HomeMy WebLinkAbout1988-10-13; Municipal Water District; MinutesI MINUTES OF THE SPECIAL BOARD MEETING OF THE BOARD OF DIRECTORS OF COSTA REAL MUNICIPAL WATER DISTRICT, HELD ON OCTOBER 13, 1988, AT
6:OO P.M. AT 5950 EL CAMINO REAL, CARLSBAD, CALIFORNIA
The meeting was called to order at 6:34 p.m. by President.Bonas with Directors Henley and Maerkle present. Directors Haasl and
Woodward absent. Also in attendance were General Manager/Dis-
trict Engineer Greaney, Legal Counsel Moser, Administrative
Manager Poole and Executive Secretary Woodward. Ed Wells, Urban
,Schreiner, Sohail Bengab and Bill Huck also attended.
Pledge of Allegiance The pledge of allegiance to the flag was given.
Consideration of authorization Mr. Poole reviewed the acti-
to perform refunding of 1984 vities since the Board meeting
Certificates of Participation on October 5, 1988 when staff
was authorized to complete the
Resolution No. 594 preliminary documents needed to perform the refunding of
the District's 1984 Certificates of Participation issuance.
Staff was also directedtopresentthe Boardwith themost recent
numbers for cost savings to be realized if the refunding takes
place. He referred to a graph he prepared showing a net P.V.
Savings without insurance of $500,025.
Mr. Schreiner reviewed the resolution which will authorize staff, financial advisor and special counsel to take the preliminary steps to obtain an issue of certificates of participation to replace those that were issued in 1984. If authorization is
given today, a report will be presented at the Adjourned Board
meeting'scheduled for October 25, 1988 at 1O:OO a.m. At that
time a rating and an offer to purchase will be presented for
Board consideration. Insurance will also be in the evaluation.
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Director Maerkle made a motion to adopt Resolution No. 594, "RESOLUTION OF THE BOARD OF DIRECTORS OF COSTA REAL MUNICIPAL WATER DISTRICT AUTHORIZING ITS MANAGER TO NEGOTIATE FOR THE
PURCHASE OF CERTIFICATES OF PARTICIPATION BY STONE & YOUNGBERG;
AUTHORIZING AND INSTRUCTING ITS FINANCIAL ADVISOR TO PREPARE A PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING AND INSTRUCTING ITS SPECIAL COUNSEL TO PREPARE NECESSARY DOCUMENTS FOR CERTI- FICATE OF PARTICIPATION ISSUANCE TO SUBMIT TO RATING AGENCIES AND BOND INSURANCE COMPANIES: AND MAKING CERTAIN OTHER FINDINGS AND
DETERMINATIONS IN CONNECTION THEREWITH," seconded by Director
Henley. Roll was called and all ayed. (Directors Haasl and Woodward absent.)
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I Adjournment
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The meeting adjourned at 6:52.
Respectfully submitted,
&L , Board of Directors
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-2- October 13, 1988
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DECLARATION OF POSTING
I, the undersigned, say:
That I am a citizen of the United States, over eighteen
(18) years of age, and a resident of the County of San Diego,
State of California, in which the within-mentioned posting
occurred, and not a party to the subject cause of
proceedings.
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I posted a copy of the attached NOTICE OF SPECIAL
MEETING on the bulletin board of COSTA REAL MUNICIPAL WATER
DISTRICT, at 5950 El Camino Real, Carlsbad, CA, on October 7,
1988, more than twenty-four hours prior to the date of the
Board meeting being called on October 13, 1988. A copy of
the Notice was also sent to our regular Board meeting agenda
mailing list,
I declare, under penalty of perjury, that the foregoing
is true and correct.
Executed on October 7, 1988, at Carlsbad, CA.
I LAd&&
I I NOTICE OF SPECIAL MEETING
Notice is hereby given that a special meeting has been
called by President Bonas, of the Board of Directors of COSTA
REAL MUNICIPAL WATER DISTRICT on October 7, 1988,
The special meeting was called for the purpose of:
Consideration of authorization to perform re- funding of 1984 Certificates of Participation.
The Special Meeting is scheduled for October 13, 1988, at
6:OO p.m. in the boardroom, COSTA REAL MUNICIPAL WATER DISTRICT,
5950 El Camino Real, Carlsbad, California,
I DATED: October 7, 1988.
/& NLEY, Secfetary of
and of the Board of Directors thereof
MUNICIPAL WATER DISTRICT
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