HomeMy WebLinkAboutResolution 1993 - 0131RESOLUTION NO.93-131-7
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.7 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.7 (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 1991
Certificates on August 1,200].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.
RAU69.131
2
STATE OF CALIFORNIA)
)SS.
COUNTY OF ORANGE )
I,PENNY KYLE,Assistant Secretary of the Board of Directors
of County Sanitation District No.7 of Orange County,California,
do hereby certify that the foregoing Resolution No.93-131-7 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:Barry Hammond,Chairman,Fred Barrera,
Jan Debay,Ted Moreno,Charles E.Puckett,
William G.Steiner,James Wahner
NOES:None
ABSENT:None
IN WITNESS WHEREOF,I have hereunto set my hand and affixed
the official seal of County Sanitation District No.7 of Orange
County,California,this 8th day of September,1993.
Penny Ky~4,‘A~istant Secretary
Board of~ir~jtors of County
Sanitation District No.7 of
Orange County,California