HomeMy WebLinkAboutResolution 1993 - 0029RESOLUTION NO.93-29 -1
APPROVING:THE ADJUSTMENT OF SHARES OF
VARIOUS DISTRICTS OF THE COST OF CERTAIN
IMPROVEMENTS TO JOINT FACILITIES
A RESOLUTION OF THE BOARD OF DIRECTORS OF
COUNTY SANITATION DISTRICT NO.1 OF ORANGE
COUNTY,CALIF’ORNIA,ADJUSTING THE SHARES OF
VARIOUS DISTRICTS OF THE COST OF CERTAIN
IMPROVEMENTS TO JOINT FACILITIES AND
AUTHORIZING CERTAIN ACTIONS IN CONNECTION
THEREWITH
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•
WHEREAS,this County Sanitation District No.1 of
Orange County,California (the “District”)is in the process of
acquiring,constructing and installing certain improvements to
joint facilities and certain pther public improvements (the
“Series B Project”)in conjunction with County Sanitation
District Nos.1,2,3,5,6,7 and 11 of Orange County,
California (collectively,the “Series B Participating
Districts”);and
WHEREAS,the Series B Participating Districts have
financed the acquisition,construction and installation of the
Series B Project;and
WHEREAS,the District in concert with the Series B
Participating Districts is acquiring,constructing and installing
the Series B Project pursuant to an Agreement for Acquisition and
Construction,dated as of May 1,1991,by and among the Series B
Participating Districts (the “Series B Acquisition Agreement”);
and
WHEREAS,the installment payments to be made by the
Series B Particip~ting Districts pursuant to the Series B
Acquisition Agreement have been assigned to Texas Commerce Bank
National Association,as trustee (the “Series B Trustee”)
pursuant to an Assignment Agreement,dated as of May 1,1991;and
WHEREAS,the Series B Participating Districts have each
entered into the Trust Agreement,dated as of May 1,1991 with
the Series B Trustee (the “Series B Trust Agreement”)providing
for the preparation,execution and delivery by the Trustee of
Certificates of Participation (Capital Improvement Program,
1990-92 Series B)and the deposit of certain proceeds of such
Certificates of Participation in the Acquisition Subaccounts in
the Acquisition Account established pursuant to the Series B
LA141568:1 40729-42-BW2-03/1O/93
Trust Agreement with respect to each Series B Participating
District;and
WHEREAS,amounts on deposit in each Acquisition
Subaccount are to be applied to the related District’s share of
the cost of the Series B Project on the terms and conditions set
forth in the Series B Trust Agreement;and
WHEREAS,this District and the other Series B
Participating Districts desire to adjust a portion of County
Sanitation District No.5 of Orange County,California’s
(“District No.5”)share of the cost of the Series B Project;
and
WHEREAS,this District is in the process of acquiring,
constructing and installing certain improvements to joint
facilities and certain other public improvements (the “Series C
Project”)individually and in conjunction with County Sanitation
District Nos.1,2,3,6,7 and 11 of Orange County,California
(collectively,the “Series C Participating Districts”)and
District No.5;and
WHEREAS,the Series C Participating Districts have
financed the acquisition,construction and installation of the
Series C Project;and
WHEREAS,•this District in concert with the other Series
C Participating Districts are acquiring,constructing and
installing the Series C Project pursuant to an Agreement for
Acquisition and Construction,dated as of July 1,1992,by and
among the Series C Participating Districts (the “Series C
Acquisition Agreement”);and
WHEREAS,the installment payments to be made by the
Series C Participating Districts pursuant to the Series C
Acquisition Agreement have been assigned to State Street Bank and
Trust Company of California,as trustee (the “Series C Trustee”)
pursuant to an Assignment Agreement,dated as of July 1,1992;
and
WHEREAS,the Series C Participating Districts have each
entered into the Trust Agreement,dated as of July 1,1992 with
the Series C Trustee (the “Series C Trust Agreement”)providing
for the preparation,execution and delivery by the Trustee of
Certificates of Participation (Capital Improvements Program,
1990-92 Series C)and the deposit of certain proceeds of such
Certificates of Participation in the Acquisition Subaccounts in
the Acquisition Account established pursuant to the Series C
Trust Agreement with respect to each Series C Participating
District;and
WHEREAS,amounts on deposit in each such Acquisition
Subaccount are to be applied to the related District’s share of
LAI-41568.1 2 40729-42-BW2-03/1O/93
the cost of the Series C Project on the terms and conditions set
forth in the Series C Trust Agreement;and
WHEREAS,District No.5 is obligated to make certain
payments with respect to the Series C Project;and
WHEREAS,this District has determined that it is in the
best interest of this District and the residents within the
District to adjust the shares of the cost of the Series B Project
among the Series B Participating Districts and the cost of the
Series C Project among the Series C Participating Districts and
District No.5 as provided in this Resolution;
NOW,THEREFORE,the Board of Directors of the District
does hereby resolve as follows:
Section 1 In addition to other amounts allocable to
District No.S’s share of the cost of the joint facilities
included in the Series B Project pursuant to the Series B
Acquisition Agreement,the Joint Agreement (as defined in the
Series B Acquisition Agreement)(the “Joint Agreement”),the
Series B Trust Agreement or any other relevant document or
instrument,District No.5’s share of the cost of the joint
facilities included in the Series B Project shall include
$4,335,630 (together with earnings thereon)previously allocated
to the other Series B Participating Districts in the amounts set
forth in Exhibit A hereto.
