HomeMy WebLinkAboutResolution 1992 - 0090RESOLUTION NO.92-90
APPROVING LETTER AGREEMENT WITH PAINE-WEBBER FOR
UNDERWRITING SERVICES TO RESTRUCTURE THE 1986
COP ISSUE
A JOINT RESOLUTION OF THE BOARDS OF DIRECTORS OF
COUNTY SANITATION DISTRICT NOS.1,2 AND 3 OF
ORANGE COUNTY,CALIFORNIA,APPROVING LETTER
AGREEMENT WITH PAINE-WEBBER FOR UNDERWRITING
SERVICES IN CONNECTION WITH RESTRUCTURING THE
DISTRICTS’CAPITAL IMPROVEMENT PROGRAM 1986
CERTIFICATES OF PARTICIPATION ISSUE
WHEREAS,in 1986 County Sanitation Districts Nos.1,2 and 3 of Orange
County,California,issued $117 million in fixed—rate Certificates of
Participation to take advantage of the then-current tax laws,which said issue
was underwritten by PaineWebber;and,
WHEREAS,since 1986 there have been considerable advances in municipal
debt financing techniques and Districts’long—term debt financing strategies;
and,
WHEREAS,to take advantage of these advances,staff and the underwriter,
PaineWebber,have recomended a restructuring of the 1986 issue that has the
potential of saving the Districts a considerable amount of money over the
remaining life of the issue;and,
WHEREAS,the Fiscal Policy Comittee and Executive Comittee have
recomended that the Districts’finance team,including PaineWebber,proceed
with planning for the restructuring of the 1986 Certificates of Participation
Issue.
NOW,THEREFORE,the Boards of Directors of County Sanitation Districts
Nos.1,2 and 3 of Orange County,California,
DO HEREBY RESOLVE,DETERMINE AND ORDER:
Section 1 That the firm of PaineWebber is hereby appointed and
designated as Underwriter in connection with the restructuring of the 1986
Certificates of Participation Issue;and,
Section 2 That the tems and conditions of that certain Letter Agreement
from PaineWebber,dated June 30,1992,are hereby approved;and,
Section 3 That payment for said underwriting services,for an amount not
to exceed $8.50 per $1,000 certificate,for a fixed-rate restructuring,or $3.50
per $1,000 certificate for a synthetic fixed—rate restructuring,is hereby
authorized,subject to final approval of the restructuring by the Boards;and,
Section 4 That the General Manager is hereby authorized and directed to
execute said Letter Agreement on behalf of the Districts.
PASSED AND ADOPTED at a regular meeting held July 8,1992.
STATE OF CALIFORNIA)
)SS.
COUNTY OF ORANGE )
I,RITA J.BROWN,Secretary of the Boards of Directors of County
Sanitation Districts Nos.1,2 and 3 of Orange County,California,do hereby
certify that the foregoing Resolution No.92-90 was passed and adopted at a
regular meeting of said Boards on the 8th day of July,1992,by the following
vote,to wit:
District 1
AYES:Dan Griset,Chairman,Fred Barrera,Thomas R.Saltarelli,
James A.Wahner
NOES:None
ABSENT:None
ABSTENTIONS:Roger R.Stanton
District 2
AYES:Henry W.Wedaa,Chairman,Fred Barrera,A.B.“Buck”
Catlin,John Collins,Norman E.Culver,Barry Denes,
Dan Griset,William D.Mahoney,Carrey J.Nelson,
Irv Pickier
NOES:None
ABSENT:Arthur G.Newton
ABSTENTIONS:Roger R.Stanton
District 3
AYES:Sal A.Sapien,Chairman,A.B.“Buck”Catlin,
John Collins,Norman E.Culver,Burnie Dunlap,James V.
Evans,James H.Flora,Don R.Griffin,Frank Laszlo,
Pat McGuigan,Eva G.Miner,Richard Partin,Irv Pickler,
Jim Silva,Charles E.Sylvia
NOES:None
ABSENT:None
ABSTENTIONS:Roger R.Stanton
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 District
Nos.2 and 3 of Orange County,California,this 8th day of July,1992.
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Boards of Directors,County
Sanitation Districts Nos.1,2 and 3 of
Orange County,California