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HomeMy WebLinkAbout09-26-2001 Financing Corp MinutesOrange County Sanitation District Financing Corporation MINUTES September 26, 2001 ADMINISTRATIVE OFFICES 10844 ELLIS AVENUE FOUNTAIN VALLEY, CALIFORNIA 92708-7018 ORANGE COUNTY SANITATION DISTRICT FINANCING CORPORATION ROLL CALL A regular meeting of the Board of Directors of the Orange County Sanitation District Financing Corporation (OCSDFC) was called to order on September 26, 2001, at 8:16 p.m., in the District's Administrative Offices. The roll was called and the Secretary reported a quorum present as follows: ACTIVE DIRECTORS ALTERNATE DIRECTORS x Norman Z. Eckenrode, Chair Constance Underhill x Peter Green, Vice Chair Dave Garofalo x Steve Anderson Steve Simonian x Don Bankhead Jan Flory A Shawn Boyd John Larson x Brian Brady Darryl Miller x Guy Carrozzo Larry Crandall x Brian Donahue Bill Estrada x James M. Ferryman Arlene Schafer x John M. Gullixson Michael Duvall x Alice B. Jempsa Arthur DeBolt x Tony Kawashima Tracy Worley Beth Krom x Greg Smith x Mark Leyes Bruce Broadwater x Shirley McCracken Tom Daly x Pat McGuigan Alberta Christy x Roy Moore Marty Simonoff A Mark A. Murphy Joanne Coontz x Joy Neugebauer Grace Epperson x Russell Patterson Richard A. Freschi x Anna L. Piercy Tim Keenan x Tod Ridgeway Gary Adams x Jerry Sigler Jim Dow A Jim Silva Chuck Smith A Paul Walker Kenneth Blake APPROVAL OF MINUTES The Chair ordered that the minutes of the meeting held on August 23, 2000 be deemed approved, as mailed. REPORT OF THE DIRECTOR OF FINANCE Gary Streed, gave a verbal report on the progress the OCSDFC made during the past year. Accomplishments include obtaining a AA category stand alone credit rating; refunded $12.4 million of 6.36% fixed rate debt; refunded $164.3 million VRDO; extended the maturity three years, purchase value cost of $175,000 but lower annual payments of $2 million per year; issued reimbursement COPs of $35.7 million; and the VRDO rate from 8123100 to 8/31/01 was 2.79%. Currently the Finance Corporation is seeking a financial advisor; obtained formal approval by the FAHR Committee for a debt policy; and the current adopted budget includes $280 million for a COP issue. The Finance Corporation will be looking to evaluate the use of borrowing, evaluate competitive v. negotiated sales, user fee increases to cover debt service, and additional meetings held to approve future issues. In response to Directors questions it was clarified that the OCSDFC would report their actions through the FAHR Committee. ADJOURNMENT: The Chair declared the meeting of the Orange County Sanitation District Financing Corporation adjourned at 8:26 p.m. G:\wp.dta\agenda\Board Minutes\2001 Board Minutes\OCSD Finance .092601.doc