HomeMy WebLinkAbout1986-07-30 Districts 1, 2 and 3 COUNTY SANITATION DISTRICTS
OF ORANGE COUNTY, CALIFORNIA
P.O. BOX 8127,FOUNTAIN VALLEY,CALIFORNIA 92728-8127
10644 ELLIS, FOUNTAIN VALLEY, CALIFORNIA 92708-7018
(714)962-2411
July 23, 1986
NOTICE OF ADJOURNED REGULAR MEETING
DISTRICTS NOS. 1, 2 & 3
WEDNESDAY, JULY 30, 1986 - 7:30 P.M.
10844 Ellis Avenue
Fountain Valley, California
Pursuant to adjournment of the regular meeting of July 9 , 1986 , the
Boards of Directors of County Sanitation Districts Nos. 1, 2 and 3
will meet in an adjourned regular meeting at the above hour and
date to consider bids received for sale of certificates of
participation to provide partial financing for the Districts' joint
works facilities.
Secretary
BOARDS OF DIRECTORS
County Sanitation Districts pwt Off a, Box 8I27
of Orange County, California 10844 Ellis Avenue
Fountain Valley, Calif., 92708
Telephone,:
Area Code 714
DisrRicr No. 1, 2 & 3 962-2411
AGENDA
ADJOURNED REGULAR MEETING
WEDNESDAY, JULY 30, 1986 — 7 : 30 P. M.
( 1) Roll call
(2) Consideration of actions re sale of certificates of
participation:
(a) Report of financial consultant and legal counsel
re bids received on certificates of participation
(Bids to be received by staff and consultants
at 11:00 a.m. , Wednesday, July 30th)
(b) Discussion
(c) Consideration of motion to receive and file bid
tabulation and report and recommendation of financial
consultant (Copies will be placed in Directors' meeting
folders)
(d) Consideration of the following resolutions awarding
sale of financial certificates of participation issued
by the District; authorizing the taking of required
actions related to the sale; and directing the
execution of all legal documents: (Copies will
be placed in Directors' meeting folders)
(1) DISTRICT 1 - Resolution No. 86-98-1
(2 ) DISTRICT 2 - Resolution No. 86-99-2
( 3 ) DISTRICT 3 - Resolution No. 86-100-3
(3 ) Other business and communications, if any
( 4) Consideration of motion to adjourn
MANAGER'S AGENDA REPORT
County Sanitation Districts Post ONiw Bar 8127
of Orange County, California 10844 Ellis Avenue
Fountain Valley, Calif., 92708
Talepkn
Am Coda 714
DISTRICT NO. 1 , 2 $ 3 9622411
MANAGER'S REPORT TO DISTRICT NOS. 1, 2 6 3 DIRECTORS
MEETING DATE: JDLY 30, 1986 - 7:30 P.M.
At the July 9, 1986 meeting, the Boards of Directors of Districts Nos. 1, 2 and
3 adopted Resolution No. 86-84, approved documents and delegated certain
authorities relative to the proposed sale of certificates of participation to
partially finance each district's respective share of joint treatment works
construction for the next three years. For the past few weeks, the Districts'
staff, financial consultant, legal counsel and bond counsel have been meeting
with rating agencies and underwriters in New York and California relative to
marketing the issue to major underwriters and financial institutions.
Copies of the official statement prepared on behalf of the three Districts by
Bartle Wells Associates have been circulated to underwriters and financial
institutions throughout the country. A copy of the Official Statement is
enclosed for the Directors information.
On the morning of July 30th competitive sealed bids for the certificates, which
were approved for sale by the Boards of the three districts on a fixed interest
rate, will be received and opened. The bids will then be analyzed and
tabulated, and the results of the bidding presented to the Boards for
consideration at the meeting later that evening at 7:30 p.m.
Assuming that the bids received are within the interest rate and discount rate
guidelines approved by the three Boards at the July 9, 1986 Board meeting and
are acceptable to the individual Boards, adoption of a resolution for each of
the three Districts will confirm the sale of the certificates to the low bidder.
The resolutions will be prepared following receipt and evaluation of the bids by
legal counsel and submitted to the Boards at the meeting.
The following guidelines for award of the certificates were incorporated into
Resolution No. 86-84, adopted by the three Boards at the July 9, 1986 meeting:
- Average Interest Rate: not more than 121
- Discount Rate: not more than 41.
Any Directors desiring additional information regarding the sale of certificates
prior to the meeting are requested to call Bill Butler, Director of Finance, at
962-2411 extension 240.
RE: AGENDA ITEM NOS. 2(c) & (d)
(2) (c) Bid Tabulation and Recommendation - Tan Attachment
(2) (d) Resolutions awarding sale of financial Certificates
of Participation to Paine Webber, Inc . :
Resolution No.
DISTRICT 1 86-98-1 Blue Attachment
DISTRICT 2 86-99-2 Salmon Attachment
DISTRICT 3 86-100-3 Goldenrod Attachment
Municipal Financing Consultants
1636 Bush Street
San Francisco 94109 L15A-70
415 775-3113
July 30, 1986
M E M O R A N D U M
To: Boards of Directors of County Sanitation Districts Nos. 1, 2 and 3
of Orange County, California
From: Lora Stovall, Partner
Bartle Wells Associates
Districts' Financing Consultant
Subject: Bond Sale Results
Bids were received at 11:00 a.m., in the office of Mudge Rose Guthrie Alexander
& Ferdon, co-bond counsel, 333 South Grand Avenue, Los Angeles, California, for
the sale of certificates of participation issued by County Sanitation Districts
Nos. 1, 2 and 3 of Orange County, California. The bid tabulation on the
following page presents the results of the sale.
The bids have been reviewed and certified by me and by Mudge Rose Guthrie
Alexander & Ferdon, and Rourke & Woodruff, co-bond counsel. I hereby recommend
that the three Districts award the sale to Paine Webber, Inc., First Interstate
Bank of California, Prudential-Bache Securities, Smith Barney, Harris Upham &
Co., as managers, et al in the amount of $114,661,120.00 at the interest rates
and discount set forth in the bid tabulation.
