HomeMy WebLinkAboutResolution 1993 - 0069RESOLUTION NO.93-69
APPROVING LETTER AGREEMENT WITH MERRILL LYNCH
FOR UNDERWRITING SERVICES FOR THE ADVANCE
REFUNDING CERTIFICATES OF PARTICIPATION
1993 SERIES 1
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 LETTER AGREEMENT WITH MERRILL LYNCH FOR
UNDERWRITING SERVICES IN CONNECTION WITH THE
DISTRICTS’ADVANCE REFUNDING CERTIFICATES OF
PARTICIPATION 1993 SERIES 1
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 underwriting firms to serve as their underwriter,
and Merrill Lynch was selected as Underwriter for the Districts’
Advance Refunding Certificates of Participation 1993 Series 1;
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 Advance Refunding
Certificates of Participation 1993 Series 1,with the potential
of saving the Districts $2.5 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 Merrill Lynch is hereby
appointed and designated as Underwriter for the forthcoming
Advance Refunding Certificates of Participation 1993 Series 1;
and,
Section 2 That the terms and conditions of that certain
Letter Agreement from Merrill Lynch,dated May 7,1993,are
hereby approved;and,
Section 3 That payment for said underwriting services,for
an amount not to exceed $8.50 per $1,000 certificate for a fixed-
rate structure,or $3.50 per $1,000 certificate for a synthetic
fixed—rate structure,is hereby authorized,subject to final
approval by the Boards of Directors to proceed with said
transaction;and,
Section 4 That the General Manager is hereby authorized
and directed to execute said Letter Agreement on behalf of the
Districts.
PASSED AND ADOPTED at a regular meeting held June 9,1993.
RAG77.069
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.93-69 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.
Gullixson,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,Peer A.Swan,
Charles E.Sylvia,James A.Wahner,Henry
Wedaa,Grace H.Winchell,George L.Zlaket
NOES:None
ABSTENTIONS:William G.Steiner
ABSENT:Frank Laszlo,Irv Pickler
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 Kyle,s ant Secretary
Boards of Di ec rs,County
Sanitation Districts Nos.1,2,3,
5,6,7,11,13 and 14 of
Orange County,California