N/A N/A Trustee 6,000 .003 $ 6,000 .003% 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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I.SII,OH I,111AH I,111.M ISII,W 1 20,2I1.0W n.r%M 30 Otow LOn.ltun W.W f1,OH HIM IHAw nLW : 1100.00 bq.Ht JI Ilk EINNHAU 11,2111W wAl].W b.W,W HdI1.W ]IIMIOO : ID,OA.OH I11:1,01 ]S Innrn 1 C - Ar U molt Im IN,]a,HO 131.112100 101112100 I1,IILH] 11.pLM1 : H,101,H0 IS,IL.Yt vna..n.. ........vv nmm.m .....vnm 9W M1191 A Annrn I Wn-0.n hw 1a low I.IH,HI S,agW LIw.OH ;,tm W,HI 1 1,IIO.W no,H] .... reuA 1 ]. mcm W.W W,[W W.W M,A. Moll I LW.M IHna ]] utwnt 1 nnt.u.nex,utn. WMI..W n1.w0 In,HO q.OH a.Ho W. II.N: N HAw Innw W,W Jr 1Nµ IRc4N I.NI.M Ib.W n1.W IA.HO JA.%0 1 I.Ob.HO 1•..0`f a Irk rvARALE min I,w1.1M ].Ifl,Ptl }.W,W L1MION 11 1 L111.ZH IIpm01NM9 1 )1 Ito.Irintlla linter[ 11r1110,A) 1033,W IdHAH W.OH III,. 1 I311.30 1040 1.9R:[: M NAm,LOw.lt., 4 IrkApMIMH Its"M LAi.NO I.en.Ho nr.No rq.WI Ian.OH -•- 1 n A .rm1 k"sonU ,I u✓ I,W.OM I.HxW n1.W WINO ]H.Ho M.OH u.OH ua]! q not M1Y',Gl lnrw iWllM Awan.mh I.W.W Ir11L000 IM.OW W,OH 1M,HO 1 AO,OH fief[ Ilnl N lame bl.n.n 'Al'All 1 •-.0 •• 1 •--O 0 r < IWnm Minted In lair-roof IrU.bu b 1 tun-Onr rrn In<nv HIda,W 19g1]IAH W.NyHO IHA]].IH 40.1]O.10 1 200,249,0N o II.uO.:!t Y eµ A[Vph IIO.H]rH0 11,HO.EH --- H,111.H0 ]I.]01,eH 1lO,AI,OH UL01M]> - Il 1Nµ I.O.Z. Ill II1.W,H1 }II1}11.W }ILIw,W ]A,IH.M III,41.H0 AI.WAH ]A.III.13 LLI:eOdY. II H14 wIg011MH I]I,]N.OH IOI,I11,H0 IIL]ILPp III,]M.wO III.HLLH I M].]H2OH 9f1.AU:L Id Y.1:LX! n Annvf 1 Lori-0m 1.Ant low II),NLW I151111.W 111.A],W AMN ON 111110,00 1 11.110.OH P.M.::: M MI Y..r',hrnin r✓.Inl lnnn.MN 11.111.HO 1L1H.CM A,IILNO 11.lw.HO M,III,HO 1 b.111.00 f9All.`:: I:.•IAr: r 51 MHIWLINwHICIII In,M].HO III,I!IAH W.111A00 ®IR SxIN,IA wnlH i.l 111116 nA HIM ] nlM1pf 6 rQmrn tBl Ri , ' nW TM IIIFII IMM IIIFN m+n ll! IaNI 111Fn 1"" NEW INHI 1 3.1.Ixn I1U.1, lane Inn tm1nA rut i .— -- 1 Anwn,l Wrrgw hx l.n rw IrN1,N1 !I,ni,IN SrIN,NI I,N1,IM W.M.I ],II,,NI Il,m,[PoI )r{I,.M 1pl! I Y amnnm mMu. I'MIM WINE I,MIM 2^10, IIm.M 1 1dn.M .M.- u,In.W rm I,w,m 1,w,m 1,1N,M I,m.M :,M,m I 11,m,M np1e,M n,n].M 1 Irtwnt 1 x.m.m,1.[w T:,M m,M u1,EW n,M , w,EW 1 m,M 1 Mw IMN, 1 0 f rn1n1AR I,mrM Irnl,tN ),MI,OM I,nt,W Irm,tN Ilrm,m A,In,ON 9.m.Nt 1 mK NIM4 Mla IIw,M I,In.IN IrM,NI Irm,Nl IrMI,N, I n,,11.ON ]I,IN.tn A,nl.'M I IRa]Nm I I 1 A,n N lexl MF A 10 I11T,H1 ),)t],M I.M.Hi I,NLOA I,AI,NI 1 ILm.NI N.Nl.tx 15,111.m 1 wlnlls lNln I .a M OAw W. III'M ilt,tq MIM m.w nf.w 1 1.11110, 1'"I'm I.W.W I, WHE.I.lrurN )'I'm )alm MINE HIM I w,M MIME II In1t[ITnIMH I,IN,NI I.n1,M I,M.M 1,n1,M I.M.M r 11.M,M N,m.M 1.]II,M H wRm l Iavrdwr I,m,1. 1,m,M Lnf,m 110,1001 ml,Ml n.m.Ml 1 urin,ml M,M.mI n1.I11I. I] M 1xr'•Fr Fr1Y fallq A,nlr,wb Ir111,M ],III,M 1rm,m l,fI1,M ],NI,M I I,NI,M I,fA.M LNL.f% 11 fN NI„nnWWII I,NI,M HIM II,m,MI Rrin,Ml R,M,MI I N,Nl,ml 111,1II,MI 11141LMr Wilk MITI �s ��e �n..r .�........ n,..nnr ; ��..� �..... .....e.... R A[vn,I WYnn hu lnl lw 1,113r011 ],III,M m1,Ml n,R1,M1 II,NLMI I I,mrM In,N1,ON1 Li0],Wt RnIR 1 If Iw. (NI Fxh MINE LM.m LM.M Lm,M M.M I I.AI,M I'M. II Imr I.rnlls HIM m.M m,M m,m m.M I I.m.m 1.IN.m 1'Mm 11 Nnn R1,m 1n,m m,m m,M RIM I I.M,M IaN,m l.m.m R WNW w.ro 11Na m,m a,m n,EW bm,M RIM I I,m,M Iau,m ),IN,m n I,Ntnt 111.61.I.m M'M In,EW 1 , , 1 m,m 1 m.m L Gntr W.m n,w[l n I,m,M I I,fO,m I!.^.. I a MWLI [plb NMtMI 1 1 1 a Mn IrIM 1 , , n nrAl Ama1I 1,m,a1 I,w,EW I,m,M I,M,M nl,m 1 r,m,m Ian,M u,nam I — r mk MMU MM Itpn,m Lw,m w,m R,nl,m] n,111,m1 1 u,w,m n,m,EW1 a,nLM `,w.]nalmlt 1 Aw,N HERE WIN urx.N rlm l,M'M I,m,M I,Ia,M I,In,m I,m,M I UIPI'M ],n1.m n W.Re sw W. t' m,M IN,m IN,m IN,EW IN,m I w,m :N,m I'll.I T Inx 110 WRY NjI,r1MI. I I t n MHUH wNr ajolml Ian,EW 1,n1,M I,nl,m I,n1,EW I,a1,EW 1 I,m,EW l,m.m N mn 4lnlllvn 1 I t — I — )1 mk nronnwo I,nl,m I,m,M I,on,M f,au,M 5,11,EW 1 a,m,M 3.9210" 16,1N,N: — 1 — n ,nw.n 1 wrrwn I.mt u: )du,M Im,tN1 n,n1,M1 n,M,M1 n],M,mI 1 n),M,mI Nl,m,M. ru,m,mr IWINCISI a I,wm,turralrr Ir.w,nv HIM VIEW a,M n,m , 1 N,m t u,EW I I1vl+k 1 a T.Fr) N,M N,m {I.m 1 1 us'. :R.M IS In,nnl l nfnllxml WIN, I'M I,m I'm I,M }.M 1 1 I1,M t 11.M a mn le[M I t , 1 n llrk IN111k o,m x,EW o,m VIEW , 1 m,M 1 Mill A rNk IVIIIR1 min IA,M m,m 111.0 li.m 1 I V... I TI.M pIWIMn I a W hlgrN I l,innl 11,m 11,M VIEW 11,M I TI.M Tom N NM Immitwn 1 e 1 It RETIRE.la011lxA VIEW VIEW n,M n,EW I 1 m,M o nI„m n fnn.n I Ilnrarw I,Ant 1v n,m A,M n,m 1 11 a 1 t n Ent 1v,WE PRIM IRM11In.r.n, VIEW A,m Ulm I t I 1 I , — I A Im won.IwlnD 1 1 1 1 v 1 1 t 1 `MI INjnIN In biwKnl lrx,iw,l I 1 n 1 onrlrR It.WE uw I1,m,M 1,M,N1 1,441,01 "WINE nINI'm I N,m,m m.lw.mr HIM". a~Ark rnvu I,m,m I,n1,N6 Lm,M IMI,M ],m,M I n,m,M n,m,m u.IV,Nt V Mk MMu MEN 11.101M u,m,EW f.9,,m I,TI,M n,en,m1 n,m,m V.m,m a Ark wwlMn 1.NI,m A,uaEW 1I,w,M a,m,M N,m,Nv 1 5I.511.m 12,511.19 W.M.m n Fxrm l In]a.n m 11t mw l'utIM 1d41,404 14.0.110 n,a1,M1 w,M,ml IN,NI,MI wands. ,N.n].ml N wn.rr'.III JHW I.N.,AwmmN ORION IJn,m 111n,m I11n.M 110I,M ].en.m I'm.-N ,w.M It rvIo 1kx4 n lonrtln lan,m un.M1 n,m,Ml u1,rn,EWl IMMURE 1 RIIw.m1 IN.IA,1k� gl,n],Nt' _ • . 1 a}n]Y17n01 nmm w.! Yw nn MnA mligl S Nal tax kill nm hill lwlix 1 Intn nP11x LIR IIYO Im.w 111M 111Fb IrIP]I I }1N IMN IlrSnf to V.IMtl !•full/M 1 .rrm 1 wa-nn kn Lne nv nrmrlel nda,ew r.m,oN 11016100 113541m : u,m,ell yn{,on Ie.In.M x N..n n M mxele. SIM m 3,mrnl 3.n.m 11.01'. ud11,w1 : n,af,M n,m.rn la.m.rw t 1 S,IY,M l.m,IM 1,91,tw s,"I'm ],Ill.m Il.m.tw ildn.On 1 olop,1 1 M.nllu,wr nuw m,lll mrm Yi,lw al,m tn,tN ].In.[p 0 l,laln ] oaw mlxr { Imka I4.3311m 9,03,00, n,mrm uJ31,011? 0,712,00 i 14,118,091 nl.al,m nlren.rn I I mp MmR[MnN nea.m 911410 n,911m a,m,m a.m,m 1 n,Y),m 111,551.00 111.mA04 nMltm] I I Samoa,3alx by n 1 a 1,ne,m a W.m u,C1,m 110,m u,m,m 1 Y,nl,m Ia,e9An n,,M. 1 Wlwuu)run n 1 o m oun o{n. n1,m m,m m,m wn,m I,w.m e.m,m r,m.rw n.:9.en 11 have MvwkM,r1 1 1 r 11 m\n1[IOlinn le,m,m u,m,m n,ua,m n,3n,m n,m,m {gNl.m mdY,oW :naP.rM n Mnm[Pme,.N Mt lw m.la.m Qm,M 11114.0%) ).M.M SIC". :,1n,m I01316 .1 111.3:1.mI Is M.w'.Py tall lWlN MNr1Mb 3d44,m SIM^ I,ae.m 3,m,m r,m.m : 1,m,M N IM wlu.,r lMxm 3,nl,m I'm%M 1,01,M IM,m1 x.M.MI1 m.as.m, WIIR MITI .a�....w .......�.. .e....n ........... .�........ i ........... eve ......ae. 15 4q,111[vnars flu Llet lose N,m,M 9,NI,M 11,19,M a,ln,m a,w1,M 1 n,m,M 31.m,M n,eP,M 4Mn u Iselr 1:Wj.. m,m l.m,M :,m.M 1,n1,M NI,M 1 I.m,M .,w,m n rM, [wnuw m,m m,m b,M ellawMIM In.m 1 I.m,m I,m.m I,m.M u mn 1,1%m I,u1,M pm.m I,m.m Ill I I,Y1.M I,sw.M n.a1,M n We x INNm)llyn I,m,M n,M u,m IJn,m m,M 1 .,M,M I,nl,m !.M.M N lelnnlllletell rld luw e,M,M I,m.M },IN,m i,llt,m I,m,M I I'lai MI,M 1:,m,m n n t1 Mb M twrml m 3,m.m I s,m,M 9 new IM a wmnMl 1 1 a wln Inr. I 1 1 u mn Nw14[ 9,n1.m I,m,m ].m,m u,m,m I.m,m I N,n3,m ",Irvin N.m.m �— I mAL WOODS min n,m,m n,m,m 9,en,m a,m,m 9,m,M Ia,NI,M w1131100 ul.M.en 911wI119 Y PM N 3Mt u. IN llut I.M.M II,In,M Iirnl,M ILm,m 11.19.M L1^M L1,P1.M SI'm l n nNln wlnlm 3ntn 6M,M LM,M ]pl],M m,M ],Ia,M 1 I1,M.M 14ao,on apM.M� 9 Nmu•IIMt Nnlrnl lennn 1 e IS MwU1N[nly YmlMl i,kl,m 1 I1411.00 Lkl.m Y He.Mrneu.n i e e It mM 911wllm] n,m,M n,m,M Z.,IN ua IN n,mrM 1 n,1Y.M 31,III.m In.IM.M I IS MM.n 1 wrr...1.Ml noo ndw,M n,In,M n,ne,we lo,on,M 11,m,mI n,m,M ],3a,M On MI11 IS IroMIcoal lrn Lul leu I,IM,m nl,M 19.M PrM n,M I I.n1,M 1],M I.t'r,M )1 w1.N 1 IS Id-witl llxnlum IxM N,M IyM I{.m I'm1,M 1 III,M I,M m.M SO Mae n Ix— I 1 P mxa Y,m n,M II.M 3.m SIM 1 In,M SIM 2.4. a mN nA1LAY MM I,In,M m,M MON II'm w,m I,m,M 'I'm 113:I.:w 9n1a11R! IS W hIMW I I1Vnt Yl.m m,M M'm i I,In.m 11 eW GwIlt. 1 11 mrt amin m,m In.m nr,m 1 1 1 I.la,m 1 I,II1,M 11 one 1 L,rTn.to Mt iry m,M In,M MOON 42.00 n,m I n,m Il,m N,:k IT Ml w•.61 M1N rwlln Mlnxll. m,m I9,m P,m 12.0 ."m I I'M a.ON .I,M u me w.x.n llrlllln 1 1 e e 1 e r 1 n lellnm Iw..WTaal xnnnn 11—Tvem I[vpNn 11.L1n love nan.oN o,Mo.NI n,ur,M k.In,M P.In.m Ill a.n1,9: — u xo1K Ifwm nan,we n,n1,Ne n,Nt.m n,m,M m,m.m ImJn.M Iw.nl.x.Y M.M.ea n mil fvAW4l min N.ln,m n,ue,M II,11I,m 9,wl.m P,m,m llt,m,M Ind9.M 111,513.M N mk nNnnun 31,151,M 31,101.00 32d9,00 21,122,0011 11,391 1 151,713,00 In,93.1n m.m,M n Mail 1 wg4,er Y MI Iur 0d9,m a,m.m n,m,m Prns,m n,n.rm I n,nl,we In.n1.M1 ln,nl.ml n M1 lout Ml MIN M.alel•nelrM,M ],IIf,M 613,11100 {,Yl.m 3,wr,m 1,ne,m I,Iw,m Il,ePpn MCI,= 13 m Ikm]a 111F][Itl N,1w.m 1111a,m le,a1,M n,nl.M ndm,M 1 17.511,019 III,M.MI ...., Wall,011111110 IlMin A.] mu Ion NIro NAppl q mimU fro M nlpL WIS IIW a IMMoo IIIHI m nr llq 1111,I1 1111i1 Xq•11 111FM 111111 1 Yx✓IN4 111YX 10/ry INII Olgllq M t I mrm I Wr1gw rrw Lot Pw 1,1n,X1 IrmrLM 1,10,00 I,g1,g1 q,lllr»II I ],Iq,MI II,IIO,IMI ]rlq,Y.] MRx 1 I 1 Pm al It lu lllnwln I,RO,MI 1101 II,M,tM II1111,001 I.M. 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IA.M.O% m.Rf.MO .1 TOTAL[LIUDIMn R.IILNO U.Ln.M R.nI'm R.O11.N0 R.MA.w : IOLIn.LM En.T.OY. 111..M": Al R—re A tvp-0rn 1.lot rear n.n..m Il.nl.m H'SAII 11.IIt.M I.M.m Ir%1.M IIR.IN.O[T :I]L.U.Mn 10 4t Few'.Fee rnm Fntla AUtlr.w.0 S.NUM I.nLNo 1.AI.M Ip1I.m l.m.m l.%I'm Il.m.w I..n1.0% 31 MI KIME 0 061t111 R.IN.m 15,20,040 EI.E119M 10.%1.N0 11,110,011 11.%O.m. 114"7n,wl 11471713.M1 ' S Conn IYIIAIIOA NII1I01 H.3 113011 IfUlt Ulm STUDENT OF IAWRIES CAN Rn rIR4 ME 1111-I1 MINK Ilm"I moor GAF nu-Ir mr.n :RI-n In•n m:-n 1 a-rl✓um n13-n la Iry Nan nWlw ul I Ann.[I r[rrl-An bv[WE n[. ]du,ln ],N:,in I,nyO% 1,113.00 1.... 1 2,111,000 /-- 2 ar It I,,nlnmm y0p,no t,apno :,nl,ne Lm,On ],n1,LPo 1 11,I13,00 v,InA00 r..I!.!10: 1., I.r ] rnl In,no 2n,llo )n,n0 In,ul no,nl 1 ].In,nO I,In,L3l 1 ulnnt 1 nl[nnmwl mnn m,f01 ne,ne i42,00 ul,ln uO.en 1 1.70.00 I,M:,n> , 1 Olnn Anmur . ._ ........ ........... .......... .____.. 1 ....----- ... ._....... ......._. 21,10. 1 1p14 AFRAY[ 1,In I,n1,n0 .......... ....pu 3,lnpn -----:M rl,in,ur ....`:"_. --------- 1 TOTAL AVAILARF NXpIXA 1,011,101 I,II6,001 1113I,000 I0,911,00 R,iV,uo I 22,315,u0 11.I11.M0 f0.[n,Ml [IIn111W9 I 1 Nnr n SI^l WE,A 10 1,93.mo I,526,00 1,0n,0n 1,10,S1 l.01.u1 1 II,III'mo 21.t11No ]I..•L3.x0 r Ldlnnw]rtln n 1 o,nl oln[r No. m,ne Sll,no In,no ue,0o1 Nl,ul 1 ],ns,no 111::,00: a 2;r,1!3 10 pinn Frn^011vm I 1 11 1014 L]RNIINn 1,0I2,u1 1,III,00 1,d11,n0 I,uI,Ou ],1lO,Lu I 11,311,n0 1)d0),n0 M,P'!,M: IS 1 L✓rPb✓1.hot n✓ 1,OIi,u1 1,111,u1 3,11],ul ),n1,On I,nr,0p0 I 1,1]), 11,ni'm IL^1,u0 .11 Y. 1] 41 't b11✓IM iwllnl An[InmU I,ul,no 1,19,Ou I,III,On I,nl,ul I,20,u0 I Ir1fo,M En ....... ---- u. ll 1w1111nn No,1011i[III ......."No ......On ......u0 .......I r,On,uo ....."037... ...n1,On ......M0 ..n.nm. ..nmm. m.nnm nnmm. .v.nn, nn.m.n n.nmm .ormm. W114 IN➢nl •• I IS AnnmlLnrl-..r M1[anl mr Il,lll,ul 11,421,000 Ln1,u0 I,n1,On 1,1)I,uO 1 II,10r000 M,u01 ILC:,ML At3pVE I 11 WIL1... ..it. 121.m 312,u0 Sll.uO 31{,no U.m 1 1,211,00 it nm Roof m,nl m,nl I,nl,nl Ix,no nl,no 1 ]Ale,n0 ],nO,orL ... 11 @Mr 11 un 01 uunlr mights am. ai,NO lyne EN 3n,no ]I,ne ln,no maz 20 [^toolInl[nuume,t nl,n0 m,lu nb0u m,ne In,nO I.W.00 n [Nity S" m Nnan a DISHING I.nl,ne 22 UninG Fnly Sluann 1.391,N0 2,n1,On n Will G[1n IPn,Ge n1,00 IdpH,Nl Lngnl al,Me . . ... 11 TOTAL ALVFM 1dn,no 31131,000 ZlUI.m 3,1,2,00 3.11I,000 1 1111,1101 11141Sl -'le Do Ir4 Avnu4t rumue npn,nl ISdN,ON 11,731,GH e15,3100 5.Ia1,Ga I n,nl,oN Id11,GH .:,nl,nx 1+1!(vlun IN bar..1104t ewb ina.nt 11nt I.N31u0 2.121.000 ld11,L01 }d11.N0' 2.1011Go t 11,e1!.NO 11ay.G0 IIXI..m 23 Imlrltt Lvll✓tin Iron I,IU,nO 3,3U.0n 3.013,u0 11113.00 311U,00 1 I2,6n,tu .SO,ur 0.:':.M it 10,hrut^l Alrtmnq lyeat, II'm 11"m III'm 122,000 711,00 1,111,No 21 RnSnN[nlll NEW nrt 0 r to non 4lnlllvn o .0 11 1011L WFRlinn L261.00 S,11S.1n Iru1,W. 1,11{,u0 3,lN,nO 221001.00 11,111.00 ✓,2:3.::." ... . _ .. ii A[w.n 1[urnm If u[l 4✓ II,n..Ou ......S .....AS .In.... ....... 1 11a,H3] 1n.ln,rul gl.ia.r•l: ............ ............ ............ .loll...... n........n 1 ........... .non.... ...o..nn ]NO NnlLl n ll I Ltfll n'nn LINO n✓ n,M 20,01 3". Ulm n,no I n,ne 0 n,m arcNn 31 m uq n,eeo 23100 Ulna U.m I o.mo n.W m ubrm 14.LaDmm[ Irm.. 2,n1 2,GH 2,no 2,G1 ,No I "ON t.Y? n non mgen I n1AL 4rcXN GIGO a,GH n,GH 23,00 D,GI I 1r,na I ]I m1Al AVAILAILE MOIA1 3I,n1 Ulm 13.uo n,nl 2.00 1 Shoo 0 :a,^: ........ _......... 12RNIMLs n u.0 FlInUd L Irt✓nt n,Sl n,000 Ulm 26,W li'm I IU.NS .0 Gln un.luw. H ._.__ ._.._.... .......__ _.__.. �..__.. .___._ ...____ It in4 uRnllNn ..... .. ...nO ...... .. SING I_ Shoo 1 c1,n3 n N 1n to lot n II' 31,Go I 11,01 I o r n Nut 0,IVIn rwn^q Rio.vnml. n,M n,olo I'm r Il,GI I 1 1 r u .una 90✓11✓ IO1fI✓11 0 a 0 I a ` ' ............ ........ ............ ............ ............ ...n...... ........... ..uul In mt✓.F.