Lora Stovall
Partner
LJS:pi
�.s
Bartle Wells Associates
Municipal Financing Consultants
1636 Bush Street
San Francisco 94109
415 775-3113 UTA-11
BOND SALE RESULTS Project Manager: STOVALL
COUNTY SANITATION DISTRICTS OF ORANGE COUNTY
$117,000,000 Certificates of Participation
Joint Facilities Project
SALE DATE: July 30, 1986
FINAL MATURITY: 2011
AVERAGE LIFE OF BONDS: 17.04 years
RATINGS: Moody's A
S&P A
BOND BUYER INDEX (7/25/86): 7.60%
BIDS RECEIVED
Net
Interest
Rank Bidder Rate
1 Paine Webber 7.5684 %
2 Morgan Stanley 6 Co. . Inc. 7,71256
3 Salomon Brothers Inc. 6 Associates 7,7501
4 Shearson Lehman Bros. 7,754557
5 Bank of America 7.7710
DISCOUNT: $ 2.vas-aen
PREMIUM: $ ( $)
WINNING BID INTEREST RATES
1988 12.00 % 1996 1?_no $
1989 12.00 1997 7.10
1990 12.00 1998 7. 10
1991 12.00 1999 7.10
1992 12.00 2000 7.10
1993 12.00 2001 7. 10
1994 12.00 2006 7.10
1995 12.00 2011 7.10
RESOLUTION NO. 86-98-1
AWARDING THE SALE OF CERTIFICATES OF PARTICIPATION;
�../ AUTHORIZING THE TAKING OF REQUIRED ACTIONS RELATED
TO THE SALE; AND DIRECTING THE EXECUTION OF ALL
LEGAL DOCUMENTS
A RESOLUTION OF THE BOARD OF DIRECTORS OF COUNTY
SANITATION DISTRICT NO. 1 OF ORANGE COUNTY,
CALIFORNIA, AWARDING THE SALE OF CERTIFICATES OF
PARTICIPATION; AUTHORIZING THE TAKING OF REQUIRED
ACTIONS RELATED TO THE SALE; AND DIRECTING THE
EXECUTION OF ALL LEGAL DOCUMENTS
WHEREAS, County Sanitation Districts Nos. 1 , 2, and 3
of Orange County, California (singularly the "District" or
collectively the "Districts") , are County Sanitation Districts
formed and existing under resolutions of the Board of Supervisors
of Orange County, California adopted pursuant to the provisions
of the County Sanitation District Act (California Health & Safety
�. Code)
, and the powers of the Districts include the power to
acquire and construct joint facilities and make payments
therefor ; and,
WHEREAS, the Board of Directors of District No. 1 , in
compliance with all requirements of law, has heretofore adopted,
on July 9 , 1986 , the following Resolution (its "Prior
Resolution" ) , entitled :
"A RESOLUTION OF THE BOARD OF DIRECTORS OF COUNTY
SANITATION DISTRICT NO. 1 OF ORANGE COUNTY, CALIFORNIA,
APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND
DELIVERY OF AN ACQUISITION AND CONSTRUCTION AGREEMENT
FOR JOINT FACILITIES, AN ASSIGNMENT AGREEMENT, A TRUST
AGREEMENT AND A NOTICE INVITING BIDS; APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AN OFFICIAL
STATEMENT; APPROVING THE SALE OF CERTIFICATES OF
PARTICIPATION BY A TRUSTEE IN PAYMENTS MADE BY THE
DISTRICT PURSUANT TO SAID ACQUISITION AND CONSTRUCTION
�../ AGREEMENT FOR JOINT FACILITIES; AND AUTHORIZING CERTAIN
OTHER MATTERS RELATING THERETO" ; and,
1
WHEREAS, the Board of Directors of this District deems it
appropriate and necessary to award the sale, at this time, of
$117 ,000 ,000 .00 aggregate principal amount of Certificates of
Participation (the "Certificates" ) .
NOW, THEREFORE, the Board of Directors of County Sanitation
District No. 1 of Orange County, California,
DOES HEREBY RESOLVE, DETERMINE AND ORDER:
Section l: compliance with Conditions Precedent. All steps
required to be taken precedent to the authorization, delivery and
sale of the Certificates have been duly and regularly taken as
provided by law.
Section 2,: Notice jpJ Intention JLQ B&U Certifisatea 2f
Participation. The Notice of Intention to Sell Certificates of
Participation (as approved by this Board of Directors in its
Prior Resolution) was published as required by law. Pursuant to
the Notice Inviting Bids (as approved by this Board of Directors
in its Prior Resolution ) and the Notice of Intention to Sell
Certificates, bids have been received, opened, read and examined.
B�s�ion 3 : 31"-ex. The bid of
Paine Webber, Inc. _ for the
Certificates, attached hereto and marked Exhibit "A", and by this
reference incorporated herein, is the best bid for the
Certificates. Such bid is hereby accepted in accordance with the
terms thereof, and in accordance with and subject to the Prior
Resolutions and the Notice Inviting Bids.
Section 4: All Other Bids Rejecta-d. All bids other than
the one accepted pursuant to Section 3 hereof are rejected.
2
�gstis➢ 5: 111t&I921 Bsitg-a s➢ The
Certificates shall be payable in the Principal Amounts (as either
maturities or Sinking Fund Installments) and interest with
respect thereto shall be payable at the rates as set forth in the
accepted proposal.
Sectio Purchase PZice 121 tb.Q ertificateS. The
General Manager is hereby authorized and directed to deliver the
Certificates to the successful bidder upon payment of
$ 114, 661 , 120. 00 therefor, plus accrued interest from
August 1 , 1986 to the date of delivery of the Certificates.
Section Z: RR_ tific tl9➢. All actions and proceedings
heretofore taken in connection with the authorization, issuance
and sale of the Certificates are hereby ratified and confirmed,
including the approval of the Acquisition and Construction
... Agreement for Joint Facilities, the Trust Agreement and the
Assignment Agreement and all other actions approved by this
District' s Prior Resolution.
Section Q: Official Statement Furnished. The General
Manager and the Financial Advisor are hereby authorized and
directed to cause to be furnished to the successful bidder a
reasonable number of copies of the Official Statement.
Section 9 : General Authorization. The Chairman, the
Chairman Pro Tempore, General Manager and any authorized
officers, deputy officers or employees, consultants and counsel,
are hereby authorized to do all acts and things necessary or
desirable in carrying out the financing contemplated by the
Proposal Resolution.
...
Section ],Q: Establishment of Construction Fund• There is
3
hereby established the Acquisition Fund, as described in the
project documents, for purposes of paying the acquisition and
construction costs of the project. Said fund shall be designated
"County Sanitation District No. 1 Construction Fund".
Section 11: Establishment j1f Installment Pav7pgak Fund,
There is hereby established the Installment Payment Fund, as
described in the project documents, for purposes of receiving
installment payments paid by District, and to pay to the Trustee
installment payments and interest as provided in the project
documents. Said fund shall be designated "County Sanitation
Districts Nos. 1, 2, and 3 Installment Payment Fund."
Sect;o 1.2: Effective Date. This Resolution shall take
effect upon its adoption.
PASSED AND ADOPTED at an adjourned regular Board Meeting
held this 30th day of July, 1966 .
