FROM: Robert Thompson, General Manager
Originator: Wally Ritchie, Director of Finance
SUBJECT:
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WASTEWATER REFUNDING REVENUE OBLIGATIONS, SERIES 2024A
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GENERAL MANAGER'S RECOMMENDATION
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RECOMMENDATION:
A. Adopt Resolution No. OC SAN 24-01 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 an Escrow Agreement in connection with the Orange County Sanitation District Wastewater Refunding Revenue Obligations, Series 2024A, authorizing the execution and delivery of such Revenue Obligations evidencing principal in an aggregate amount of not to exceed $157,605,000, 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 $157,605,000.
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BACKGROUND
In August 2014, the Orange County Sanitation District (OC San) issued $85,090,000 of fixed rate Wastewater Refunding Revenue Obligations, Series 2014A (2014A Revenue Obligations) to refund outstanding debt. $30,095,000 of the remaining outstanding 2014A Revenue Obligations are callable as of February 1, 2024.
In February 2015, OC San issued $127,510,000 of fixed rate Wastewater Refunding Revenue Obligations, Series 2015A (2015A Revenue Obligations) to refund outstanding debt. All $127,510,000 of the remaining outstanding 2015A Revenue Obligations are callable on August 1, 2024.
On July 26, 2023, the Board of Directors authorized the General Manager to pursue fixed rate refundings of the 2014...
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