HomeMy WebLinkAbout1997-06-03; Municipal Water District; Resolution 975T+-I e a
1
2
RESOLUTION NO. 975
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
I
I
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE CARLSBAD MUNICIPAL WATER DISTRICT
AUTHORIZING THE STAFF TO PROCEED WITH
PRELIMINARY WORK RELATED TO REFUNDING
EXISTING BOND ISSUES
WHEREAS from time to time the Carlsbad Municipal Water District (CMj
issued debt to finance the construction of public projects within the District; and
WHEREAS the interest rates applied to these debt issues reflect the ma
conditions at the time the issue was originally sold to the market, and
WHEREAS over time, interest rates in the tax exempt municipal market:
fluctuate to reflect economic conditions and the market's interest in various typc
exempt debt; and
WHEREAS it is in the best interest of CMWD and the residents of the Di
~ achieve the lowest cost possible for any debt issue, consistent with prudent fin;
~ management principles; and
I
,
~
WHEREAS from time to time it is appropriate for the staff to prepare anc
to the Board refunding proposals which will reduce the annual cost of funds to
1
District.
II -4-
e a
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
CARLSBAD MUNICIPAL WATER DISTRICT AS FOLLOWS:
1) That the above recitations are true and correct
2) That the staff is here by authorized to actively consider the refunding of i
existing debt issue.
3) That the staff may proceed with requesting proposals from underwriters,
advisors, legal experts and other parties necessary to accomplish a refunding c
the subject debt issues.
4) That the staff may consider combining any CMWD refunding with any Ci
Carlsbad refunding where such combination results in improved savings for bo1
entities.
5) That the staff shall present to the Board any recommended financing tez
to commencing any official work on a refunding.
6) That the staff shall endeavor to recover from any subsequent refunding :
amount necessary to reimburse the City and/or District for staff time invested in
refunding effort, but not less than $10,000 per issue refunded, and any direct c(
related to the refunding effort.
-5-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
a e
PASSED, APPROVED, AND ADOPTED at a regular meeting of the Carlsbad h
Water District held on the 3rd day of JUNE , 1997, by the
vote, to wit:
AYES: :::Boakd Members Lewis, Finnila, Nygaard, Kulchin, I
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
llJK&!w $:.I
n
ALETHA L, RAUTENKRANZ, Secretary
(SEAL)
-6-
I