TLW:pj (76)
4
SUGGESTED FORM OF PROPOSAL
FOR PURCHASE OF CERTIFICATES
July 30, 1986
County Sanitation Districts Nos. 1, 2, and 3
of Orange County
c/o Mudge Rose Guthrie Alexander & Ferdon
333 South Grand Avenue - Suite 2020
Los Angeles, CA 90071
For $117,000,000 County Sanitation Districts Nos. 1, 2, and 3 of Orange County
Certificates of Participation, Joint Facilities Project, as described in the Notice Inviting
Bids, which is incorporated herein and made a part of this proposal, we will pay the
sum of E 114,Gfn1 , 120,00 and interest to the date of their
delivery orcerti icai atestoto bear interest a— teal rates set forth below:
Cuml. Maturity Cum]. Maturity
Bond Date Principal Interest Bond Date Principal Interest
Years August 1 Amount Rate Years August 1 Amount Rate
2,800 1988 $1,400,000 P_$ 142,900 1996 E 3,300,000 tho %
8,500 1989 1,900,000 $ 181,400 1997 3,500,000 7: O
16,900 1990 2,100,000 �c 227,000 1998 3,800,000
27,900 1991 2,200,000 y�.�$ 280,300 1999 4,100,000 7,10 %
42,300 1992 2,400,000 % 341,900 2000 4,400,000 -MO $
60,500 1993 2,600,000 b�.cn 412,400 2001 4,700,000 7.j0 $
�./ 82,900 1994 2,800,000 $ 959,000 2006 30,100,000 7.10 %
109,900 1995 3,000,000 1,994,100 2011 44,700,000 =$
A certified or cashier's check in the amount of $250,000 payable to the order of the
Districts is enclosed.
E. B. BOSW` LL,,V-P-
(For information only, not part of proposal) PAINE WEBBER INC
j FIRST INTERSTATE BANK OF CALIF.
Interest payable from j —FrWosNTTAL RArWR GVMIRTTTF.S
[ 8/1/86 through 8/1/11 E14Q `7r rn�p j SMITH BARNEY, HARRIS llPHAM d CO
AS l7ANA
et al
[ Less premium/Plus discount 0ot1 )
[ Net interest payable �511q=;Q¢pA
Net effective interest rate
[ (A list of the members of our underwriting ) _
[ group is attached.)
EXHIBIT "A"
RESOLUTION NO. 86-99-2
AWARDING THE SALE OF CERTIFICATES OF PARTICIPATION;
AUTHORIZING THE TAKING OF REQUIRED ACTIONS RELATED
TO THE SALE; AND DIRECTING THE EXECUTION OF ALL
LEGAL DOCUMENTS
A RESOLUTION OF THE BOARD OF DIRECTORS OF COUNTY
SANITATION DISTRICT NO. 2 OF ORANGE COUNTY,
CALIFORNIA, AWARDING THE SALE OF CERTIFICATES OF
PARTICIPATION; AUTHORIZING THE TAKING OF REQUIRED
ACTIONS RELATED TO THE SALE; AND DIRECTING THE
EXECUTION OF ALL LEGAL DOCUMENTS
x x x x x
WHEREAS, County Sanitation Districts Nos. 1 , 2, and 3
of Orange County, California (singularly the "District" or
collectively the "Districts") , are County Sanitation Districts
formed and existing under resolutions of the Board of Supervisors
of Orange County, California adopted pursuant to the provisions
of the County Sanitation District Act (California Health & Safety
Code) , and the powers of the Districts include the power to
acquire and construct joint facilities and make payments
therefor ; and,
WHEREAS, the Board of Directors of District No. 2 , in
compliance with all requirements of law, has heretofore adopted,
on July 9 , 1986 , the following Resolution ( its "Prior
Resolution" ) , entitled :
"A RESOLUTION OF THE BOARD OF DIRECTORS OF COUNTY
SANITATION DISTRICT NO. 2 OF ORANGE COUNTY, CALIFORNIA,
APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND
DELIVERY OF AN ACQUISITION AND CONSTRUCTION AGREEMENT
FOR JOINT FACILITIES, AN ASSIGNMENT AGREEMENT, A TRUST
AGREEMENT AND A NOTICE INVITING BIDS; APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AN OFFICIAL
STATEMENT ; APPROVING THE SALE OF CERTIFICATES OF
PARTICIPATION BY A TRUSTEE IN PAYMENTS MADE BY THE
DISTRICT PURSUANT TO SAID ACQUISITION AND CONSTRUCTION
r- AGREEMENT FOR JOINT FACILITIES; AND AUTHORIZING CERTAIN
OTHER MATTERS RELATING THERETO" ; and,
1
WHEREAS, the Board of Directors of this District deems it
appropriate and necessary to award the sale, at this time, of
$117 ,000 ,000 .00 aggregate principal amount of Certificates of
Participation (the "Certificates" ) .
NOW, THEREFORE, the Board of Directors of County Sanitation
District No. 2 of Orange County, California,
DOES HEREBY RESOLVE, DETERMINE AND ORDER:
Section l: Compliance with Conditions Precedent. All steps
required to be taken precedent to the authorization, delivery and
sale of the Certificates have been duly and regularly taken as
provided by law.
Section 2: Notice Sf 1JAe.Dt3on t_Q dell CertjfUcate� Df
Participation. The Notice of Intention to Sell Certificates of
Participation (as approved by this Board of Directors in its
Prior Resolution) was published as required by law. Pursuant to
the Notice Inviting Bids (as approved by this Board of Directors
in its Prior Resolution ) and the Notice of Intention to Sell
Certificates, bids have been received, opened, read and examined.
Sertlsn 3 : S51eee5efldl B35)Sier . The bid of
—Paine -Webber, Inc . for the
Certificates, attached hereto and marked Exhibit "A", and by this
reference incorporated herein, is the best bid for the
Certificates. Such bid is hereby accepted in accordance with the
terms thereof, and in accordance with and subject to the Prior
Resolutions and the Notice Inviting Bids.
Section 4: fill Qtjler Bids 11giected. All bids other than
the one accepted pursuant to Section 3 hereof are rejected.
2
SgS-tISn 5: Sn-teseel< 2.1-tgg sn -CextlllSAl=gfi. The
Certificates shall be payable in the Principal Amounts (as either
maturities or Sinking Fund Installments) and interest with
respect thereto shall be payable at the rates as set forth in the
accepted proposal .
Section Sx: Purchase Pri jQ Xq_K the _Cgrtlf.lEgtes. The
General Manager is hereby authorized and directed to deliver the
Certificates to the successful bidder upon payment of
$ 114, 661 , 120 . 00 therefor, plus accrued interest from
August 1 , 1986 to the date of delivery of the Certificates.
