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HomeMy WebLinkAboutResolution 1993 - 0126RESOLUTION NO.93-126-1 APPROVING:MATTERS CONCERNING REFUNDING CERTIFICATES OF PARTICIPATION PURSUANT TO DISTRICTS’ADOPTED LONG-RANGE FINANCIAL PLAN A RESOLUTION OF THE BOARD OF DIRECTORS OF COUNTY SANITATION DISTRICT NO.1 OF ORANGE COUNTY,CALIFORNIA, APPROVING THE EXECUTION AND DELIVERY OF NOT TO EXCEED $85,000,000 REFUNDING CERTIFICATES OF PARTICIPATION ******** WHEREAS,County Sanitation District Nos.1,2,3,5,6,7 and 11 of Orange County,California (the “Participating Districts”)have each adopted on August 11,1993 a Resolution of such District’s Board of Directors Authorizing the Preparation, Execution and Delivery of Refunding Certificates of Participation,1993 Series,Approving a Trust Agreement, Amendatory Agreement for Acquisition and Construction,Assignment Agreement,Swap Agreement,Mutual Benefit Advances Agreement, Liquidity Facility,Remarketing Agreement,Preliminary Official Statement and Distribution Thereof,Purchase Contract,and Certain Actions in Connection Therewith (each,the “Original Resolution”);and WHEREAS,the Participating Districts have caused to be delivered pursuant to the Trust Agreement,dated as of May 1, 1991,among the Participating Districts and Texas Commerce Bank National Association,the County Sanitation District Nos.1,2, 3,5,6,7 and 11 of Orange County,California,Certificates of Participation (Capital Improvement Program,1990-92 Series B) (the “1991 Certificates”);and WHEREAS,pursuant to the Original Resolution,this District No.1 (the “District”)has approved the refunding of a portion of the 1991 Certificates and the entering into of certain agreements in connection therewith;and WHEREAS,this District has determined that it is in its best interest to refund all of the outstanding 1991 Certificates; NOW,THEREFORE,the Board of Directors of this District does hereby resolve that the Original Resolution shall be amended as follows: Section 1 That the Board of Directors hereby authorizes the preparation,execution and delivery of the New Certificates to provide funds sufficient,together with earnings thereon,to pay interest and principal with respect to all of the outstanding 1991 Certificates to and including August 1,2001 or such earlier maturity date,as applicable,and to pay or prepay the 199]. Certificates on August 1,2001 or such earlier maturity date,as applicable,provided that the present value savings from the refunding of the 1991 Certificates shall be not less than $1,000,000. Section 2 That the aggregate principal amount of the New Certificates authorized pursuant to the Original Resolution shall not exceed $85,000,000. Section 3 This Resolution shall take effect immediately upon its adoption. Section 4 All capitalized terms not otherwise defined herein shall have the meanings set forth in the Original. Resolution. Section 5 Except as hereby amended,the Original Resolution shall remain in full force and effect. PASSED AND ADOPTED at a regular meeting held September 8, 1993. RAU69.126 2 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.93-126-1 was passed and adopted at a regular meeting of said Board on the 8th •day of September,1993,by the following vote,to wit: AYES:Fred Barrera,Chairman pro tern,James M. Ferryman,Thomas E.Lutz,William G.Steiner NOES:None ABSENT:Thomas Saltarelli 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 8th day of September,1993. Penny Ky1~7 ~‘ss4tant Secretary Board,of ~reqt~rs of County Sanitation Di~rict No.1 of Orange County,California