HomeMy WebLinkAboutResolution 1990 - 0095RESOLUTION NO.90-95-7
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.7 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.7,
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 Plan,the Board of
Directors has deemed it appropriate that th~cost of the design and construction
of the Master Plan Capital Facilities shou1~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.7
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 consurruliation 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 consumation.
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)
lfr )SS.
COUNTY OF ORANGE )
I,RITA J.BROWN,Secretary of the Board of Directors of County
Sanitation District No.7 of Orange County,California,do hereby certify that
the foregoing Resolution No.90—95—7 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 B.Edgar,Chairman pro tern,John C.Cox,Jr.,Dan
Griset,Don R.Roth,Sally Anne Sheridan,James A.Wahner
NOES:None
ABSENT:Don E.Smith
IN WITNESS WHEREOF,I have hereunto set my hand and affixed the official
seal of County Sanitation District No.7 of Orange County,California,this
11th day of July,1990.
Rita J.Brown,‘secretary
Board of Directors of County
Sanitation District No.7
of Orange County,California