HomeMy WebLinkAboutResolution 1991 - 0109RESOLUTION NO.91—109-7
A RESOLUTION OF THE BOARD OF DIRECTORS OF COUNTY
SANITATION DISTRICT NO.7 OF ORANGE COUNTY,CALIFORNIA,
AUTHORIZING THE EXECUTION AND DELIVERY OF THE FIRST
SUPPLEMENTAL TRUST;AGREEMENT
WHEREAS,the Board of Directors of this County Sanitation District of
Orange County,California (the “District”)has previously authorized the
execution and delivery of a Trust Agreement,dated as of November 1,1990,by
and among County Sanitation District Nos.1,2,3,5,6,7,11,13 and 14 of
Orange County,California (collectively,the “Districts”)and Texas Coniiierce
Bank National Association,as Trustee (the “Trustee”)(the “Trust Agreement”)
with respect to the execution and delivery of $100,000,000 aggregate principal
amount of the Districts’Certificates of Participation (Capital Improvement
Program,1990—92 Series A)(the “Certificates”);and,
WHEREAS,in order to provide that the Record Date for the Certificates in
the Daily Mode be changed to the last day of the month,an amendment to the
Trust Agreement is desirable and in the best interests of the parties to the
Trust Agreement;and,
WHEREAS,the Districts and the Trustee desire to execute and deliver the
First Supplemental Trust Agreement,dated as of June 1,1991 by and among the
Districts and the Trustee (the “First Supplemental Agreement”)the proposed form
of which has been presented to this Board of Directors,to accomplish such
amendment to the Trust Agreement;and,
WHEREAS,Section 9.02 of the Trust Agreement provides that the Trust
Agreement may be amended at any time by a supplemental trust agreement,entered
into among the Trustee and the Districts,with the written consent of the owners
of Outstanding Certificates representing at least two-thirds in aggregate unpaid
Principal Component at the time such consent is given,and the written consent
of National Westminster Bank PLC,San Francisco Overseas Branch (the “Bank”);
and,
NOW,THEREFORE,the Board of Directors of the District does hereby resolve
as follows:
SECTION 1:That the First Supplemental Trust Agreement,in the form
presented to this Board of Directors,is hereby approved.The Chairman or
Chairman pro tempore and the Board Secretary or Deputy Board Secretary are
authorized and directed for and in the name of the District to execute and
deliver said agreement.The First Supplemental Trust Agreement shall be
executed and delivered in the form hereby approved,with such additions thereto
and changes therein as are recomended or approved by Special Counsel to the
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.
SECTION 3:This Resolution shall take effect irmiediately upon its
adoption.
PASSED AND ADOPTED at an adjourned regular meeting held July 17,1991.
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.91-109—7 was passed and adopted at an adjourned
regular meeting of Board on the 17th day of July,1991,by the following vote,
to wit:
AYES:Richard B.Edgar,Chairman,Fred Barrera,John C.Cox,Jr.,
Sally Anne Sheridan,Roger R.Stanton,James A.Wahner
NOES:None
ABSENT:Robert Richardson
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
17th day of July,1991.
Rita J.Brown,Secretary
Board of Directors of.County
Sanitation District No.7
of Orange County,California