Section z: Ratification. All actions and proceedings
heretofore taken in connection with the authorization, issuance
and sale of the Certificates are hereby ratified and confirmed,
including the approval of the Acquisition and Construction
Agreement for Joint Facilities, the Trust Agreement and the
Assignment Agreement and all other actions approved by this
District' s Prior Resolution.
S prhjgn Q: QIfisial State mgnh £2SDL4hg-d. The General
Manager and the Financial Advisor are hereby authorized and
directed to cause to be furnished to the successful bidder a
reasonable number of copies of the Official Statement.
Sectipl] 2: Gene rAl Authorization. The Chairman, the
Chairman Pro Tempore, General Manager and any authorized
officers, deputy officers or employees, consultants and counsel,
are hereby authorized to do all acts and things necessary or
desirable in carrying out the financing contemplated by the
Proposal Resolution.
Section 1k: Establishment Qf Construction Fund• There is
3
hereby established the Acquisition Fund, as described in the
project documents, for purposes of paying the acquisition and
construction costs of the project. Said fund shall be designated
"County Sanitation District No. 2 Construction Fund".
Section 11: Establishment QJ Installment 22ym_q➢_t f.Un_d.
There is hereby established the Installment Payment Fund, as
described in the project documents, for purposes of receiving
installment payments paid by District, and to pay to the Trustee
installment payments and interest as provided in the project
documents. Said fund shall be designated "County Sanitation
Districts Nos. 1 , 2 , and 3 Installment Payment Fund."
Sec ion 11: Effgc iv pig. This Resolution shall take
effect upon its adoption.
PASSED AND ADOPTED at an adjourned regular Board Meeting
v
held this 30th day of July, 1986 .
TLW:pj (76)
4
SUGGESTED FORM OF PROPOSAL
FOR PURCHASE OF CERTIFICATES
July 30, 1986
County Sanitation Districts Nos. 1, 2, and 3
of Orange County
c/o Mudge Rose Guthrie Alexander & Ferdon
333 South Grand Avenue - Suite 2020
Los Angeles, CA 90071
For $117,000,000 County Sanitation Districts Nos. 1, 2, and 3 of Orange County
Certificates of Participation, Joint Facilities Project, as described in the Notice Inviting
Bids, which is incorporated herein and made a part of this proposal, we will pay the
sum of E I %'GL(6 120'ro and interest to the date of their
delivery for certiticates to bear interest athe al rates set forth below:
Cuml. Maturity Cum]. Maturity
Bond Date Principal Interest Bond Date Principal Interest
Years August 1 Amount Rate Years August 1 Amount Rate
2,800 1988 $1,400,000 poo $ 142,900 1996 E 3,300,000 Wool
%
8,500 1989 1,900,000 2 $ 181,900 1997 3,500,000 16,900 1990 2,100,000 2a$ 227,000 1998 3,800,00027,900 1991 2200,000 �.00% 280,300 1999 4,100,000
42,300 1992 2,400:000 % 341,900 2000 4,400,000 -mo $
60,500 1993 2,600000 yam$ 412,400 2001 4,700,000 T10 %
82,900 1994 2,800:000 Qc() 959,000 2006 30,100,000 7.10 %
109,900 1995 3,000,000 1,994,100 2011 44,700,000 $
A certified or cashier's check in the amount of $250,000 payable to the order of the
Districts is enclosed.
[ 7] E. B. BOSW�ELL,• V.P.
(For information only, not part of proposal) 1 PAINE WEBBER INC
[ ] FIRST INTERSTATE BANK OF CALIF.
[ Interest payable from ] PRUDENTIAL RErAy cFrnRTTTF6
j SNITH BARNEY, HARRIS llPHAM 6 CO
8/1/86 through 1 4Ft 8/1/11 EI � r� AS XAN�rrac
et al
[ Less premium/Plus discount 338O.an ]
[ Net interest payable %51q= nA
[ l
( Net effective interest rate
[ (A list of the members of our underwriting ]
[ group is attached.) ]
EXHIBIT "A"
RESOLUTION NO. 86-100-3
AWARDING THE SALE OF CERTIFICATES OF PARTICIPATION;
AUTHORIZING THE TAKING OF REQUIRED ACTIONS RELATED
�-' TO THE SALE ; AND DIRECTING THE EXECUTION OF ALL
LEGAL DOCUMENTS
A RESOLUTION OF THE BOARD OF DIRECTORS OF COUNTY
SANITATION DISTRICT NO. 3 OF ORANGE COUNTY,
CALIFORNIA, AWARDING THE SALE OF CERTIFICATES OF
PARTICIPATION; AUTHORIZING THE TAKING OF REQUIRED
ACTIONS RELATED TO THE SALE; AND DIRECTING THE
EXECUTION OF ALL LEGAL DOCUMENTS
WHEREAS, County Sanitation Districts Nos. 1 , 2, and 3
of Orange County, California (singularly the "District" or
collectively the "Districts") , are County Sanitation Districts
formed and existing under resolutions of the Board of Supervisors
of Orange County, California adopted pursuant to the provisions
of the County Sanitation District Act (California Health & Safety
Code) , and the powers of the Districts include the power to
acquire and construct joint facilities and make payments
therefor ; and,
WHEREAS, the Board of Directors of District No. 3 , in
compliance with all requirements of law, has heretofore adopted,
on July 9 , 1986 , the following Resolution ( its "Prior
Resolution") , entitled:
"A RESOLUTION OF THE BOARD OF DIRECTORS OF COUNTY
SANITATION DISTRICT NO. 3 OF ORANGE COUNTY, CALIFORNIA,
APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND
DELIVERY OF AN ACQUISITION AND CONSTRUCTION AGREEMENT
FOR JOINT FACILITIES, AN ASSIGNMENT AGREEMENT, A TRUST
AGREEMENT AND A NOTICE INVITING BIDS; APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AN OFFICIAL
STATEMENT; APPROVING THE SALE OF CERTIFICATES OF
PARTICIPATION BY A TRUSTEE IN PAYMENTS MADE BY THE
DISTRICT PURSUANT TO SAID ACQUISITION AND CONSTRUCTION
AGREEMENT FOR JOINT FACILITIES; AND AUTHORIZING CERTAIN
OTHER MATTERS RELATING THERETO" ; and,
1
WHEREAS, the Board of Directors of this District deems it
appropriate and necessary to award the sale, at this time, of
$117 ,000 ,000 .00 aggregate principal amount of Certificates of
Participation (the "Certificates" ) .
NOW, THEREFORE, the Board of Directors of County Sanitation
District No. 3 of Orange County, California,
DOES HEREBY RESOLVE, DETERMINE AND ORDER:
Section 1: Compliance with conditions Precedent. All steps
required to be taken precedent to the authorization, delivery and
sale of the Certificates have been duly and regularly taken as
provided by law.