^t Gant r 1 ........... it ^�I t✓11-0n"No ult r.✓ f3a43,001) ndn.M . nd17,000 10,301.0110 11,21..00 1 13.:41.0" 1,vyto :4.)INr 1d Ia14 AEM[ 1.1111014 1.071,00 6d02,no 11103.00 1.mAn 1 31,n1,00 3.o:,wo n.1!11010 ._...._.. ._......_ ..._..__ ....... ........... ._....... .....___ 12 HIRE SAInNE MINI 10.0I01110 21.I13100 n,In,uO 111201,00 171,11.00 1 11491.00 N.UI,Wo 11.yg13o0 NO 7014 Sn"lluln I,301,001 Id1I,001 gn1,u0 ),SOLp00 I,nl,m 1 10,10I10x n,111,Cx P6d°',N" e Invent l Len-Over to out udu,m 13.3n,Gl 10a01.m II,201,No e,dll.no ell.f.00: ylo.m S,m,,mt 11 Nut rnr't N)S.IN FMIAI Aml...VU IA3'.000 q191,M Id11,M 1.55 ,Go Id10,N0 1 I1,10.0.0 1UI.IN 2.11111r: ..._...... .......... .......... ----------- ----------- = ---------- .......... ........... 11 M0 eW4E N IW¢III 12"U,no IS,SI,No epn,0L0 I,dn,00: f,n1,Ho : ",31,00 O.S1.00 ' t^oft .n........ ........... ........... ........... ........... ......loll .........n mm wmnn nmm.a. mum NMn wro n1n91!.2MM 3N N• I1M.Im I""I I '.Iw-11 ml-nr nn-a Inl-n 11a11 IM•II 1 }1w ixJ mw lewrnn .1•yr.s r-v:aaw I,III,M LM,M 1,M,M 1,1»•M I,m,M : LNI,M I.m,M :JN.ia .. ....._...e I'm'm I.IN,:» I'm,kt I,m,M I,a1,M : I.M.M I.f11,M II.T,I.M In.M R. 'Am I�.n.M I,m,M I I,w,M II,w,Ni :1,»I,m m.M Ia,M Ia,M M.M w,M M,M IN,M n1,M I I -L V.tti IaN,M I,HI.M 1.nr.M I,IY.M 1 a.M,M a,M,M lI�Y1.H1 -:L o::.a3 PY9! 3.a1,M 1,w,M Idu,M I,m,M Idn,M 1 u,NLM U.M.M udii,:m n•L:::.n I I s 1•v.::::::v..!1 e 1,uLM I191.04 IJn,M I.NI.M I.M.M : ...m... ..n1.M ...ul..'I :v i..:x•s:u::'1.::.. Ia,M m.M m,M »I,M m.M ayM I,m,M i.wdm .. •ra Hac:•.m I,rH,M Lm.M I•m.M I.w.M s.M.M a.M.m a,N.,M •Y.ve 1:r'ru rwq IN.:nv:u ai,M I.NI,M IJµM LHLM LIII,M Lw,M 1•m.M i.m.",ui �I.w.Ml n.IN.L'n i .. .w..a:.••.-o-r na wul. I.w.w 1,61216" idu,M I1412.M 13111001 1.w.M n�n1�Mi 1.uL.roe Io Ml i YC. IT.M IN.M m.M m,M a'M I.m.M I,III.M n -:s w:•x<a':-.x .M a . :II.M w.M m.M 1 I.M.M m,M I. .M 1.M u.. m.M al.. 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II.m.M ' IJN.M n'm'M n,M,M a,m.w I1n1.m I.Nym IJN.M ym.M nNI.He ...m,M n uw.n 1:K+..n It I.,ur Lar.M I NI.Ni Iin1.M 1.3."m m,Ml 1 Im.M1 ».m,M1 H w. 1dn,M I,H1.M - 1,In�M .. ,xlLs:: s... I,:v'v. s.s»r'10 I.m.M n.ae n,m.Ml i n.m,M1 mdn,ca Iran�IL'1. .. .......... ........... ....I...... ........... ........... . ........... ........... ........... am SAI olmm M. 1 .. •I15n6 low Ulm ININU.1 mmm at,nn 11M Ywl IAHr IM::f it*" NPnI J•E IAHI Im•x uRlr mPw 111P91 I Yrw i.m Im-ll to to.mn mt.1"':•.'•^.,-u:'n' :rwra 3191in ;41,aa I,Ul,coo I,Ia,ON 1 ],w,:91 3,:n,wi 1d!I,an 3,u."; l,om.wt I,Nl,m 1 Il,lll,a'l Sf,w,aaa I"Intiio wJ,i;a Nato] WIN, nt.m Ix,ml 1 S,xo,ue 1,:x,an I,xa..a n:]•.N.:.r.:a:::m 1xa0o al,w m,wo npw ns,w 1.05.04 awwa Idu,:a Idn,w ym,w wm,w 311103100 x,w,w W,nl,w . Id::u l,ueAx e.ul,tA I,.n,. I,m,aN r,al,m i n,w,w a.na,w W,JA,xa i ] Yv,W::^..:•n•1: I,w,oro 1,912.00 ;IN,wo 2.131.01 ],nl,nJ I 12d42,00 a,w,wo n,n:..J .�sl:u•1:.9:19,::r. 114.00 a". 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I.. n_ .:::n:Mn':1 l.in,w 011.01 I.ml,w I,NI,w ].an,w 1 hol l,m,m !.ar,w l i o:ra o :':all 1.01.011 i.NJ,w I,rn.w S.nl,w 711111001 1 1Pn,w n,m,iw nm. ,wl .......... ........... ........... ........... ..... : I......... ..,........ .......... :r I w a.1:...-.,.,.:,-.n:•n• a,nl,no 1.111,101 :edW,ow 21,111,000 Sr,cyw I 72,233,000 IeJa,ow 12.]v,mo ;r r.Inl 0.1co en,w sn'mou'm m,w n,w I soul x I,nl,w 411i' : t.xa,tta I,xo.w I,'i'm I.w,w I,w.wl 1 ].w,J:a s.w.w Il"I no," 10.00 uJ,w Iw.w lw,w 1 w,ox w,tao yn,wo L:I r-t,v:.::•.ra Ul,w n.wa ll,w w,w a,w 1 m,:oo nr.w I.n1,2:a ':.t iiIl i'm'm :,au,wo :.on,w 1,wAx SJn.w l.w,w I,m,w u,nl,w .:. u:.::::r:.:: J Laa.aN I,w.w I.Jn,m I.Na,w 11441100 — i -::IE.ns n,us,w )dn,xa IdW,w Idn,w !,nr,xo 1 n,nl,we 1,ul,wa ILUJ,xa •••I,1.1:1:.,1 gVa: n,ml,w n,m,w naN,w 11.110.01 IS,la,w t 30,111,10 u.:n.w I .N. :,x1,w :.n:,:n :} .w 1,mw l, l,as,w UJu,w a,al,ml inY n lan,w l,na.aw n..w Idn.w w,w I,m,w m,w ;a,ieJ a 1 ._ 1or,::';a I.k:,ao IdL'Fx ).Y.i,wa )dU,ow 1dx,C.a 201011101, a,U:,xo Iod:edw u. ...1:r•^..r::.u. vv :L.b,Jx a,lle,on :I,P.I,Lx Sr,lil,ax m,11J,wa I m,na,tJa II,:II,Y.[ :11�!, a ........... ........... ....m.v.. ....n.mn m.v.. 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LONG-TEEM FINANCING ALTERNATIVES DEBT FINANCING BARTLE WELLS ASSOCIATES yid JUNE 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) �� -1- 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 `.d J -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) "' -3- 6/11/86 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 - Low interest rates today: 25-year fixed, about 88 variable, about 58 -- plus about y8 per year in costs - Borrow from position of financial strength - Facilitate long-term planning for all project requirements - Avoid "empty barrel" in 1990 `r -4- 6/11/86 PROS AND CONS OF BORROWING + Spread costs over project life + Preserve future financing ability _ + Protect financial position from adverse change C Provide funds for emergency repairs O 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) yd ✓ -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 6/11/86 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 Bank 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 .r -9- 6/11/86 FIRED RATS 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 6/11/86 VARIABLE RATS INSTRWENTS - 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 - Puture 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 S.