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HomeMy WebLinkAboutResolution 1990 - 0092RESOLUTION NO.90-92-3 AUTHORIZING THE REIMBURSEMENT OF FUNDS ADVANCED FROM RESERVES BY DISTRICT FOR CAPITAL FACILITIES PROJECTS FROM PROCEEDS OF INDEBTEDNESS ISSUES A RESOLUTION OF THE BOARD OF DIRECTORS OF COUNTY SANITATION DISTRICT NO.3 OF ORANGE COUNTY, CALIFORNIA,AUTHORIZING THE DISTRICT TO REIMBURSE ITS CAPITAL FUND RESERVES FROM THE PROCEEDS OF APPROVED INDEBTEDNESS ISSUES FOR THE EXPENDITURE OF FUNDS FOR THE DESIGN AND CONSTRUCTION OF ANY CAPITAL FACILITIES PROJECTS IDENTIFIED IN THE 1989 MASTER PLAN OF FACILITIES WHEREAS,on July 19,1989,the Board of Directors of District No.3, together with the Boards of Directors of all other Districts of the Joint Administrative Organization,approved and adopted a Collection,Treatment and Disposal Facilities Master Plan,including a Financial Plan;and, WHEREAS,said Master Plan identified numerous Capital Facilities Projects to be designed and constructed over a period of 30 years,the financing for which would be obtained through the issuance of certain long—term indebtedness; and, WHEREAS,subsequent to the approval of said Capital Facilities Master Plan,the Districts have been undertaking detailed studies to complete the program of issuance of long—term indebtedness;and, WHEREAS,during the course of the studies for obtaining the required financing,the District has undertaken the design and construction of certain of the Capital Facilities Projects identified in the Master Plan,so as to avoid undue delay in the completion of necessary facilities;and, WHEREAS,payment for the design and construction has been made with funds held in the Capital Reserve Funds of the District;and, WHEREAS,pursuant to the adoption of said Master ‘lan,the Board of Directors has deemed it appropriate that the cost of t~e design and construction of the Master Plan Capital Facilities should be funded through the use of the long—term debt issuance proceeds;and, WHEREAS,the Board of Directors Intends to reimburse the District’s Capital Reserve and other currently available Funds for those expenditures which have been or will be made from said Funds,pending the completion of the long—term financing program. NOW,THEREFORE,the Board of Directors of County Sanitation District No.3 of Orange County,California, DOES HEREBY FIND,DETERMINE AND ORDER: Section 1 That expenditures made by or on behalf of the District subsequent to the adoption of the Master Plan,with respect to Master Plan Capital Facilities Projects,including engineering design,are to be financed with the proceeds received by the District from long—term tax-exempt financing. Section 2 Expenditures made on an interim basis from currently available funds by or on behalf of the District with respect to such capital costs,prior to the consurmiation of such long—term financing,are,to the fullest extent possible,to be reimbursed to the District from the proceeds of such long—term financing upon its consurmiation. Section 3 The foregoing represents the current intention of the District,but does not in any way obligate the District to proceed with long—term financing for capital costs or to reimburse itself from the proceeds of any such long—term financing which may be undertaken in the event the District later determines that either of such actions is not in the best interests of the District. PASSED AND ADOPTED at a regular meeting held July 11,1990. STATE OF CALIFORNIA) )SS. COUNTY OF ORANGE ) I,RITA J.BROWN,Secretary of the Board of Directors of County Sanitation District No.3 of Orange County,California,do hereby certify that the foregoing Resolution No.90-92-3 was passed and adopted at a regular meeting of said Board on the 11th day of July,1990,by the following vote,to wit: AYES:Richard 1.Polis,Chairman,Edward L.Allen,Margaret M.Arnold,Wes Bannister,Norman E.Culver,Beth Graham,Don R.Griffin,Dan Griset,James Neal,Carrey J.Nelson,Chris Norby,Irv Pickler,J.R.“Bob”Siefen,Roger R.Stanton, Charles E.Sylvia NOES:None ABSENT:Edna Wilson IN WITNESS WHEREOF,I have hereunto set my hand and affixed the official seal of County Sanitation District No.3 of Orange County,California,this 11th day of July,1990. ~~‘ Rita J.Brown,Secretary Board of Directors’;of County Sanitation District No.3 of Orange County,~Californi~~’