HomeMy WebLinkAboutMinutes 1986-07-30 BCOUNTY SANITATION DISTRICTS NOS.1,2 &3
OF ORANGE COUNTY,CALIFORNIA
MINUTES OF ADJOURNED REGULAR MEETING
July 30,1986 —7:30 P.M.
10844 Ellis 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
DIRECTORS ABSENT:Dan Griset
District 3
DIRECTORS PRESENT:Richard Partin,Chairman,Ruth Bailey,
Buck Catlin,Frank Clift,Norman
Culver,Don R.Griffin,James Neal,
Carrey Nelson,Richard Polis,Don
Roth,Sal Sapien,J.R.“Bob”Siefen,
Roger Stanton,Charles Sylvia,Dorothy
Wedel
DIRECTORS ABSENT:Dan Griset
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
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Districts 1,2 &3
07/30/86
DISTRICTS 1,2 &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 &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 cost 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 best bidder,Paine—Webber,Inc.,First
Interstate Bank of California,Prudential—Bache Securities,Smith Barney,Harris
Upham &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.
DISTRICT 1
Awarding sale of certificates of
participation to partially finance
District’s capital requirements
DISTRICT 2
Awarding sale of certificates of
participation to partially finance
District’s caoital reguirements
_________________________________
That the Board of Directors hereby
___________________________________
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
DISTRICTS 1,2 &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.
___________________________________
Moved,seconded and duly carried:
_________________________________
That the BOard of Directors hereby
__________________________________
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.
Moved,seconded and duly carried:
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)i.str~.cts .,
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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
Awarding sale of certificates of
participation to partially finance
District’s canital reauirements
That the Bank of America is hereby.selected and authorized to act as the
Trustee,Registrar and Paying Agent for the Districtst 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 costs;and,
FURTHER MOVED:That the cost of said serv.ice shall be shared by Districts
1,2 and 3 in proportion to the amount of their respective debt issue.
DISTRICT 1
Adjournment
Moved,seconded and duly carried:
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:
Adj ournment
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
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 7:56 p.m.,July 30,1986.
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Sec~
County Sanitation Districts Nos.1,2 &3
of Orange County,California
Moved,seconded and duly carried:
________________________________
That the Board of Directors hereby
___________________________________
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 &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:
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