HomeMy WebLinkAboutOCSD 10-15RESOLUTION NO. OCSD 10-15
DECLARATION OF OFFICIAL INTENT TO REIMBURSE
CERTAIN OF THE DISTRICT'S CAPITAL RESERVE FUNDS
FOR EXPENDITURES MADE IN ADVANCE FOR FISCAL
YEAR 2009-10 CAPITAL IMPROVEMENT PROJECTS FROM
PROCEEDS OF A FUTURE LONG-TERM FINANCING
A RESOLUTION OF THE BOARD OF DIRECTORS OF ORANGE
COUNTY SANITATION DISTRICT AUTHORIZING FUTURE
CAPITAL EXPENDITURES TO BE REIMBURSED FROM
FUTURE LONG-TERM FINANCING
WHEREAS, the Board of Directors, by adoption of Resolution No. 94-81
on July 13, 1994; Resolution No. 97-28 on July 30, 1997; Resolution No. OCSD
98-32 on July 1, 1998; Resolution No. OCSD 99-08 on June 23, 1999;
Resolution No. OCSD 00-15 on July 19, 2000; Resolution No. OCSD 01-17 on
August 22, 2001; Resolution No. OCSD 02-20 on October 23, 2002; Resolution
No. OCSD 05-28 on December 21, 2005; Resolution No. OCSD 07-12 on June
27, 2007; Resolution No. OCSD 08-18 on October 22, 2008, and Resolution No.
OCSD 10-04 on March 24, 2010 previously declared its official intent to
reimburse its then existing capital reserve funds and accounts for certain
expenditures made in advance of and in anticipation of issuing indebtedness for
capital improvements to be acquired, constructed, or paid for, by or on behalf of
the District during the Fiscal Year; and,
WHEREAS, the District (“Issuer”) intends to acquire and/or construct, or
otherwise improve, certain capital improvements during Fiscal Year 2010-11, and
later, all as more particularly described on Exhibit “A,” attached hereto and
incorporated herein by reference (the “Project”); and,
WHEREAS, Issuer expects to pay certain expenditures (the
“Reimbursement Expenditures”) in connection with the Project prior to the
issuance of indebtedness for the purpose of financing costs associated with the
Project, on a long-term basis; and,
WHEREAS, the Issuer reasonably expects that the debt obligations, in an
amount not to exceed $157 million, will be issued, and that certain of the
proceeds of such debt obligations will be used to reimburse the Issuer for
Reimbursement Expenditures.
NOW, THEREFORE, the Board of Directors of Orange County Sanitation
District,
,.
DOES HEREBY RESOLVE, DETERMINE AND ORDER:
Section 1: That the Issuer finds and determines that the foregoing
Recitals are true and correct.
Section 2: That this Declaration is made solely for purposes of
establishing compliance with the requirements of Section 1.150-2 of the U.S.
Treasury Regulations. This Resolution Declaration does not bind the Issuer to
make any expenditure, incur any indebtedness, or proceed with the Project.
Section 3: That the Issuer hereby declares its official intent to use
proceeds of indebtedness to reimburse itself for the Reimbursement
Expenditures.
PASSED AND ADOPTED at a regular meeting of the Board of Directors
held September 22, 2010.
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