Sec ion 2,: N9tj" 4f Intention 14 Sall f,"JtjJl-QAlg� DI
Participation. The Notice of Intention to Sell Certificates of
Participation (as approved by this Board of Directors in its
Prior Resolution) was published as required by law. Pursuant to
the Notice Inviting Bids (as approved by this Board of Directors
in its Prior Resolution ) and the Notice of Intention to Sell
Certificates, bids have been received, opened, read and examined.
SEL119D .1 : S1a99SSflf1]1 biJ!igr . The bid of
Paine Webber, Inc. for the
Certificates, attached hereto and marked Exhibit "A", and by this
reference incorporated herein, is the best bid for the
Certificates. Such bid is hereby accepted in accordance with the
terms thereof , and in accordance with and subject to the Prior
Resolutions and the Notice Inviting Bids.
$ggtion 1: E11 Dlh-ea Bids Rejected. All bids other than
the one accepted pursuant to Section 3 hereof are rejected.
2
pgction 5.: lnte regt Batgg cn -Certificates . The
Certificates shall be payable in the Principal Amounts (as either
maturities or Sinking Fund Installments) and interest with
respect thereto shall be payable at the rates as set forth in the
accepted proposal.
Section Q: fyl—rchag_g price for t -e Certific tes. The
General Manager is hereby authorized and directed to deliver the
Certificates to the successful bidder upon payment of
$ 114 , 661 , 120. 00 therefor, plus accrued interest from
August 1 , 1986 to the date of delivery of the Certificates.
,Section Z: Ratification. All actions and proceedings
heretofore taken in connection with the authorization, issuance
and sale of the Certificates are hereby ratified and confirmed,
including the approval of the Acquisition and Construction
�- Agreement for Joint Facilities, the Trust Agreement and the
Assignment Agreement and all other actions approved by this
District' s Prior Resolution.
Section $: Officia Statement fnrnj_gheei. The General
Manager and the Financial Advisor are hereby authorized and
directed to cause to be furnished to the successful bidder a
reasonable number of copies of the Official Statement.
3gc1ion 9 : Gene-Lai A-uthorization. The Chairman, the
Chairman Pro Tempore, General Manager and any authorized
officers, deputy officers or employees, consultants and counsel,
are hereby authorized to do all acts and things necessary or
desirable in carrying out the financing contemplated by the
Proposal Resolution.
Section 1Q: Establishment of Construction Fund. There is
3
hereby established the Acquisition Fund, as described in the
e
project documents, for purposes of paying the acquisition and `..i
construction costs of the project. Said fund shall be designated
"County Sanitation District No. 3 Construction Fund".
Section 11: Egla411s1lment sf 1,ngI llment Fund.
There is hereby established the Installment Payment Fund, as
described in the project documents, for purposes of receiving
installment payments paid by District, and to pay to the Trustee
installment payments and interest as provided in the project
documents. Said fund shall be designated "County Sanitation
Districts Nos. 1, 2, and 3 Installment Payment Fund."
Section 12: Effective Date, This Resolution shall take
effect upon its adoption.
PASSED AND ADOPTED at an adjourned regular Board Meeting
held this 30th day of July, 1986 .
TLW:pj (76)
4
(. >L.K—) SUGGESTED FORM OF PROPOSAL
FOR PURCHASE OF CERTIFICATES
July 30, 1986
County Sanitation Districts Nos. 1, 2, and 3
of Orange County
c/o Mudge Rose Guthrie Alexander & £erdon
333 South Grand Avenue - Suite 2020
Los Angeles, CA 90071
For $117,000,000 County Sanitation Districts Nos. 1, 2, and 3 of Orange County
Certificates of Participation, Joint Facilities Project, as described in the Notice Inviting
Bids, which is incorporated herein and made a part of this proposal, we will pay the
sum of $ I1416W. 120'co and interest to the date of their
delivery for certificates to bear interest aim annual rates set forth below:
Cuml. Maturity Cuml. Maturity
Bond Date Principal Interest Bond Date Principal Interest
Years August 1 Amount Rate Years August 1 Amount Rate
2,800 1988 $1,400,000 Ago % 142,900 1996 $ 3,300,000 00
8,500 1989 1,900,000 _1200% 181,400 1997 3,500,000
16,900 1990 2 100 000 i2.w 227,000 1998 3,800,000
27,900 1991 2:200:000 goo% 280,300 1999 4,100,000 7.t0
42,300 1992 2 400 000 % 341,900 2000 4,400,000 -mo %
60,500 1993 2:600:000 1�.� 412,400 2001 4,700,000 —j l0 %
82,900 1994 2,800,000 � $ 959,000 2006 30,100,000 7.to %
109,900 1995 3,000,000 �cC% 1,994,100 2011 44,700,000 7"l�$
A certified or cashier's check in the amount of $250,000 payable to the order of the
Districts is enclosed.
[ ] E. B. V.P.
f (For information only, not part of proposal) PAINE WEBBER INC
[ ] FIRST INTERSTATE BANK OF CALIF.
[ Interest payable from ] FR4DrNT1"1 RAMIE SE IIETTTFS
8/1/86 through 8/1/11 S �FI�d j SNITH BARNEY, HARRIS UPHAM d CO
AS ...ewer.Fxc
[ Less premium/Plus discount et at
y3T�p^p{l ]
[ Net interest payable tgT �C�driQ��
[ Net effective interest rate ]
[ ]
[ (A list of the members of our underwriting ]
[ group is attached.) ]
EXHIBIT "A"
SUPPLEMENTAL AGENDA ITEM
DISTRICTS 1, 2 6 3
Consideration of motion selecting and authorizing Bank of America to act as the
trustee, registrar and paying agent for the long-term debt financing program and
authorizing payment of annual administration fee of $12,000 plus miscellaneous
reporting and transaction fees and costs.
77777�
A ■Vrn�y' I 1 ��-il
Bank of America JUL 2 81986
Securities Services Division
Corporate Trust Sales 69523 '
201 Mission Street, 15th Floor
San Francisco, CA 94105
July 28, 1986
Ms. Laura Stovall
Bartle Wells & Associates
1636 Bush Street
San Francisco, CA 94109
Subject: Approximately $120,000,000 County of Orange
Sanitation Districts
Certificates of Participation
Dear Ms. Stovall :
As requested, set forth below is our revised proposal to
act as Trustee, Registrar and Paying Agent in connection
with the upcoming financing of the above described issue as
conveyed to Bank of America prior to our review of
documents.
FINAL ACCEPTANCE:
Final acceptance of the issue is contingent upon Trustee ' s
satisfactory review of the documents and may result in
adjustments to the proposal should there be any changes
prior to closing.
