HomeMy WebLinkAboutResolution 1992 - 0145RESOLUTION NO.92-145
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.1,2,3,5,6,
7 AND 11 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,County Sanitation Districts Nos.1,2,3,5,6,7 and 11 of
Orange County,California,have heretofore issued Certificates of Participation
to partially finance the master planned capital improvement and expansion
requirements;and,
WHEREAS,there have since 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 Districts’
consulting finance team members,have recorririended a restructuring of the
Districts Nos.1,2 and 3 1986 issue,and portions of the Districts Nos.1,2,
3,5,6,7 and 11 1991 Series B issue that has the potential of saving the
Districts a considerable amount of money over the remaining life of.said issues;
and,
WHEREAS,the Fiscal Policy Comittee and Executive ConlTlittee have
recorrrnended that the Districts’staff financing team proceed with restructuring
of said Certificates of Participation issues.
NOW,THEREFORE,the Boards of Directors of County Sanitation Districts
Nos.1,2,3,5,6,7 and 11 of Orange County,California,
DO HEREBY RESOLVE,DETERMINE AND ORDER:
Section 1 That the firm of Mudge Rose Guthrie Alexander &Ferdon is
hereby appointed and designated as Co—Bond Counsel with the Refunding
Certificates of Participation,1992 Series;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;and,
Section 4 That the General Manager is hereby authorized and directed to
execute said Letter Agreement on behalf of the Districts.
Section 5 That the Boards of Directors of Districts Nos.1,2 and 3
hereby rescind Resolution No.92-91 adopted July 8,1992.
PASSED AND ADOPTED at a regular meeting held October 14,1992.
STATE OF CALIFORNIA)
)SS.
COUNTY OF ORANGE )
I,PENNY KYLE,Assistant Secretary of the Boards of Directors of County
Sanitation Districts Nos.1,2,3,5,6,7 and 11 of Orange County,
California,do hereby certify that the foregoing Resolution No.92-145 was
passed arid adopted at a regular meeting of said Boards on the 14th day of
October,1992,by the following vote,to wit:
District 1
AYES:Dan Griset,Chairman,Fred Barrera,Thomas R.Saltarelli,
Roger R.Stanton,James A.Wahner
NOES:None -~
ABSENT:None
District 2
AYES:John•Collins,Chairman pro tern,Fred Barrera,Bob Bell,
Dan Griset,John M.Gullixson,William D.Mahoney,
Robert H.Main,Carrey J.Nelson,Roger R.Stanton
NOES:None
ABSENT:A.B.“Buck”Catlin,Arthur G.Newton,Irv Pickier
District 3
AYES:Sal A.Sapien,Chairman,John Collins,Norman E.Culver,
Burnie Dunlap,James V.Evans,James H.Flora,Don R.
Griffin,Frank Laszlo,Eva G.Miner,Richard Partin,Jim
Silva,Roger R.Stanton
NOES:None
ABSENT:A.B.“Buck”Catlin,Pat McGuigan,Irv Pickler,Charles E.
Sylvia
District 5
AYES:Ruthelyn Plumer,Chairman,Phil Sansone,Don R.Roth
NOES:None
ABSENT:None
District 6
AYES:James A.Wahner,Chairman,Evelyn Hart,Don R.Roth
NOES:None
ABSENT:None
District 7
AYES:Charles E.Puckett,Chairman,Fred Barrera,John C.
Cox,Jr.,Barry HarTmond,Don R.Roth,James A.Wahner
NOES:None
ABSENT:Robert Richardson
District 11
AYES:Grace Winchell,Chairman,Jack Kelly,Roger R.Stanton
NOES:None
ABSENT:None
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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 Districts
Nos.2,3,5,6,7 and 11 of Orange County,California,this 14th day of
October,1992.
Penny Kyle(J’~sj#fcant’~Secretary
Boards of ~Trec~rs,County
Sanitation Districts Nös.1,2,3,5,
6,7 and 11 of Orange County,
California