FROM: James D. Herberg, General Manager
Originator: Lorenzo Tyner, Assistant General Manager
SUBJECT:
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WASTEWATER REFUNDING REVENUE OBLIGATIONS, SERIES 2021A
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GENERAL MANAGER'S RECOMMENDATION
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RECOMMENDATION: Recommend to the Board of Directors to:
A. Adopt Resolution No. OC SAN 21-XX entitled: "A Resolution of the Board of Directors of the Orange County Sanitation District authorizing the execution and delivery by the District of an Installment Purchase Agreement, a Trust Agreement, a Continuing Disclosure Agreement and Escrow Agreements in connection with the Orange County Sanitation District Wastewater Refunding Revenue Obligations, Series 2021A, authorizing the execution and delivery of such Revenue Obligations evidencing principal in an aggregate amount of not to exceed $163,775,000, approving a Notice of Intention to Sell, authorizing the distribution of an Official Notice Inviting Bids and an Official Statement in connection with the offering and sale of such Revenue Obligations and authorizing the execution of necessary documents and related actions"; and
B. That the Orange County Sanitation District Financing Corporation approve the documents supporting and authorizing the Revenue Obligations in an aggregate amount not to exceed $163,775,000.
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BACKGROUND
Outstanding Revenue Refunding Certificate Anticipation Notes, Series 2018A
The borrowing cost on the current outstanding Revenue Refunding Certificate Anticipation Notes, Series 2018A (2018A CANs), is fixed for 33.5 months and the entire $102,200,000 plus interest becomes due and payable on August 15, 2021. The Orange County Sanitation District (OC San) is responsible for a total repayment, including interest due of $104,755,000 or OC San could choose to refinance the 2018A CANs.
In March 2006, OC San issued $200 million of variable rate Certificates of Participation (COP), Series 2006 (2006 COPs). Alternatively, OC San could have issued debt,...
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