ACCEPTANCE FEE: $8,000.00
Fee includes the review of the Trust Agreement
and supporting documents and the setting up of
all required records.
Recuired: Three sets of executed closing documents.
(The fees of outside counsel will be in addition
to the above acceptance fee. )
ANNUAL ADMINISTRATION FEE: $12,000.00
�..✓ This fee includes the follow-up necessary to
determine that the covenants of the Trust
Agreement have been complied with.
Bank of America National Trust and Savings Association
Ms. Laura Stovall
July 28, 1986
Page Two
REGISTRAR MAINTENANCE AND SERVICING FEE:
Annual Minimum $500.00
This fee includes the annual maintenance and
servicing of 100 certificateholder accounts or
any portion thereof; solicitation of taxpayer
identification numbers; postings; interest
disbursement; stop payment and replacement of
lost or missing interest checks; correspondence
and research required; documentary transfers;
replacement of lost or stolen certificate; and
one certificateholder list.
Should the annual certificateholder account base
exceed 100 accounts then a charge of $5.00 per
certificateholder account will be charged for
the excess of 100 certificateholder accounts. .
Issuance, registration or transfer
Each certificate: $ 1 . 50
`..� Payment of certificate upon maturity
or call
Each certificate: . $ 3 .00
Certificateholder list over one - each
holder: $ .05
Minimum charge per list: $ 75 .00
CONSTRUCTION FUND: ( if applicable)
1/100th of one percent of amount disbursed.
INVESTMENT OF FUNDS: ( if applicable)
This service charge will cover costs of placement
of an investment, settlement, safekeeping of
the security, collection of interim interest
and the costs of redemption for each purchase
or sale, other than Bank of America issued
securities or Bank of America Certificates of
Deposit.
Each investment: $ 75 .00
If directed by other than Trustee: $150.00
Ms. Laura Stovall
July 28, 1986
Page Three
MAILINGS - PREPARE LABELS: ( if applicable)
Label production - each: $ .05
Minimum charge: $ 75 .00
Mail Processing by machine - each: $ . 10
Mail Processing by hand - each: $ .25
Minimum charge: $ 75 .00
TAX REPORTING: ( if applicable)
Filing of tax forms, each form: $ 1 .50
WIRE PAYMENTS; ( if applicable)
Each payment: $ 20.00
SINKING FUND AND REDEMPTION; ( if applicable)
Selection of certificates and preparation
of notice of redemption - each redemption $500 .00
Purchase of certificates for retirement -
each purchase: $ 75.00
ADDITIONAL SERVICES:
The above schedule of fees is for the ordinary services in
connection with the items mentioned, and should we be
called upon to render any unusual services in connection
with the items mentioned, or any additional services not
set forth in the above schedule, or services during
default, a reasonable charge, depending upon the services
rendered, will be made.
OUT-OF-POCKET EXPENSES:
Fees do not include out-of-pocket expenses such as, but not
limited to, counsel fees, postage, insurance, wires,
stationery, co-agent fees ( if any) , costs of printing forms
or letters, publication of notices of redemption, expenses
of Bank personnel traveling to attend closings or meetings,
etc. These out-of-pocket expenses will be charged at the
actual cost incurred.
Ms. Laura Stovall
July 28, 1986
Page Four
�..�� MICROFILMING OF CANCELLED CERTIFICATES:
BANK shall retain cancelled certificates for a period of
twelve months for the purpose of facilitating research,
after which time they shall either be returned to the Issuer
or sent to a commercial record storage warehouse selected by
the Issuer. If cancelled certificates are to be micro-
filmed, the cancelled certificates and all supporting docu-
mentation are to be sent to a microfilm service bureau for
filming. An original and a duplicate copy of the film will
be returned to the BANK for inspection. When the inspec-
tion is completed, the original film will be sent to the
Issuer. The duplicate copy will be retained by the BANK
for research purposes and all documents will be sent to the
BANK' s record destruction facility. The microfilm service
bureau will bill the Issuer directly with a copy to the
BANK. BANK will charge the Issuer 15% of the microfilm
service bureau ' s bill as a processing charge (for handling,
coordination, file certification and destruction) .
TERMINATION OF TRUST:
An amount equal to 10% of the last 12 months fees (minimum
charge of $1 ,000.00) .
The above fees are quoted on the basis that float accrues to
the benefit of the Trustee. Any change in this understand-
ing may result in adjustments to the proposal .
Fees are subject to adjustment upon providing at least
ninety (90) days advance written notice.
Please acknowledge acceptance of this proposal by :
1 . Notifying us immediately by calling me.
2. Having the issuer sign and return the enclosed copy
of this proposal at your earliest convenience.
We ap eciate the opportunity to submit this proposal and
;,on/
be pleased to answer any questions you have.
Sin
An y J remi
Assist nt Vice President
(415) 24-2514
MM/br/733A1 : Encl :
ORANGE COUNTY SANITATION DISTRICTS
MEETING DATE July 30, 1986 TIME 7:30 TWA DISTRICTS 1, 2 6 3 - Adjourned
DISTRICT 1 JOINT BOARDS
(SALTARELLI)...HOESTEREY... ✓ (MANDIC).........BAILEY......
(CRANK)........HANSOM...... (MURPHY).........BEVERAGE...._
(LUXEMBOURGER).GRIRET...... 01
_ _ (ZIEGLER)........BUCX........
(WIEDER).......STANTON.....JG _ (WORRY)..........CATLIN......
(RISHER).........CLIFT.......
DISTRICT 2 (PERRY)..........CULVER......
(SALTARELLI).....EDGAR.......
_
(NORBY)........CRTLXN......L/ (REESE)..........GRIFFIN..... _
(ZIEGLER)......BUCK........ f_ _ (LUXEMSOURGER)...GRISET......
(LUXEMBOURGER).GRISET.....• (CRANK)..........HANSON...... _
(SILIEL).......KANANAMI....� (COX)............HART........
BV _
(WEDEL)........NAHOM .....7__ _ (SALTARELLI).....HOESTEREY..._
(BEVERAGE).....MURPHY...... (SILIEL).........KAYANAMI...._
(SCOTT)........WEAL........TC- _ (SALTARELLI).....KENNEDY.....
(CULVER).......PERRY.......-��_ (WEDEL)..........MAHONEY.....
(OVERHOLT).....ROTH....... (COX)............MAUREA......
_
(BEYER)........SMITH.......,_ (BAKER)..........MILLER......
(WIEDER).......STANTON....._� _ (BEVERAGE).......MURPHY..... _
(NELSON).......SUTTON......y�_ (SCOTT)..........NEAL........
(SUTTON).........NELSON......
