HomeMy WebLinkAboutResolution 1994 - 0096-7C-i
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RESOLUTION NO.94-96-07
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.7 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 11 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
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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.7 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.II”)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 Parttcipating 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.II in the amounts set forth in Exhibit A hereto and
District No.Ii’s share of such cost is reduced by such amount.
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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.
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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 ExDenditure 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.11 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.
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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.94-96-7 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:Barry Hammond,Chairman,Fred Barrera,Jan
Debay,Ted R.Moreno,Thomas R.Saltarelli
NOES:None
ABSENT:William G.Steiner,James A.Wahner
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 10th day of August,1994.
Penny Kyle Assi nt Secretary
Board of Directors of County
Sanitation District No.7 of
Orange County,California