HomeMy WebLinkAboutResolution 1992 - 0166RESOLUTION NO.92-166-7
APPROVING:MATTERS CONCERNING REFUNDING
CERTIFICATES OF PARTICIPATION FINANCING
PURSUANT TO DISTRICTS’ADOPTED LONG-
RANGE FINANCIAL PLAN
A RESOLUTION OF THE BOARD OF DIRECTORS OF COUNTY
SANITATION DISTRICT NO.7 OF ORANGE COUNTY,CALIFORNIA,
APPROVING A REVISED FORM OF LIQUIDITY FACILITY AND MAKING
A DETERMINATION AND TAKING RELATED ACTION
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WHEREAS,County Sanitation District Nos.1,2,3,5,6,
7 and 11 of Orange County,California (the “Participating
Districts”)have each adopted a Resolution of such District’s Board
of Directors Authorizing the Preparation,Execution and Delivery of
Refunding Certificates of Participation,1992 Series,Approving a
Trust Agreement,Agreement for Acquisition and Construction,
Assignment Agreement,Escrow Agreement,Swap Agreement,Mutual
Benefit Advances Agreement,Liquidity Facility,Liquidity Guaranty
Agreement,Remarketing Agreement,Preliminary Official Statement
and the Distribution Thereof,Purchase.Contract,and Certain
Actions in Connection Therewith (each,the “Original Resolution”);
and
WHEREAS,it has been proposed that this District
authorize the preparation,execution and delivery of refunding
Certificates of Participation (the “Certificates”);and
WHEREAS,it has been proposed that the District,in
concert with the other Participating Districts,enter into an
Interest Rate Swap Agreement among AIG Financial Products
Corporation (“AIG-FP”)and the Participating Districts (the “Swap
Agreement”),pursuant to which the Participating Districts will pay
a fixed rate to AIG-FP and AIG-FP will pay the variable interest
rate on the Certificates to the Participating Districts;and
WHEREAS,in order to secure the payment under certain
circumstances of the purchase price of the Certificates,the
Participating Districts may enter into a letter of credit,
liquidity facility or similar arrangement (the “Revised Liquidity
Facility”)to be issued by one or more liquidity providers (the
“Liquidity Provider”),the proposed form of which Revised Liquidity
Facility has been presented to this Board of Directors;and
NOW,THEREFORE,the Board of Directors of District No.7
does hereby resolve as follows:
Section 1 That the Revised Liquidity Facility,in the
form presented to this Board of Directors,is hereby approved.The
Chairman or Chairman pro tempore and the Board Secretary or a
Deputy Board Secretary are authorized for and in the name of the
District to execute and deliver said agreement.The agreement
shall be executed in the form hereby approved,with such additions
thereto and changes therein as are (i)approved in accordance with
Section .3 of the Original Resolution,such approval to be
conclusively evidenced by the execution and delivery thereof or
(ii)recommended by Special Counsel to the Participating Districts
and approved by such officers,such approval to be conclusively
evidenced by the execution ‘and delivery thereof.
Section 2 Pursuant to Section.5922 of the Government
Code of the State of California,the Swap Agreement is hereby
determined to be designed to result in a lower cost of borrowing
when used in combination with the execution and delivery of the
Certificates.
Section 3 The Chairman,Chairman pro tempore,Board
Secretary and any other officer,official or member of the staff of
the District is each authorized and directed,jointly and
severally,to do any and all things and to execute and deliver any
and all documents which they may deem necessary and advisable in
order to effectuate the purposes of this Resolution,and such
actions previously taken by such officers are hereby ratified and
confirmed.
Section 4 This Resolution shall take eUect immediately
upon its adoption.
PASSED AND ADOPTED at an adjourned regular meeting held
November 18,1992.
2
STATE OF CALIFORNIA)
)SS.
COUNTY OF ORANGE )
I,PENNY KYLE,Assistant Secretary of the Board of Directors of County
Sanitation District No.7 of Orange County,California,do hereby certify that
the foregoing Resolution No.92-166-7 was passed and adopted at an adjourned
regular meeting of said Board on the 18th day of November,1992,by the
following vote,to wit:
AYES:Charles E.Puckett,Chairman,Fred Barrera,John C.Cox,Jr.,
Barry Hamond,Don R.Roth,James A.Wahner
NOES:None
ABSENT:Robert Richardson
IN WITNESS WHEREOF,I have hereunto set my hand and affixed the official
seal of County Sanitation Di5trict No.7 of Orange County,California,this
18th day of November,1992.
P nny Kyle,1st t ecretary
Board of Di to of County
Sanitation District No.7
of Orange County,California