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HomeMy WebLinkAboutMinutes 1986-07-30 ACOUNTY SANITATION DISTRICT NO.6 OF ORANGE COUNTY,CALIFORNIA MINUTES OF SPECIAL MEETING July 30,1986 —4:30 p.m. 10844 Ellis Avenue Fountain Valley,California Pursuant to the call of the Chairman,the Board of Directors of County Sanitation District No.6 of Orange County,California met in a special meeting at the above hour and date at the Districts’administrative office. The Chairman called the meeting to order at 4:30 p.m.The roll was called and the Secretary reported a quorum present. DIRECTORS PRESENT:James Wahner,Chairman,Ruthelyn Plummer DIRECTORS ABSENT:Roger Stanton STAFF MEMBERS PRESENT:J.Wayne Sylvester,General Manager, Rita J.Brown,Secretary,William H. Butler,Thomas M.Dawes,Gary Streed OTHERS PRESENT:Thomas L.Woodruff,General Counsel, Joint Chairman Don R.Griffin ************* Staff report on capital financing The staff reviewed recent actions program projections considered by Board to help fund the District’s financial needs during the next five years.In May and June,1986 the Board modified its long—range financial program to enable the District to provide additional revenues to help meet the District’s financial obligations and adopted Ordinance No.608 increasing the connection fee and Ordinance No.609 increasing the annual use fee effective July 1,1986. Concurrently,the Board had been considering issuance of long—term debt securities to partially finance the District’s share of master planned joint works facilities.However,at a special meeting on July 9,1986,after thoroughly evaluating the financing alternatives,the District elected not to proceed with long—term debt financing and directed the staff to prepare updated financial projections,increasing the existing connection fee schedule in lieu of long—term debt financing to finance District’s capital requirements. The Director of Finance reviewed cash flow schedules comparing projected revenues and expenses over the next five years.Immediate implementation of a 50% increase in connection fees would result in approximately $1.2 million in additional revenues to the District from both the increased fee and higher interest earnings over the next five years. Following a discussion of the District’s long—term financing alternatives and the anticipated development within the District that would generate connection fee revenue,the Board declared its intent to amend the one—time connection fee schedule,as follows: —1— District 6 07/30/86 Single/Multi—Family Commercial/Industrial! Dwelling Units Governmental/Other Existing Fee $1,000 per dwelling $200 per 1,000 sq.ft. unit of building Proposed Fee $1,500 per dwelling $300 per 1,000 sq.ft. unit of building The additional funds would be used to finance master—planned District 6 projects and its share of joint works construction projects. First reading of proposed It was moved,seconded and unanimously Ordinance No.610 carried: That Ordinance No.610,An Ordinance of the Board of Directors of County Sanitation District No.6 of Orange County,California,Amending Ordinance No.606 Pertaining to Sewer Connection Charges,be read by title only;and, FURTHER MOVED:That reading of said entire ordinance be,and is hereby,waived. Following the reading of Ordinance No.608 by title only,it was then moved, seconded and duly carried: That Ordinance No.610,An Ordinance of the Board of Directors of County Sanitation District No.6 of Orange County,California,Amending Ordinance No.606 Pertaining to Sewer Connection Charges,be introduced and passed to the second reading on August 13,1986,at 7:30 p.m.,at the District’s administrative office. Adjournment Moved,seconded and duly carried: That this meeting of the Board of Directors of County Sanitation District No.6 be adjourned.The Chairman then declared the meeting so adjourned at 4:56 p.m., July 30,1986. Secretary,Board of Directors County Sanitation District No.6 of Orange County,California —2—