✓ -11- 6/11/86 CASH BALANCES JULY 1, 1991 Capital No 88 5.5% 7.5% 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) 8,478 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 \.../ll 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 DISTRICTS .1 ORANGE C0111M. CAUFORNIA FWWNNVG r.LG MRNu92�127 10BC0FLLIS AV ff CFI FWWMNV'=GIIFORMA22T1 M1e 0141�10 June 13, 1986 014) tt4411 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 $ynej for each Board. pvester M.D3.6.1 JNS:pi Bartle Wells Asscdates Municipal Financing Consultants 1636 Bush Street San Francisco 94109 415 775-3113 L15-C June 13, 1986 County Sanitation Districts of Orange County PO Box 8127 Fountain Valley CA 92728 Attention: Bill Butler Subject: Fixed- vs. Variable-Rate Financing Traditionally, tax-exempt bonds have been issued with fixed interest rates. The rates of interest on the bonds are established when the issue is sold, and remain in effect as long as the bonds are outstanding. Within the past several years, bonds have begun to be issued with variable interest rates. Variable-rate bonds combine some of the characteristics of long-term bonds and some of short-term bonds. Because of their structure, they bear interest at short-term rather than long-term rates. This letter describes the structure of variable-rate tax-exempt financing and outlines some of its advantages and disadvantages compared to fixed-rate debt. Variable-rate bonds have nominal long-term maturity, frequently 30 years, and may have serial maturities at annual intervals. The interest rate on the bonds is reset at specified short-term intervals, and each time the rate changes the holders can sell them back ("put" them) to the underwriter (called the remarketing agent) at par. The remarketing agent resells them to new purchasers. From the standpoint of the issuer, the bonds are very similar to long-term bonds so long as they can be successfully remarketed. From the standpoint of the purchasers, the bonds are short-term obligations because the repurchase of the bonds at par at short-term intervals is guaranteed. The interest rate on a variable-rate bond may change daily, weekly, monthly, semiannually, or annually. The interest rate for each interval is set by the issuer's remarketing agent. A variable-rate bond issue needs liquidity to provide a source of immediately available funds for the purchase of bonds put back to the underwriter and not remarketed. A bank letter of credit is used to provide this liquidity. The issuer pays an annual fee for the letter .d of credit. Any funds drawn on the letter of credit bear interest as specified in the letter at taxable rates related to the issuing bank's prime rate. CSDOC June 13, 1986 Page 2 Parties to the Transaction - A variable-rate bond issue is a complicated security to structure and issue. A number of parties are involved: ❑ Issuer: The districts. ❑ RemVLe Aetin A e�nt: The underwriter who markets the bonds uuh' 'ally, then remarkets the bonds which are put. A remarket- ing agent is appointed when the bonds are issued, and may be replaced as provided for in the bond documents. ❑ Bank: Issuer of the letter of credit. ❑ Trustee: Paying agent, holder of funds, beneficiary of the letter of credit. ❑ Financial Advisor and Bond Counsel are involved at the original bond issuance, as are counsel to the underwriter, trustee, and bank. Costs of the Issue - Issuance costs for a variable-rate issue include sever categories, not all of which are involved in a conventional fixed-rate issue: ❑ Discount: when the bonds are issued, the districts receive esl s money than the face amount of the issue. This difference between the price paid by the underwriter and the par value is compensation to the underwriter, and can range from about 0.5 to 0.8 percent on a variable-rate issue. ❑ Underwriter's Ex enses: The underwriter's out-of-pocket expenses in issuing the onds are charged to the issuer. ❑ Letter of Credit Fee: The issuer must pay to the letter of credit bank an initial and an ongoing annual fee, usually in the range a of 0.25 to 1.0 percent of the face amount of the letter. The amount of the letter of credit is the full par value plus an allow- ance for interest for a certain period, such as 90 to 180 days, at the legal maximum interest rate. In addition, the issuer must pay drawing fees and interest under the terms of the letter of credit on each payment date. ❑ Trustee Fees: Such issues generally need a trustee to hold e fun s, receive payments under the letter of credit on behalf of the bondholders, and to pay principal and interest to the bondholders. ❑ Annual Remarketin Fee: The remarketing agent receives an annua fee based on the outstanding amount of bonds, usually 0.1 to 0.125 percent per year. Fixed-rate bonds may also provide for a discount as underwriter com- pensation. Such discounts are about 1.5 to 3 percent of the issue amount. This amount is generally included in the underwriter's expenses. CSDOC June 13, 1986 Page 3 Advantacies and Disadvanta es - The significant advantage of variable- rate bon as is ower interest, because short-term interest rates are generally lower than long-term interest rates. The difference between variable and fixed rates is not consistent. Variable-rate issues have a number of disadvantages as well: ❑ They are complicated and expensive to issue. ❑ The issuer's long-term interest cost is not known. ❑ They are more difficult than fixed-rate bonds to budget for and administer. ❑ The issuer's annual costs are not protected from interest rate or economic changes. ❑ The issuer pays debt service monthly or quarterly rather than semiannually. Many issuers of variable-rate bonds have approached them as a method of holding down interest costs during the construction period, and have planned to convert them to fixed-rate issues at a future date. At the time of conversion any unexpended construction funds can be used to redeem some of the outstanding bonds, to reduce the total amount outstanding and annual debt service. The issuer would then have fixed its financing costs for the projects. �✓ Conclusions - The choice between fixed and variable interest rates must tee made on a case-by-case basis, depending on the issue size and purpose and on each issuer's financial management philosophy. Most variable-rate bonds have been issued at times of high interest rates, to avoid entering into a fixed-rate obligation at the high rates. Issuers have designed their variable-rate issues to allow them to convert the bonds to fixed rates when interest rates later dropped. Today's fixed rates are lower than they have been for several years. Previous variable-rate issues are being converted to fixed rates. While today's variable rates are lower than today's fixed rates, the fixed rates guarantee today's favorable interest rates throughout the life of your debt issue. A district which chooses to finance by issuing debt at this point should do so because using debt is in the best long-term interests of its customers. We believe that fixed-rate debt is the most conservative approach and the one that most fulfills this obligation. Method of Sale - If the decision is made to proceed with fixed-rate de t��e can be sold by either competitive or negotiated