FROM: James D. Herberg, General Manager
Originator: Lorenzo Tyner, Assistant General Manager
SUBJECT:
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WASTEWATER REFUNDING REVENUE OBLIGATIONS, SERIES 2022A
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GENERAL MANAGER'S RECOMMENDATION
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RECOMMENDATION:
A. Adopt Resolution No. OC SAN 21-23 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, and a Continuing Disclosure Agreement in connection with the Orange County Sanitation District Wastewater Refunding Revenue Obligations, Series 2022A, authorizing the execution and delivery of such Revenue Obligations evidencing principal in an aggregate amount of not to exceed $107,315,000, 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 $107,315,000.
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BACKGROUND
Outstanding Wastewater Refunding Revenue Obligations, Series 2012A
In March 2012, the Orange County Sanitation District issued $100,645,000 of fixed rate Wastewater Refunding Revenue Obligations, Series 2012A (2012A Revenue Obligations) to refund outstanding debt. With current tax-exempt interest rates lower than the coupons on the 2012A Revenue Obligations, a refunding could provide attractive savings to the Orange County Sanitation District. All of the 2012A Revenue Obligations are outstanding and callable starting on February 1, 2022.
Outstanding Wastewater Refunding Revenue Obligations, Series 2012B
In August 2012, the Orange County Sanitation District issued $66,395,000 of fixed rate Wastewater Refun...
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