DISTRICT 3 (LACAVO).........
PARTIN......
(CULVER).........PERRY.......
(LACAYO).......PARTIN...... COX)............PLOWER.....
(NELSON)......A1046LS .......G (NELSON).........POLIS.......
(MANDIC).......BAILEY.......y�_ _ (OVERHOLT)......•ROTH........
(HORSY)........CATLIN......Sc _ _ (PACE)...........SAPIEN......
(RISHER).......CLIFT........ _ _ (WILES)..........SIEFEN......
_
(PERRY)........CULVER......y�_ _ (BEYER)..........SMITH....... _
(REESE)........GRIFFIN..... 1� (MIEDER).........STANTON....._
(LUXEMBOURGER).GRISET..... (NELSON).........SUTTON...... _
(WEDEL)....:...fMMON06....✓ (MILLER).........SWAN........
(SCOTT)........MEAL........y (SELVAGGI).......SYLVIA......
(SUTTON).......NELSON......? _ _ (FINLEY).........THOMAS......
(OVERHOLT).....ROTH........� _ _ (GREEN)..........MANNER......
(PACE).........SAPIEN......y�
(WILES)........SIEFEN...... v_ _
(YIEDER).......STANTON.....
- (SELVAGGI).....SYLVIA....... _
DISTRICT $ SYLVESTERCLARKE......
CAWES.......HART........
(COX).........JWUN .....- _ _ ANTLER......_
(YIEOER).......STANTOTON....._ BUTLER......
BROWN E .......
AR
DISTRICT 6 KYLE ......._
KYLE.........
( )....WARNER......_ _ _ VON LANGEN
ON...........
(YIEDER).......STANTON....._ _ _ CA ......
CLAWSOYSON....._
OI$TRiCT 7 .ore........
LINTER......
(BAKERRELL1)...EDGER......._ _ OEBLILUz...._
(BAKEM)...... MILLER......
(COX)..........MAURER......_
(COY)..........SMITH......._
(BEYEE)........SMITH......._
( EEN)........STANTON....._
(GRGREEN)........YAHNER......_
DISTRICT 11
(WINDIC).......BAILEY......_
(WIEDER).......STANTON....._
(FINLEY).......THOMAS......_
DISTRICT 13 OTHERS: WOODRUFF...._
ATKINS......
(NELSON).......SUTTON......_ _ _ HONENER....._
(MURPHY).......BEVERAGE...._ _ _ HOWARD......_
(OVERHOLT).....ROTH........_ _ _ HUNT........_
(BEYER)........SMITH......._ _ _ KEITH......._
(WIEDER).......STANTON..... _ _ KNOPF.......
LE BLANC...._
DISTRICT 14 LINDRTROM..._
LYNCH......._
(BAKER).....-MILLER......__ � MARTINSON..._
(MILLER).......SWAN........_ _ _ PEARCE......_
(SALTARELLI)...KENNEDY....._ _ _ MASON......._
(BEYER)........SMITH......._ _ _ YOUNG......._
(UIEDER).......STANTON....._
07/10/89
r
DISTRICTS 1, 2 6 3 ADJOURNED M=ING NNES - July 30, 1986, 7:30 p.m.
The General Manager reported that bids were taken that morning at Mdge Rose's
office in Los Angeles. He advised that Lora Stovall and Frank Coughlin were
there to report on the bids.
Lora Stovall from Bartle wells then addressed the Boards. She said they
received five bids for Certificates of Participation. The lowest net interest
rate was 7.5684%. The bids ranged up to 7.71%. The estimate used was 8%. The
five bids did not list all the syndicated members--total of 23 members included
in all five bids which represent $600 million of joint capital. She reported
that the Districts received an "A" rating from the rating agencies and they were
very well received in the market. Said the Districts should feel very satisfied
with the respect they have received from the financial camumity as demonstrated
by the bids. She added that she has enjoyed working with the Districts and
appreciated all of the cooperation Bartle Wells has received fran the Districts'
Board and staff.
Director Partin questioned why the Districts only received an "A" rating. Lora
indicated that this was a very good rating. He also stated that he was confused
about the interest rates. Flow do we get an average of 7.58? Inra explained the
parameters that were layed out in the Notice Inviting Bids. She said the
interest rates were evaluated based an a weighted average. She then reviewed
the bid form. She note] that they locked at the five bids and the interest rate
from year to year on the bids is quite different. They locked at all of the
bids to be sure that Paine Webber's was the lowest total cost.
Partin asked what it would cost each District each year to pay back this money?
Tore said she didn't know the exact amounts yet but the Official Statement had
given the individual figures based on 8% interest so it would be a little less
than that.
Frank Coughlin of A9ndge Rose etc. said they reviewed each of the bids along with
Rourke and Woodruff to be sure it ccmplied. He than reviewed the resolutions
before the Directors which awarded the sale of the Certificates of
ParticipaffYon to Paine Webber, Inc. and listed the actions taken thus far
regarding the sale and what future steps would be taken to complete the sale.
Director Partin said he thought that these certificates would be sharing equally
by the Districts and asked why each of the resolutions didn't have a different
number? Don Woodruff clarified the section that listed the amount of money to
be paid by Paine Webber. He advise] that the Trust Agreement and Acquisition
and Construction Agreement would clearly state Districts 1, 2 a 3's respective
pro rate obligations. He referred to page 20 of the Official Statement prepared
by Bartle Wells which indicates the approximate obligation of each District
based on 88 interest. lore added that she would be calculating the final
amounts soon.
Director Hoesterey questioned the paragraph on page 6 of the Official Statement
re non-arbitrage certificates and Mr. Coughlin explained that provision to him.
He said the Districts are proceeding now so they can make arbitrage on certain
of these proceeds. This basically states that they will not receive proceeds
that will result in arbitrage that is not permissible.
Partin then questioned the average life of the bonds being 17 years rather than
the 25 discussed previously. Lora explained that they really are for 25 years
but a portion of the bonds are term bonds and there is a potential chance of 1
in 5 that they will be called between 2002-2006 and 2007-2011. Term bonds are a
sales point for underwriters for institutional holders that like big blocks of
maturity. Bonds for the first 10 years will be sold to individual investors and
20-25 year bads will go to big investors and insurance conies.
Eollowing adoption of resolutions, it was moved, seconded and duly carried:
That Bank of America be selected and authorized to act as the trustee, registrar
and paying agent for the long-term debt financing program; *and authorizing
payment of an annual administration fee of $12,000 plus miscellaneous reporting
and transaction fees and costs to Bank of America.
