HomeMy WebLinkAboutResolution 1990 - 0111RESOLUTION NO.90—111
DESIGNATING AND APPOINTING MERRILL LYNCH CAPITAL
MARKETS AS THE SENIOR MANAGER/UNDERWRITER FOR
THE DISTRICTS’PROPOSED LONG—TERM SECURITIES
DEBT ISSUE PROGRAM
A JOINT RESOLUTION OF THE BOARDS OF DIRECTORS OF
COUNTY SANITATION DISTRICT NOS.1,2,3,5,6,7,
11,13 AND 14 OF ORANGE COUNTY,CALIFORNIA,
DESIGNATING AND APPOINTING MERRILL LYNCH CAPITAL
MARKETS AS THE SENIOR MANAGER/UNDERWRITER FOR THE
DISTRICTS’PROPOSED LONG—TERM SECURITIES DEBT
ISSUE PROGRAM
WHEREAS,the County Sanitation Districts of Orange County,California,on
July 19,1989,adopted the 30—year Master Plan of needed capital facilities
entitled “Collection,Treatment and Disposal Facilities Master Plan”;and,
WHEREAS,said Master Plan will require extensive funds to pay for the
design and construction of said sewerage facilities;and,
WHEREAS,the financial requirements to complete the capital facilities
projects have been studied and recomendations made in Volume 8 of said Master
Plan entitled “Financial Plan”;and,
WHEREAS,the Districts have determined that it will be necessary to issue
long—term debt obligations/securities in order to raise the necessary funds to
pay for the capital facilities projects;and,
WHEREAS,pursuant to action of the Boards of Directors on March 14,1990,
the Districts have requested proposals from five (5)major financial
underwriters/investment banking firms to provide necessary services to the
Districts in developing and implementing its Financial Plan of the Master Plan,
and specifically to act as the Senior Manager/Underwriter for long—term
securities debt obligation issues of the Districts;and,
WHEREAS,the Districts have received proposals from five major firms in
response to the Districts’request,and the Districts have evaluated said
proposals and interviewed the responsible personnel from each firm;and,
WHEREAS,the Districts have determined several proposals to be
satisfactory for the Districts’needs,with the proposal of Merrill Lynch
Capital Markets to be the apparent best for the Districts.
NOW,THEREFORE,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 RESOLVE,DETERMINE AND ORDER:
Section 1 The Districts hereby designate and appoint the firm of Merrill
Lynch Capital Markets to act as the Senior Manager/Underwriter for the
forthcoming long—term securities debt issue program of the Districts,in
accordance with specific terms and conditions concerning the obligation to
purchase the Districts’issued securities as will be negotiated and agreed to
prior to the sale and purchase;and,
Section 2 The Districts reserve the right,at their sole discretion,to
designate and appoint one or more additional firms to act as co-Managers with
Merrill Lynch Capital Markets in the first or any succeeding issues in which
Merrill Lynch Capital Markets acts as Senior Manager/Underwriter;and,
Section 3 The Districts reserve the right to terminate the appointment
of Merrill Lynch Capital Markets at any time upon the Districts’sole
determination that such action is in its best interests.
PASSED AND ADOPTED at a regular meeting held August 8,1990.
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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 and 14 of Orange County,
California,do hereby certify that the foregoing Resolution No.90-111 was
passed and adopted at a regular meeting of said Boards on the 8th day of
August,1990,by the following vote,to wit:
AYES:Edward L.Allen,Margaret M.Arnold,Richard B.Edgar,Beth
Graham,Peter Green,Don R.Griffin,Dan Griset,Barry Hamond,
Evelyn Hart,Frank Laszlo,William 0.Mahoney,Tom Mays,James
Neal,Arthur G.Newton,Ruthelyn Plummer,Richard 1.Polis,
Leslie A.Pontious,Charles E.Puckett,J.R.“Bob”Siefen,
Wayne Silzel,Peer A.Swan,Charles E.Sylvia,James A.Wahner,,
Henry W.Wedaa,Grace H.Winchell
NOES:Norman E.Culver,Robert H.Main,Don R.Roth,Roger R.Stanton
ABSENT:A.B.“Buck”Catlin,Carrey J.Nelson,Irv Pickler,Phil
Sansone,Don E.Smith,Wayne 0.Wedin
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 and 14 of Orange County,California,this 8th day
of August,1990.
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Rita J.Brown,Secretary
Boards of Directors,County
Sanitation Districts Nos.1,2,3,5;~
6,7,11 and 14 of Orange County,~
California -