sale. In a negotiated sale, an underwriter is selected to work with the districts and their advisors to structure the issue. The selected underwriter then presents the districts with a bond purchase agreement based on the deal that has been negotiated. In a competitive sale, the districts and their advisors structure the issue, prepare an official statement describing the issue and the districts, secure ratings, and CSDOC June 13, 1986 Page 4 actively market the issue to a wide variety of underwriting firms. The district boards adopt a notice of sale, which is the official adver- tisement for the issue. At a given place and time, bids are received from underwriters and the sale is awarded to the underwriter bidding the lowest interest cost. In our experience, a competitive sale saves money for the issuer, both at the time of issue and throughout the life of the debt. Certain extremely large or complicated debt issues may profit from negotiated sale, but these are very rare. This issue will be a very solid, straightforward issue which should find a ready market. We believe that competitive sale should be the districts' approach. If at any time between now and the sale date we believe that conditions have changed to favor a negotiated sale, we will so advise the districts and proceed with the selection of an underwriter. The type of debt to be issued is a critical point which must be decided as early as possible in the process. It would be very helpful if the districts' staff and boards could advise us of their opinions as soon as possible. We will be happy to discuss the matter and answer any questions. Very truly yours, �../ BARTLE WELLS ASSOCIATES 0or a . Stovall LJS:mt L15-C MEETING DATE JI 18, 1986 TIME 8:00 p.m-DISTRICTS 3 DISTRICT 1 .JOINT BOARDS (SALTARELLI)...MOESTEREY..._ (MANDIC).........BAILEY...... (CRANK)........HANSON......_ _ _ (MURPHY).........BEVERAGE...._ (LUXEMBOUNGER).GRISET......_ (ZIEGLER)........BUCK........ `� (RIEDER).......STANTON....._ (NORBY)..........CATLIN...... (RISHER).........CLIFT....... DISTRICT 2 (PERRY)..........CULVER...... — — (SALTARELLI).....EDGAR....... (HOARY)........CATLIN......_ (REESE)..........GRIFFIN..... _ (ZIEGLER)......SUCK........_ _ _ (LUXEMBOURGER)...GRISET...... (LUXEMBOURGER).GRISET...... _ _ (CRANK)..........HANSON...... (SILZEL).......KAKANAMI...._ (COX)............HART........ (WEDEL)........MAHONEY....._ (SALTARELLI).....NOESTS4ZY..._ (BEVERAGE).....MURPHY.... _ (SILZEL).........KAMANAM:...._ (SCOTT)........NEAL........_ _ (SALTARELL1).....KENHEDY..... _ (CULVER).......PERRY......._ _ _ (WEDEL)..........MAHONE'..... _ (OVERHOLT).....ROTH........_ (Cox)............MNURER...... (BEYER)........SMITH......._ (BAKER)..........MI_LER...... (WIEDER).......STANTON....._ _ _ (BEVERAGE).......MUR^Mr...... (NELSON).......SUTTON......_ (SCOTT)..........NEAL........ _ — (SUTTON).........ME- SOY...... DISTRICT 3 (LACAYO).........PARTIH...... (CULVER).........PERRY....... (LACAYO).......PARTIN......✓ (COX)............PLUMMER..... (NELSON).......POLIS ...... (NELSON).........POLIS....... (MANDIC).......BAILEY...... (RIEDER).........RILEY....... FE _ (NORBYI........BAZR•......JC (OVERHOLT).......ROTH........_ (RISHER).......CLIFT........ (PACE)...........SAPIEN...... (PERRY)........CULVER......JG _ _ (WILES)..........SIEFEN...... (REESE)........GRIFFIN..... (BEYER)..........SMITH....... (LUXEMBOURGER).GRISET......� _ (RIEDER).........STANTON..... (WEDEL)........"AWQMG ....yam _ (NELSON).........SUTTON...... (SCOTT)........NEAL........�L _ (MILLER).........SWAN........ (SUTTON).......NELSON...... (SELVAGG1).......SYLVIA...... (OVERHOLT).....ROTH... k__ _ (FINLEY).........THOMAS...... (PACE).........SAPIEN...........-6.e_ _ (GREEN)..........WAHNER...... (WILES)........SlBPER......�L�_ —'- (RIEDER).......STANTON.....D.r (SELVAGGI).....SYLVIA....... _ F DISTRICT 5 � SYLVESTER... ✓ CLARKE......_ (COX)..........HART........_ _ _ DAWES........ %�l (COX)..........MAURER......_ ANDERSON— _ (RIEDER).......STANTON....._ _ _ BUTLER......JC BROWN........ DISTRICT 6 BAKER....... KYLE........ ( )....WARNER......_ _ _ VON LARGER (COX)..........PLUMMER....._ _ _ WINSUR...... (WIEDER).......STANTON....._ _ _ STREED......� CLAWSON..... DISTRICT 7 DOTER....... — . . LINDER...... (BAKERRELLU...EDGAR MILLER...... (BAKEM)........MIILER......_ (BOR)R.........SMITH....... OTHERS: ATKINS...... (GREEN)........STANTON..... _ HOHENER WARD......_ (GREEN) HUNT........ HUN T........� DISTRICT 11 KNOPTH F......._ KE BLANC....— (MANDIC).......STILEY......_ _ _ LE BLANC...._ (FINLEY).......THOMAS.TANTON....._ _ _ LINOS......._ (FIeIEY).......TMOMMS......_ MARTILYNCH SON..._ MARTINS....._ DISTRICT 13 PEARCE...... YOSOM UA....... (NELSON)....... . YOUNG...... . ( RH .....BEVERAGE... (OVEOLT).....ROTH........ (BEYER)........SMITH....... Q (NIEDER).......STANTON..... _ _ 40� A+- _-LA DISTRICT lA c Q'(BAKER)........MILLER......_ (MILLER).......SWAN........_ _ O.QII•.. W aF�A- (SALTARELLI)...KENNEDY....._ (WIEDER).......RILEY......._ (WIEDER).......STANTON....._ 06/11/86 DISTRICT 3 ADJOURNED MEETING PATES - 6/18/86 (8.00 p.m.) #2(a) - Report and presentation by consultants/staff on long-term debt financing The General Manager reported that additional information had been prepared and placed in the Directors' folders. The data was just completed that afternoon. The Director of Finance then addressed the Board and reviewed the additional information in the Directors' folders and the information mailed to Directors the previous week. Be said the key thing to look at was the five-year cash flaw statement (tan section of report—SEE ATL'M M). He stated that the major expenditure in the Operating Fund is the joint operating costs. He indicated that District 3 will probably need to implement a supplemental user fee within the next few years. Property tax revenues will not go up enough. Capital Funds for District 3 start out in good shape but if they do fat finance, ending fund balance drops at a rate of $13-14 million per year. Figure on tax report does not reflect establishment of user fees. The approach other Districts have taken when Operating Fads were insufficient is if they had Capital reserves, they moved then from Capital Fond to Operating Fund until they could implement a uses fee. He reviewed the Summery Report (pink—SEE ATTACHED) which