HomeMy WebLinkAboutResolution 1986 - 0060Original Resolution not located. Note
attached to certification states that the
Clerk was awaiting resolution from
Personnel.
06/ 11/86
ALL DISTRICTS
Amending Positions and Salaries
Resolution No. 79-20, as amended,
to reclassify Collection Facilities
Division positions
Moved, seconded and duly carried:
That t he Boards of Director3 hereby
adopt Resolution No. 86-60, amending
Positions and Salaries Resolution
No. 79-20, as amended, to reclassify
Collection Facilities Division positions. A certified copy of this resolution is
attached hereto and made a part of these minutes.
ALL DISTRICTS
Ratifying action of the Executive
Committee in directing General
Counsel and staff to engage
consultants to study and prepare a
report on long-term debt financing
alternatives
ratified:
Moved, seconded and duly carried:
That the action of the Executive
Committee in directing General Counsel
and staff to engage the following
consultants to study and prepare a
report on long-term debt financing
alternatives, be, and is hereby,
(1) Mudge, Rose, Guthrie, Alexander and Ferdon, bond counsel
(2) Bartle Wells Associates, financial consultant
ALL DISTRICTS
Report on long-term debt financing
alternatives
The General Manager reported that the
Fiscal Policy Committee nad been studying
long-term financing for some time. At the
suggestion of Director Peer Swan, the
Committee had discussed potential advantages of issuing tax-exempt securities
prior to September 1, 1986 when the currently favorable tax laws are scheduled to
expire by Congressional action. This matter was also reviewed by the . Executive
Committee, and because of potential benefits to the Districts and the impending
"sunset" of existing tax-exempt financing provisions, the Committee authorized
engagement of the consulting firms of Bartle Wells and Associates, financial
consultants, and Mudge, Rose, Guthrie, Alexander and Ferdon, bond counsel, to
assist the Districts with consideration of issuance of long-term, tax-exempt,
debt financing to fund construction of joint works sewage facilities and to make
a report to the Joint Boards at the June 11th meeting.
The Joint Chairman then introduced Mr. Alan Watts, Associate of Thomas
L. Woodruff, the Districts' General Counsel; Mr. Ed Long from Mudge, Rose,
Guthrie, Alexander and Ferdon, bond counsel; and Ms. Lora Stovall from Bartle
Wells Associates, financial consultant. He advised that these consultants had
been invited to the meeting to report on and answer any. questions the Directors
may have on long-term capital financing alternatives.
The Director of Finance then reviewed the long-term financial projections of the
Districts, previously provided to the Directors, which reflect a need for
additional funding for most Districts. He also reviewed the long-term financing
alternatives under consideration by the Fiscal Policy Committee.
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The Chair then recognized Lora Stovall of Bartle Wells Associates, financial
consultant. She further reviewed the Districts capital project financing
requirements over the next five to ten year horizons, and the assumptions used
for the projections, and the existing and potential alternative funding sources
to pay for construction of said facilities. The Districts have substantial cash ~
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STATE OF CALIFORNIA)
) SS.
COUNTY OF ORANGE )
I, RITA J. BROWN, Secretary of the Boards of Directors of County
Sanitation Districts Nos. 1, 2, 3, 5, 6, 7, 11, 13 and 14 of Orange County,
California, do hereby certify that the foregoing Resolution No. 86-60 was
passed and adopted at a regular meeting of said Boards on the 11th day of
June, 1986, by the following vote, to wit:
AYES: Ruth Bailey, Michael Beverage, Richard Buck, Frank Clift,
Norman Culver, Richard Edgar, Don R. Griffin, Dan Griset,
Robert Hanson, Evelyn Hart, Ron Hoesterey, Carol Kawanami,
Ursula Kennedy, Philip Maurer, Sally Anne Miller, Todd Murphy,
James Neal, Carrey Nelson, Chris Norby, Richard Partin, Bob
Perry, Ruthelyn Plummer, Richard Polis, Thomas Riley, Sal
Sapien, Don E. Smith, John H. Sutton, Peer Swan, Charles
Sylvia, John Thomas, James Wahner, Dorothy Wedel, Dewey Wiles
NOES: None
ABSENT: Don Roth, Roger Stanton
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official
seal of County Sanitation District No. 1 on behalf of itself and Districts
Nos. 2, 3, 5, 6, 7, 11, 13 and 14 of Orange County, California, this 11th day
of June, 1986.
Rita J. Brown, Secretary
Boards of Directors, County
Sanitation Districts Nos. 1, 2, 3, 5
6, 7, 11, 13 and 14 of Orange County,
California