Question was asked when money would be received from ]
were advised that it would be received on August 12th n�V✓%]`
tr
7 -7 ? yr3
-2-
COUNTY SANITATION DISTRICTS NOS. 1, 2 6 3
OF ORANGE COUNTY, CALIFORNIA
MINUTES OF ADJOURNED REGULAR MEETING
July 30, 1986 - 7:30 P.H.
10844 Ellie Avenue
Fountain Valley, California
Pursuant to the adjournment of the regular meeting of July 9, 1986, the
Boards of Directors of County Sanitation Districts Nos. 1, 2 and 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 7:30 p.m. The roll was called
and the Secretary reported a quorum present.
District 1:
DIRECTORS PRESENT: Ronald B. Hoesterey, Chairman, Robert
Hanson, Roger Stanton
DIRECTORS ABSENT: Dan Griset
District 2•
DIRECTORS PRESENT: Buck Catlin, Chairman, Richard Buck,
Carol Kawanami, Todd Murphy, James
Neal, Bob Perry, Don Roth, Don
E. Smith, Roger Stanton, John Sutton,
Dorothy Wedel
►i
DIRECTORS ABSENT: Dan Griaet
District 3•
DIRECTORS PRESENT: Richard Partin, Chairman, Ruth Bailey,
Buck Catlin, Frank Clift, Norman
Culver, Don R. Griffin, James Neal,
Garrey Nelson, Richard Polis, Don
Roth, Sal Sapien, J.R. "Bob" Siefen,
Roger Stanton, Charles Sylvia, Dorothy
Wedel
DIRECTORS ABSENT: Dan Griaet
STAFF MEMBERS PRESENT: J. Wayne Sylvester, General Manager,
Rita J. Brown, Secretary, William H.
Butler, Thomas M. Dawes, Penny Kyle,
Gary Streed
OTHERS PRESENT: Thomas L. Woodruff, General Counsel,
Frank Coughlin, Jr., Lora Stovall
`� -I-
Districts 1, 2 6 3
07/30/86
DISTRICTS 1, 2 6 3 The Districts' financial consultant and
Report of financial consultant and legal counsel reported that bids had
legal counsel re bids received on been received at 11:00 a.m. that day in
certificates of participation for the Los Angeles offices of Mudge Rose
partial financing of Districts' Guthrie Alexander 6 Ferdon, co-bond
capital requirements counsel, for the sale of certificates of
participation to be issued by County
Sanitation Districts Nos. 1, 2 and 3 to partially finance construction of Master
Planned Joint Works Sewerage facilities. Five bids were received for the
certificates ranging from a low net interest coat of 7.5684% to a high of
7.7710%. The financial consultant and bond counsel stated that they had
reviewed, analyzed and certified the bids and recommended that the Districts
award the sale to the lowest and beat bidder, Paine-Webber, Inc., First
Interstate Bank of California, Prudential-Bache Securities, Smith Barney, Harris
Upham 6 Co., et al, as manager, in the amount of $114,661,120.00, in accordance
with the interest rates and discount set forth in their bid.
The Boards then entered into a discussion relative to how the net interest cost
of the bids is calculated, the retirement schedule and cost for each District,
and arbitrage provisions, during which the consultant and counsel referred to the
official statement that had been issued relative to the proposed sale of the
certificates of participation.
The bond counsel then reviewed the proposed resolutions drafted to award the sale
of the certificates of participation.
DISTRICTS 1, 2 6 3 Moved, seconded and duly carried:
Receive and file bid tabulation and
report and recommendation of That the bid tabulation and
financial consultant re sale of recommendation of Bartle Wells
certificates of participation to Associates, Districts' financial
partially finance Districts' consultant, dated July 30, 1986,
capital requirements relative to the sale of certificates of
participation by Districts Nos. 1, 2 and
3 to partially finance construction of Districts' capital requirements be, and is
hereby, received and ordered filed.
DISTRICT 1 Moved, seconded and duly carried:
Awarding sale of certificates of
participation to partially finance That the Board of Directors hereby
District's capital requirements adopts Resolution No. 86-98-1, awarding
the sale of certificates of
participation for partially financing District's joint works capital requirements,
authorizing the taking of required actions relating to the sale and directing the
execution of all legal documents relative to the sale of said certificates of
participation. A certified copy of this resolution is attached hereto and made a
part of these minutes.
DISTRICT 2 Moved, seconded and duly carried:
Awarding sale of certificates of
participation to partially finance That the Board of Directors hereby
District's capital requirements adopts Resolution No. 86-99-2, awarding
the sale of certificates of
participation for partially financing District's joint works capital requirements,
authorizing the taking of required actions relating to the sale and directing the
-2-
laciiCCa i, G b J
IN 30/86
execution of all legal documents relative to the sale of said certificates of
participation. A certified copy of this resolution is attached hereto and made a
part of these minutes.
DISTRICT 3 Moved, seconded and duly carried:
Awarding sale of certificates of
participation to partially finance That the Board of Directors hereby
District's capital requirements adopts Resolution No. 86-100-3, awarding
the sale of certificates of
participation for partially financing District's joint works capital requirements,
authorizing the taking of required actions relating to the sale and directing the
execution of all legal documents relative to the sale of said certificates of
participation. A certified copy of this resolution is attached hereto and made a
part of these minutes.
DISTRICTS 1, 2 6 3 Moved, seconded and duly carried:
Amending action of July 9, 1986 re
engagement of Trustee for Fiduciary That the Boards' action of July 9, 1986
and Bond Holder Registration authorizing staff to issue a purchase
Services re issuance of order to a trustee for fiduciary and
certificates of participation bond holder registration services
relative to proposed issuance of
certificates of participation to partially finance Districts' Joint Works
Construction requirements be, and is hereby, amended to read as follows:
That the Bank of America is hereby selected and authorized to act as the
Trustee, Registrar and Paying Agent for the Districts' long-term
certificates of participation debt-financing program; and,
FURTHER MOVED: That the staff be, and is hereby, authorized to issue a
purchase order to the Bank of America for said services for an annual
administration fee of $12,000.00 plus miscellaneous reporting and
transaction fees and coats; and,
FURTHER MOVED: That the cost of said service shall be shared by Districts
1, 2 and 3 in proportion to the amount of their respective debt issue.
DISTRICT 1 Moved, seconded and duly carried:
Adjournment
That this meeting of the Board of
Directors of County Sanitation District No. 1 be adjourned. The Chairman then
declared the meeting so adjourned at 7:56 p.m., July 30, 1986.
DISTRICT 2 Moved, seconded and duly carried:
Adjournment
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 7:56 p.m., July 30, 1986.
DISTRICT 3 Moved, seconded and duly carried:
Adjournment
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 7:56 p.m. , July 30, 1986.
Secretary, Boardjof Directors
County Sanitation Districts Nos. 1, 2 6 3
of Orange County, California
-3-