HomeMy WebLinkAboutResolution 1993 - 0068RESOLUTION NO.93-68
APPROVING MEMORANDUM AGREEMENT WITH ROURKE,
WOODRUFF &SPRADLIN TO SERVE AS THE DISTRICTS’
CO-BOND COUNSEL FOR THE FIXED-TO-FLOATING
INTEREST RATE SWAP (1993 SWAP)
A JOINT RESOLUTION OF THE BOARDS OF DIRECTORS OF
COUNTY SANITATION DISTRICTS NOS.1,2,3,5,6,7,
11,13 AND 14 OF ORANGE COUNTY,CALIFORNIA,
APPROVING MEMORANDUM AGREEMENT WITH ROURXE,
WOODRUFF &SPRADLIN TO SERVE AS CO-BOND COUNSEL
FOR THE DISTRICTS’FIXED-TO-FLOATING INTEREST RATE
SWAP (1993 SWAP)
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WHEREAS,the County Sanitation Districts of Orange County,
California,pursuant to financial needs and requirements
described in its Collection,Treatment and Disposal Facilities
Master Plan adopted July 19,1989,have determined to issue long-
term debt obligations/securities and enter into other financial
transactions to obtain the necessary funds to complete the
development of its needed capital facilities and to manage said
funds in the Districts’best interests;and,
WHEREAS,the Districts have heretofore considered several
well qualified legal firms to serve as their Bond Counsel,and
Rourke,Woodruff &Spradlin was selected as co-Bond Counsel,
along with Orrick,Herrington &Sutcliffe,for the Districts’
Fixed-to-Floating Interest Rate SWAP (1993 SWAP);and,
WHEREAS,the Boards of Directors have heretofore directed
the Fiscal Policy Committee and other finance team members to
proceed with planning and implementation of the Fixed-to-Floating
Interest Rate SWAP (1993 SWAP)with the potential of saving the
Districts between $1 and $4 million,subject to final approval by
the Boards of Directors.
NOW,THEREFORE,the Boards of Directors of County Sanitation
Districts Nos.1,2,3,5,6,7,11,13 and 14 of Orange County,
California,
DO HEREBY RESOLVE,DETERMINE AND ORDER:
Section 1 That the firm of Rourke,Woodruff &Spradlin is
hereby appointed and designated as co-Bond Counsel for the
forthcoming Fixed-to-Floating Interest Rate SWAP (1993 SWAP);
and,
Section 2 That the terms and conditions of that certain
Memorandum Agreement from Rourke,Woodruff &Spradlin,dated
May 12,1993,are hereby approved,and payment for said special
co—Bond Counsel services,for a maximum fee not to exceed
$5,000.00,is hereby authorized,subject to final approval by the
Boards of Directors to proceed with said transaction;and,
Section 3 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 June 9,1993.
RAG77 068
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,
11,13 and 14 of Orange County,California,do hereby certify
that the foregoing Resolution No.93-68 was passed and adopted at
a regular meeting of said Boards on the 9th day of June,1993,by
the following vote,to wit:
AYES:Fred Barrera,Bob Bell,Buck Catlin,John Collins,
John C.Cox,Jr.,Jan Debay,Burnie Dunlap,
James Evans,James Ferryman,James Flora,Don R.
Griffin,John M.Guilixson,Barry Hammond,Evelyn
Hart,Gail Kerry,Victor Leipzig,Thomas E.Lutz,
William D.Mahoney,Eva G.Miner,Maria Moreno,
Ted Moreno,Carrey J.Nelson,Glenn Parker,Leslie
Pontious,Charles E.Puckett,Robert Richardson,
Phil Sansone,Sal Sapien,Jim Silva,Sheldon S.
Singer,William G.Steiner,Peer A.Swan,
Charles E.Sylvia,James A.Wahner,Henry Wedaa,
Grace H.Wincheli,George L.Zlaket
NOES:None
ABSENT:Frank Laszlo,Irv Pickier
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.2,3,5,6,7,11,13 and 14 of
Orange County,California,this 9th day of June,1993.
Penny Kyi ,A istant Secretary
Boards of ir ctors,County
Sanitation Districts Nos.1,2,3,
5,6,7,11,13 and 14 of
Orange County,California