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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~