indicates the total requirements the District would face in the event it went forward with debt financing. If the District doesn't move toward financing or implement any fees, they go into a negative position by 1990. With financing for three-year's of contruction projects, that date is pushed out by a couple years. Lora Stovall of Bartle Wells Associates then reviewed the goldenrod report (SEE ATTACH). She stated that this contained sane amendments to the District's cash flow information. They took another look at the cash flow and made some varying assumptions from what the staff had done which were (1) No grant monies are included (2) Capital funds are transferred to the operating fund to make up operating deficits (3) Joint facilities only are financed with the borrowing (4) Closing fund balances at 6/30/91 should equal 30% of the project capital needs in the period 1991/92 - 1995/96, in the event the waiver of full secondary treatment is not extended. She stated that they looked at joint facilities only for a three-year period which totaled $42.5 million. The District starts off with $55 million now but will be $26 million in the hole in five years. They looked at fixed rate debt at 88 and variable rate debt at three different rates. All of the numbers show that the District is spending more than they are taking in. The opportunity they are looking at now is to do some debt financing in the short term to even out their cash expenditures by putting then on a 25-year basis. Director Partin oomnented that they had an extremely large expansion program and wondered if it could be done in three years? The General Manager advised that all of the projects will not be completed in three }ears. Ongoing projects are identified in the Master Plan the Board approved two years ago. Projects are planned for a 5-10 year period and will spend several million dollars. There are several major projects that will run $30 million+ each. Under the current tax law the District could fond $42 million of this total effort within this 3-year time frame but it would not complete the entire list of projects. They can only borrow what they can accomplish in three years on joint projects. Director Partin asked why District 3 was in worse condition than the other Districts? Bill Butler responded that District 3 has historically been one of the strongest Districts, and several Districts have already had to implement user fees. District 2 is in the best Condition. District 13 has fees as high as $1,500 per unit. District 3's revenue stream is not as strap as in some of rr the other Districts. Question was asked, if they placed the fees now to compensate for the deficit, what kind of fee would they need? The Director of Finance stated that if the Directors were to implement a fee, it would be appropriate to have the fee in place by 1988-89. Assuming there are about 150,000 households in the District, would need about $23/year per household to cover the $31 million deficit at that time. Reviewed the other Districts' uses fees. He added that implementation of a user fee takes a period of time, We do not bill individual homeowners directly, other Districts bill them via the property tax bill. The Board has the authority to adapt an ordinance that sets a fee, but they do not have a system to bill. Would have to work with the Canty Assessor and use the tax roll. Requires computer programming and public hearings to levy fee on tax roll. Director Norby commented if they don't have to do it until 1988, they have plenty of time. He added that a large part of this bonding would go to subsidize low sewer fees. There is an overall shortfall of fords, some of which are operating funds. Director Culver stated that the District has been dragging their feet for a long time. Have to face the issue. Have to have Money to pay interest. The Grand Jury says PRY as You go. Have been reluctant to implement user fee. If we can barrow a little and get a little user fee, should do so. Also asked, if they don't put a user fee in and do borrow money, how are they going to pay it back? Director Sapien asked if a user fee would pay for Master Plan construction? Was told no, it would not be adequate. Also asked, when Master Plan was adopted, haw was it contemplated to pay for construction? Was told the Master Plan was 2-3 years ago and the EdR was 1 year ago. It planned for needed treatment works but didn't address financing. The General Manager added that the Boards' policy for many years has been pay-as-you-go and it was adopted with that type of financing in mind. Has been the policy for the last 25 years. Director Polls asked if they adopted a user fee right away and invested the extra money, could we save some costs in the future? Bill Butler said he was not sure whether $26 will do it. May have to increase connection fee also. Tian Woodruff added that if Directors would adopt a user fee in some number, that fee would just pay operating and maintenance costs but would do nothing for capital facilities. We do have Article 13(b) limitation that you can't impose a user fee greater than costs provided. However, if it is within cost of service provided, can have sinking fund and reserves. Could not raise fee too high. Bill Butler ammnted that if they start out with a strong cash balance, it might be difficult to go back to people when they have an excess of $150 million on hand. we can show over a period of years that the District is heading in a negative direction but it might cause same question on the part of the public as to the need for the fee. Director Wedel stated that it would seen connection fees would be politically more possible and that would be away to finance capital projects and save use fee for operating funds. Director Partin responded that District 3 is an old District so there is not Mich area to build. tadel mentioned redevelopment projects. Said there is some revenue to be generated there. Sapien asked if it had been projected to raise the connection fees? W(i8 stated they expected $600,000 and even if it were doubled, would only receive $3 mullion over five years. It is not a stable, continuing source of revenue like user fees. weidel added that it would seen appropriate to do that now then while the interest rates are down. Chairman Partin asked Peer Swan to express his