HomeMy WebLinkAboutResolution 1992 - 0092RESOLUTION NO.92-92
APPROVING MEMORANDUM AGREEMENT WITH ROURKE &
WOODRUFF 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 MEMORANDUM
AGREEMENT WITH ROURKE &WOODRUFF 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;
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 Corrinittee have
recomended that the Districts’finance team,including Rourke &Woodruff,
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 Rourke &Woodruff is hereby appointed and
designated as Co-Bond Counsel for the restructuring of the 1986 Certificates of
Participation Issue;and,
Section 2 That the terms and conditions of that certain Memorandum
Agreement from Rourke &Woodruff,dated June 30,1992,are hereby approved;and
Section 3 That payment for said special Co—Bond Counsel services,in an
amount not to exceed $15,000.00,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 Memorandum 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.92-92 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 Pickler
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 McGulgan,Eva G.Miner,Richard Partin,Try 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.
•
_______
•Rita J.Brown,Secretary
Boards of Directors,County
Sanitation Districts Nos.1,2 and 3of
Orange County,California