FROM: James D. Herberg, General Manager
Originator: Lorenzo Tyner, Assistant General Manager
SUBJECT:
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ANNUAL STATUS REPORT OF THE ORANGE COUNTY SANITATION DISTRICT FINANCING CORPORATION
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GENERAL MANAGER'S RECOMMENDATION
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RECOMMENDATION:
Receive and file the Annual Status Report of the Orange County Sanitation District Financing Corporation.
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BACKGROUND
Per Section 2.05 of the Orange County Sanitation District (Sanitation District) Financing Corporation, the Board of Directors will conduct at least one annual meeting where staff shall provide an activity report and conduct other business as necessary.
As of June 30, 2020, the Sanitation District has approximately $940 million in outstanding debt that is scheduled to be paid off prior to June 30, 2044.
The Sanitation District did not issue any new money debt during the 2019-20 Fiscal Year and no new money debt issuances are planned for the 2020-21 Fiscal Year.
A summary of the Sanitation District debt history is provided later in this agenda report.
RELEVANT STANDARDS
* Ensure the public's money is wisely spent
* Ensure that investment proposals and decisions are based on clearly defined standards
* Sound engineering and accounting practices, complying with local, state and federal laws
* Produce appropriate financial reporting
ADDITIONAL INFORMATION
The Sanitation District began issuing Certificates of Participation (COPs) in 1990. These COPs were part of the long-term financing plan that included both variable interest rate and traditional fixed rate borrowing. Following are the current outstanding debt issues of the Sanitation District:
Outstanding Debt History
In May 2010, the Sanitation District issued $80 million of fixed rate Build America Bonds (BABs), Series 2010A at a true interest cost of 3.68 percent for the issue. $80 Million Outstanding
In December 2010, the Sanitation District issued $157 million of fixed rate BABs, Series 2010C at a true in...
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