tents an debt financing to the Board. Mr. Swan from IFM stated that their annual fee is $120. He said the reason why he would recommend this financing to the Board is that in addition to `.s -2- addressing what they do with connection fees and what they do with user fees, certain types of financing are going to be extinct after August 1st or SEPtember 1st. This offers the ability to get low interest financing to address the possible problems listed in the goldenrod report. This is an insurance policy as the Districts will probably have difficulty in renewing their 301(h) waiver and would incurr significant costs. He stated that he recommended a variable rate financing although District 2 did not take that recommendation. Issuance cost is low and you make money all the time that you have it. You are taking money you are willing to spend and are spending bond proceeds instead. If you use variable financing, you can keep the spread between what you are investing at (78) and what the variable financing would cost (58). You keep that spread and that becomes a source of income to the District. In three years' time, and if the Districts do lose their permit and do have to borrow money, you have a supply of money available. This will not finance the whole thing. Will still be short $40 million. If District buys this concept, they will have low risk insurance. In fact, will actually make money. He advised that District 2 recommended the fixed rate package. There is a cost to that and there is not a cost to the variable financing as long as you have cash balances in your funds. District 14 would like to go with this package and recommends other Districts look at this same thing. Director (alver commented that this is an interesting concept; somewhat unusual. Director Partin asked about the requirements of time District re capacity vs. need for money? The General Manager stated that the District doesn't have much extra capacity at this moment. The Master Plan calls for construction of projects re (1) hydraulic capacity to handle the increase in flows because of increased development, (2) for improved treatment to maintain federal and state standards, (3) environnental enhancements to satisfy new and stricter AgMD requirements, and (4) rehabilitation of older facilities as they wear out. Tan Dawes added that they will be building about $250 mullion worth of just treatment works facilities. Are rehabilitating all of our clarifiers built in 1942. Will rehabilitate the outfall booster station ($30 mullion). teed that project right now. Expect to have it on line in three years. We are experiencing peak flows in the winter during storms that tax our ability to pump the water out into the ocean. In 1983 we couldn't lift as much water out of the plant as was delivered. A new headworks is also planned at Plant 1 to provide additional capacity. Also have some enhancement projects for the community. Are covering our basins. Need to operate all the scrubbers, which costs $3,000 per day in power costs. The Master Plan projected projects through the year 2000. We are designing facilities up to then but high priority is for five-year period. The Districts are treating 240 million gallons per day and it is taxing our system. Griffin emphasized the point about the 301(h) waiver. Said they are not projecting any additional costs for secondary treatment in the figures given. Will try to maintain programs but in 1991 it will be a critical point for another major plateau. %b are talking about strategizing for money that is available. There are other decisions that the Joint Hoards will have to make in years to ame. There is a potential for treatment facilities in the forebay. Also water reclamation possibility. Water is a primary resource for all of us. Should use basic business sense here. Don't like hedging of dollars. he can go to people and show what we need. We are talking about a prudent use of our dollars. Partin stated that he didn't lean toward user fees until such time that they had to go to secondary treatment. would have no choice then. -3- Director Neal said he was sold completely on what they were doing as far as the need but was not ready to go before Fountain Valley re user fees right now. Director Nelson MNED to proceed with boding. Culver SEED motion. �..i Director Polis made a SUBSTITUTE EDTION that the District proceed with implementation of a use fee now. (No second) Director Griffin called for a point of order. Felt that these were two different issues before the Board right nos. Polis said they nay have to finance less if went to user fee also. Bill Butler explained that it would take one to two years to get it in place. CALLED FOR THE QUESTION on the original motion. VOTED BY HAND COUNT. (11 YES) MOTION CARRIED. Director Norby asked that his vote in opposition to the motion be made a matter of record. It was then moved to direct the staff to care up with user fee recommendations as to hoe they should phase this in. Sapien added they should investigate the possibility of increased connection fee also. Griffin suggested that this could be accomplished by just having the Chairman direct the staff to do that. Don't need to have a formal motion at this time. Directors agreed. Director Wiley MOVED that the staff and consultants be directed to proceed with issuance of fixed-rate debt. Motion SECONDED. Peer Swan added as a matter of informtaion that they (IRWD) have about $130 mullion at variable rate and $110 million at fixed issue. Have a little experience on both. Either one of the financing methods is probably in the District's benefit. If you issue variable rate, the issue cost is $1.4 million and $3.4 million for issuing fixed rate. If you issue fixed rate during window as period, interest rate will be somewhat higher which will cast you interest over 25 years. If the tax law passes, is deflationary tax law and expect interest rates to come down. Will have an opportunity to fix rate at a later time. With variable rate you can invest at 6-78. With fixed rate world cost about 8%. Said his District is paying 3.9% on variable rate. If COPS, would be somewhat higher which might make it about 4J%. Would have positive spread of 28 (between 58 and 7%). $40 million would be making $800,000 per year positive. Would pay back your interest fee in a period of