The URL can be used to link to this page

Home My WebLink AboutResolution 1993 - 0032RESOLUTION NO.93-32 -5 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.5 OF ORANGE COUNTY,CAL1IFORNIA,ADJUSTING THE SHARES OF VARIOUS DISTRICTS OF THE COST OF CERTAIN IMPROVEMENTS TO JOINT FACILITIES AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH ******** WHEREAS,this County Sanitation District No.5 of Orange County,California (the “District”)is in the process of acquiring,constructing and installing certain improvements to joint facilities and certain other public improvements (the “Series B Project”)~n 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 Series B Participating Districts are 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 Participating 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 LA141470:1 4072942EJC03110193 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 this District’s 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 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 Serieè 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 the cost of the Series C Project on the terms and conditions set forth in the Series C Trust Agreement;and LA1-41470.1 2 40729-42-EJC-03/1O/93 WHEREAS,this District 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 District and the Series B Participating Districts and the cost of the Series C Project among the District and the Series C Participating Districts 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 this District’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,this District’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 this District in the amounts set forth in Exhibit A hereto and this District’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 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 LAI-41470.1 3 40729-42-FJC-03110/93 actions previously taken by such officers are hereby ratified and confirmed. Section 5 This Resolution shall take effect immediately upon its adoption. PASSED AI~D ADOPTED at a regular meeting held March 10, 1993. LM-41470.1 4 4c1729-42-EJC-03/10193 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: District No. District No. District No. District No. District No. District No. District No. 1 decreased by 2 decreased by 3 decreased by 5 increased by 6 decreased by 7 decreased by 11 decreased by $444,219 $1,889,008 $1,076,072 $4,335,630 $183,563 $515,512 $227,256 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 No. District No. District No. District No. District No. District Nb. District No. 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 1’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. LAI-41470.1 5 40729-42-EJC-03110/93 STATE OF CALIFORNIA) )SS. COUNTY OF ORANGE ) I,PENNY KYLE,Assistant Secretary of the Board of Directors of County Sanitation District No.5 of Orange County,California, do hereby certify that the foregoing Resolution No.93-32-5 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:John C.Cox,Jr.,Chairman,Phil Sansone,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.5 of Orange County,California,this 10th day of March,1993. Penny Kyle,ssi an Secretary — Board of Di ecto s of County Sanitation District No.5 of Orange County,California