HomeMy WebLinkAboutResolution 1992 - 0091California,
AND ORDER:
Mudge Rose Guthrie Alexander &Ferdon is
Co-Bond Counsel for the restructuring of the
and,
RESOLUTION NO.92-91
APPROVING LETTER AGREEMENT WITH MUDGE ROSE GUTHRIE
ALEXANDER &FERDON TO SERVE AS THE DISTRICTS’
CO-BOND COUNSEL 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
MUDGE ROSE GUTHRIE ALEXANDER &FERDON TO SERVE AS
CO-BOND COUNSEL 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;
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
reconhiiended that the Districts’finance team,including Mudge Rose
Alexander &Ferdon,proceed with planning for the restructuring of
Certificates of Participation Issue.
NOW,THEREFORE,the Boards of Directors of County Sanitation
Nos.1,2 and 3 of Orange County,
DO HEREBY RESOLVE,DETERMINE
Section 1 That the firm of
hereby appointed and designated as
have
Guthrie
the 1986
Districts
1986 Certificates of Participation Issue;and,
Section 2 That the terms and conditions of that certain Letter Agreement
from Mudge Rose Guthrie Alexander &Ferdon,dated June 18,1992,are hereby
approved;and
Section 3 That payment for said special Co—Bond Counsel services,based
on per diem rates,for an amount not to exceed $80,000 for a fixed—rate issue,
plus an amount not to exceed $30,000 for the additional synthetic fixed-rate
work,plus expenses,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.92-91 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”
Catiln,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 Plckler,
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..
~
Boards of Directors,County
Sanitation Districts No~.1,2 and 3of
Orange County,Callfornia~