FROM: Robert Thompson, General Manager
Originator: Wally Ritchie, Director of Finance
SUBJECT:
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WASTEWATER REFUNDING REVENUE OBLIGATIONS, SERIES 2023A
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GENERAL MANAGER'S RECOMMENDATION
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RECOMMENDATION:
A. Adopt Resolution No. OC SAN 23-20 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, an Escrow Agreement, and a Continuing Disclosure Agreement in connection with the Orange County Sanitation District Wastewater Refunding Revenue Obligations, Series 2023A, authorizing the execution and delivery of such Revenue Obligations evidencing principal in an aggregate amount of not to exceed $39,180,000, 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 $39,180,000.
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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. With current tax-exempt interest rates lower than the coupons on the 2014A Revenue Obligations, a refunding could provide attractive savings to OC San. $39,180,000 of the remaining outstanding 2014A Revenue Obligations are payable or callable on February 1, 2024.
On July 26, 2023, the Board of Directors authorized the General Manager to pursue a fixed rate refunding of the 2014A Revenue Obligations. Approval of the recommended actions and the associated documents will enable staff to co...
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