Section 2 In addition to other amounts allocable to
the Series C Participating Districts’shares of the costs of the
joint,facilities included in the Series C Project pursuant to the
Series C Acquisition Agreement,the Joint Agreement,the Series C
Trust Agreement or any other relevant document or instrument,the
Series C Participating Districts’shares of the cost of the joint
facilities included in the Series C Project shall include
$4,335,660 (together with earnings thereon)previously allocated
to District No.5 in the amounts set forth in Exhibit A hereto
and District No.5’s share of such cost is reduced by such
amount.
Section 3 Nothing in this Resolution,or in any
agreement or instrument executed pursuant hereto,shall relieve
any Series B Participating District from any of the obligations
under the Series B Acquisition Agreement (including without
limitation its obligation to make installment payments
thereunder)or the Series B Trust Agreement,nor relieve any
Series C Participating District from any of its obligations under
the Series C Acquisition Agreement (including without limitation
its obligation to make installment payments thereunder)or the
Series C Trust Agreement.
Section 4 The Chairman,Chairman pro tempore,Board
Secretary and any other officer,official or member of the staff
LAI-41568.1 3 40729-42-B W2-03110/93
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 5 This Resolution shall take effect
immediately upon its adoption.
PASSED ~ND ADOPTED at a regular meeting held March 10,
1993.
LAI-4156&1 4 40729-42-BW2-03/1O/93
EXHIBIT A
1.The adjustments1’to the Series B Participating
Districts’shares of the cost of the joint facilities included in
the Series B Project are as follows:
decreased by
decreased by
decreased by
increased by
decreased by
decreased by
decreased by
1 increased by
2 increased by
3 increased by
5 decreased by
6 increased by
7 increased by
11 increased by
$444,219
$1,889,008
$1,076,072
$4,335,630
$183,563
$515,512
$227,256
$444,219
$1,889,008
$1,076,072
$4,335,630
$183,563
$515,512
$227,256
In each case the adjustments will be further adjusted to
take into account earnings on the $4,335,630,such further
adjustment to be in proportion to the adjustment of the
$4,335,630.
District No.1
District No.2
District No.3
District No.5
District No.6
District No.7
District No.11
2.The adjustments1’to the Series C Participating
Districts’and District No.5’s share of the cost of the joint
facilities included in the Series C Project are as follows:
District
District
District
District
District
District
District
No.
No.
No.
No.
No.
No.
No.
LAI-41568.1 5 40729-42-BW2-03/1O/93
STATE OF CALIFORNIA)
)SS.
COUNTY OF ORANGE )
I,PENNY KYLE,Assistant Secretary of the Board of Directors
of County Sanitation District No.1 of Orange County,California,
do hereby certify that the foregoing Resolution No.93-29-1 was
passed and adopted at a regular meeting of said Board on the 10th
day of March,1993,by the following vote,to wit:
AYES:Robert Richardson,Chairman,Fred Barrera,
James M.Ferryman,Thomas Saltarelli,Roger R.
Stanton
NOES:None
ABSENT:None
IN WITNESS WHEREOF,I have hereunto set my hand and affixed
the official seal of County Sanitation District No.1 of Orange
County,California,this 10th day of March,1993.
Penny Kyl stant Secretary
Board of Direc ors of County
Sanitation District No.1 of
Orange County,California