time. In three years it would cost you nothing. If interest rates go to 12%, the rate you could invest at would probably be 15-16%, so would always have a positive spread. You would keep money in your treasury. There is no interest rate risk. You make money for the District and issuance cost is returned. Chairman Partin said it sounded good but supposedly at the end of 5 years there will be no fond excess to be drawing interest on and they will be paying off interest for the next 25 years. Peer Swan replied that the interest cost is less in the beginning. If they go with user fees, they won't go into a negative position. Said he has been a corporate treasurer for the last 10 years. He thought there is a great advantage to making it at least partially on a variable rate. Partin commented that there is one difference between Mr. Swan and the Directors in that if it goes sour in 2-3 years, they are elected officials and will hear about it. He added that if they are going to a user fee, they need to know exactly what that debt is. Would hate to get caught in an inflationary rate from 78 to 17%. r.I -4- CALT FOR THE QUESTION re motion for fixed rate. Directors asked for Director of Finance's opinion and he deferred to the experts brought in on the subject. Lora from Bartle Wells stated that her firm did not have a bias against variable rates. Thought they should use variable rates when interest rates are high and ride then down until they are low. Said there are quite a lot of bands arming out between now and September 1st. Last year variable want up higher but they came back down. She added that what they had was a firm with a very conservative philosophy in general which influences this. Should only borrow when necessary for projected projects. Should borrow in conjunction with other resources. Interest rates do track each other. The amount that you have available to invest will be drawn dawn and spread will be on a smaller pot. The most important issue is that you know what your costs are going to be. Fixed interest rate is the way to do it. Cost of issue is more on fixed. If you were to caq3are $100 million fixed rate to variable rate, your construction fund will be bigger in the fixed rate issue. Are actually having to borrow less money. In fixed rate issue underwriter nkes money when he sells now. With variable he makes a discount which pays him, and then every year makes his re-marketing fee and there is an additional cost for Letter of credit of i - i% of principal amount. For 20-25 years can't believe it would be cheaper for variable. CALLED FM THE QUESTION AGAIN. VOTED BY BAND COUNT. MOTION ChMIFT, (7 YES) Director Norby abstained from voting. -5- COUNTY SANITATION DISTRICT NO. 3 OF ORANGE COUNTY, CALIFORNIA MINUTES OF ADJOURNED REGULAR MEETING June 18, 1986 - 8:00 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. 3 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 8:00 p.m. The roll was called and the Secretary reported a quorum present. DIRECTORS PRESENT: Richard Partin, Chairman, Frank Clift, Norman Culver, Don Griffin, James Neal, Garrey Nelson, Chris Norby, Richard Polis, Sal Sapien, Charles Sylvia, Dorothy Wedel, Dewey Wiles DIRECTORS ABSENT: Ruth Bailey, Dan Griset, Don Roth, 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 Peer Swan, Lora Stovall, Ed Long, Alan Watts + + + + + + + + + + + + + Report, discussion and activities Chairman Partin reported that the purpose re long-term debt financing for of this adjourned meeting was to give funding capital construction further consideration to the alternative projects 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 sets of assumptions for the Joint Works Master Plan sewerage facilities construction program requirements of the District, 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 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 the 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 In response to a question from the Board, staff reviewed the sewerage facilities projects proposed to be partially financed by issuance of certificates of participation pursuant to the approved Joint Works Master Plan and the existing provisions of federal law, and also commented on the comparative financial position of District 3 relative to other Sanitation Districts. The Board then entered into a lengthy discussion of all the alternative means of funding both the District's short-term and long-term operating and capital requirements including ad valorem taxes, connection and user fees, grants, use of current reserves and debt financing, and the Board's historical fiscal policies. With respect to fees, the Board also discussed the legal and procedural rquirements and limitations of the various alternatives and the potential fee amounts that would be necessary to fund the needs by this alternative. The Board also discussed at considerable length 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 and the potential for increased investment returns based upon the spread between the District's investment earnings on reserves and the currently lower interest rate for variable rate debt. It was then moved and seconded that the financial consultant, bond counsel and / staff be 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. A substitute motion was then offered to consider the implementation of user fees. The motion failed for lack of a second. Following a call for the question on the original motion, the vote was polled and the Secretary reported that the motion had passed. Director Norby requested that his vote in opposition to the motion be made a matter of record. It was then moved and seconded 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. Following further discussion of the advantages and disadvantages of fixed-interest rate versus variable-interest rate debt financing, the vote was polled and the Secretary reported that the motion had passed. Director Norby requested that his abstention from voting on the motion be made a matter of record. Adjournment Moved, seconded and duly carried: That this meeting of the Board of Directors of County Sanitation District No. 3 be adjourned. The Chairman then declared the meeting so adjourned at 9:27 p.m. , June 18, 1986. Secretary, Board of Directors County Sanitation District No. 3 of Orange County, California -2-