Loading...
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 —1— 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: —2— )i.str~.cts ., ~~.,~07/3O/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 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. ~ 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: —3—