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Home My WebLink AboutResolution 1994 - 0092-01C-I (1 of 4) RESOLUTION NO.94-92-01 APPROVING:THE ADJUSTMENT OF SHARES OF VARIOUS DISTRICTS OF THE COST OF CERTAIN IMPROVEMENTS TO JOINT FACILITIES FINANCED BY THE 1990-92 SERIES C COP ISSUE A RESOLUTION OF THE BOARD OF DIRECTORS OF COUNTY SANITATION DISTRICT NO.I OF ORANGE COUNTY,CALIFORNIA,ADJUSTING THE SHARES OF VARIOUS DISTRICTS OF THE COST OF CERTAIN IMPROVEMENTS TO JOINT FACILITIES AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH WHEREAS,County Sanitation District Nos.1,2,3,6,7 and II of Orange County,California (the “Series C Participating Districts”)are in the process of acquiring, constructing and installing certain improvements to joint facilities and certain other public improvements (the “Series C Project”);and WHEREAS,the Series C Participating Districts have financed the acquisition,construction and installation of the Series C Project;and WHEREAS,the 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 Series C Acquisition Agreement have been assigned to State Street Bank and Trust Company of California,N.A.,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 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 Improvement 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 C-I (2 of 4) WHEREAS,amounts on deposit in each 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 WHEREAS,County Sanitation District No.I of Orange County,California (this “District”)and the other Series C Participating Districts desire to adjust a portion of this District’s share of the cost of the Series C 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 “Current Project”)individually and in conjunction with the other Series C Participating Districts (collectively,the “Current Participating Districts”);and WHEREAS,the Current Participating Districts will finance the acquisition, construction and installation of the Current Project;and WHEREAS,this District will be obligated to make certain payments with respect to the Current 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 other Series C Project among this District and the Series C Participating Districts and the cost of the Current Project among this District and the other Current 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 County Sanitation District No.II of Orange County,California’s (“District No.11”)share of the cost of the joint facilities included in the Series C Project pursuant to the Series C Acquisition Agreement,the Joint Agreement (as defined in the Series C Acquisition Agreement) (the “Joint Agreement”),the Series C Trust Agreement or any other relevant document or instrument,District No.Ii’s share of the cost of the joint facilities included in the Series C Project shall include $5,632,722 (together with earnings thereon)previously allocated to the other Series C Participating Districts in the amounts set forth in Exhibit A hereto. Section 2 In addition to other amounts allocable to the Current Participating Districts’shares of the costs of the joint facilities included in the Joint Agreement,or any other relevant document or instrument,the Current Participating Districts’shares (other than District No.Ii’s share)of the cost of the Joint facilities included in the Current Project shall include $5,632,722 (together with earnings thereon) previously allocated to District No.11 in the amounts set forth in Exhibit A hereto and District No.Ii’s share of such cost is reduced by such amount. C-I (3 of 4) Section 3 Nothing in this Resolution,or in any agreement or instrument executed pursuant hereto,shall relieve any Series C Participating District from any of the 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 actions previously taken by such officers are hereby ratified and confirmed. Section 5 This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED at a regular meeting held August 10,1994. C-I (4 of 4) 1.The adjustments to the Series C Participating Districts’shares of the cost of the joint facilities included in the Series C Project are as follows: Amount Amount Attributed Attributed to Joint to Interest Project Expense Expenditure Total District No.I decreased by $-0-$-0-$-0- District No.2 decreased by 1,217,557 800,000 2,017,554 District No.3 decreased by 1,483,183 1,000,000 2,483,183 District No.6 decreased by 309,937 100,000 409,937 District No.7 decreased by 332,048 400,000 732,048 District No.11 increased by 3,332,722 2,300,000 5,632,722 2.The adjustments to the Current Participating Districts’share of the cost of the joint facilities included in the Current Project are as follows: District No.I increased by $-0- District No.2 increased by 2,017,554 District No.3 increased by 2,483,183 District No.6 increased by 409,937 District No.7 increased by 732,048 District No.Ii decreased by 5,632,722 3.In each case described above,such adjustments will be further adjusted on a proportionate basis to take into account earnings on the $5,632,722. J:~WPDOC~FIN~CRANE\RESOS\REALLO1 .RES 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.94—92-1 was passed and adopted at a regular meeting of said Board on the 10th day of August,1994,by the following vote,to wit: AYES:Fred Barrera,Chairman,Pat McGuigan,Tracy A.Worley NOES:None ABSENT:James M.Ferryman,Roger R.Stanton 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 10th day of August,1994. Penny Kyle,Ass tant Secretary Board of Directors of County Sanitation District No.1 of Orange County,Californ’ia