HomeMy WebLinkAboutResolution 1991 - 0062RESOLUTION NO.91-62-7
APPROVING A MUTUAL BENEFIT ADVANCES AGREEMENT
A RESOLUTION OF THE BOARD OF DIRECTORS OF
COUNTY SANITATION DISTRICT NO.7 OF ORANGE
COUNTY,CALIFORNIA,APPROVING A MUTUAL
BENEFIT ADVANCES AGREEMENT (SOMETIMES
REFERRED TO AS A “CROSS-COLLATERALIZATION
AGREEMENT”)AND CERTAIN ACTIONS IN
CONNECTION THEREWITH
WHEREAS,it has been proposed that this District,in
concert with the County Sanitation District Nos.1,2,3,5,6,7
and 11 (collectively,the “Participating Districts”),enter into
a Mutual Benefit Advances Agreement,dated as of April 1,1991,by
and among the Participating Districts (the “Agreement”)(sometimes
referred to as a “cross-collateralization agreement”),pursuant to
which the Participating Districts agree to make certain advances of
funds as needed to meet payment obligations of the other
Participating Districts in connection with the delivery of
Certificates of Participation (Capital Improvement Program,1990-92
Series B),the proposed form of which Agreement has been presented
to this Board of Directors;and
WHEREAS,this District has determined that it is in the
best interest of the District and the residents within the District
to approve the Agreement and authorize and approve the transactions
contemplated thereby;and
NOW,THEREFORE,the Board of Directors of the District
does hereby resolve as follows:
Section 1 The form of the Agreement presented to this
Board of Directors is hereby approved.The Chairman or Chairman
pro tempore and the Board Secretary or a Deputy Board Secretary are
authorized for and in the name of the District to execute and
deliver the Agreement in the form hereby approved.The Agreement
shall be executed and delivered in the form hereby approved,with
such additions thereto or changes therein as are recommended or
approved by Special Counsel and General Counsel to the
Participating Districts and approved by such officers,such
approval to be conclusively evidenced by the execution and delivery
thereof.
Section 2 The Chairman,Chairman pro tempore,Board
Secretary and any other officer,official or member of the staff of
the District is each authorized and directed,jointly and
severally,to do any and all things and to execute and deliver any
and all documents which they may deem necessary and advisable in
order to effectuate the purposes of this Resolution,and such
actions previously taken by such officers are hereby ratified and
confirmed.
1
STATE OF CALIFORNIA)
)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.91-62—7 was passed and adopted at a regular
meeting of said Board on the 10th day of April,1991,by the following vote,
to wit:
AYES:Richard B.Edgar,Chairman,Fred Barrera,John C.Cox,Jr.,
Robert Richardson,Sally Anne Sheridan,Roger R.Stanton,James
A.Wahner
NOES:None
ABSENT:None
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
10th day of April,1991.
~J.Brown,~retary~~
Board of Directors of County
Sanitation District No.7
of Orange County,California