HomeMy WebLinkAbout09.a. CCCSD Facilities Financing Authority Annual MeetingCENTRAL CONTRA COSTA SANITARY DISTRICT / •
FACILITIES FINANCING AUTHORITY
ANNUAL MEETING
JANUARY 6, 2011
1. CALL TO ORDER
2. ROLL CALL
3. - PUBLIC COMMENTS
4. APPOINTMENT OF OFFICERS
AGENDA
a. Appointment of officers pursuant to Article III, Section 2 of the Bylaws as
follows;
1) Appoint Chair of the Authority (Chair of the Budget and Finance
Committee of the District Board of Directors —James Nejedly);
2) Appoint Vice Chair of the Authority (remaining Member of the Budget
and Finance Committee of the District Board of Directors — Barbara
Hockett);
3) Appoint Executive Director of the Authority (General Manager of the
District);
4) Appoint Treasurer of the Authority (Controller of the District); and
5) Appoint Secretary of the Authority (Secretary of the District).
STAFF RECOMMENDATION (Motion Required); Appoint the officers as
recommended for a one -year term.
5. APPROVAL OF MINUTES
a. Approve Minutes of January 7, 2010.
STAFF RECOMMENDATION (Motion Required ): Approve the minutes.
0. BUDGET AND FINANCE
a. The Treasurer of the Authority will present Financial Status Report for 2010.
7. OTHER BUSINESS RELATING TO MATTERS ABOVE
8. ADJOURNMENT
a. Adjourn annual meeting of the Authority and reconvene as the Board of
Directors of the Central contra costa Sanitary District.
MINUTES OF THE ANNUAL MEETING OF THE
CENTRAL CONTRA COSTA SANITARY DISTRICT
FACILITIES FINANCING AUTHORITY
HELD ON JANUARY 7, 2010
At 2:41 p.m., President McGill adjourned the Regular Board Meeting and Member
Lucey, Chair of the Central Contra Costa Sanitary District (CCCSD) Facilities Financing
Authority (FFA) (the "Authority " ), convened the annual meeting of the Authority.
Chair Lucey requested that the Secretary call roll.
PRESENT: Members: Hackett, McGill, Menesini, Nejedly, Lucey
ABSENT: Members: None
Chair Lucey requested public comments, and noted that there were none.
Chair Lucey stated that in accordance with the Bylaws of the Authority, it would be
appropriate to elect officers at this time.
It was moved by chair Lucey and seconded by Member McGill to approve the following
slate of officers for 2010, in accordance with Article III, Section 2 of the Bylaws:
1 } Chair of the Authority shall be Board Member James A. Nejedly, chair of
the Budget and Finance Committee;
2} Vice chair of the Authority shall be Board Member Barbara D. Hackett, the
remaining member of the Budget and Finance Committee;
3} Executive Director of the Authority shall be Mr. James M. Kelly, General
Manager of the District;
4} Treasurer of the Authority shall be Ms. Deborah Ratcliff, Controller of the
District; and
5} Secretary of the Authority shall be Ms. Elaine R. Boehme, Secretary of the
District.
Motion passed by unanimous vote of the Authority.
It was moved by Member McGill and seconded by Member Menesini to approve the
Authority minutes of January 15, 2009. Motion passed by unanimous vote of the
Authority.
It was moved by Member McGill and seconded by Chair Lucey to approve the Authority
minutes of October 15, 2009. Motion passed by unanimous vote of the Authority.
Ms. Deborah Ratcliff, Treasurer of the Authority, reported that in November and
December 2009, the District sold a total of $54 million in both taxable and non - taxable
bonds. The purpose of the safe was to refund the 1998 and 2002 outstanding bonds
due to very favorable interest rates and to issue new debt to help fund several large
capital projects included in the capital budget.
Tax exempt bonds were issued to refund the 1998 and 2002 bonds as well as to raise
new money. Refunding of the District's $24 million of outstanding debt will produce a
$1.3 million net present value savings. The interest rates on the tax exempt bonds
range from 0.4% to 3.79 %.
The District also issued $19 million in taxable Build America Bonds which have a direct
35% subsidy from the Federal Government, with yields ranging from 3.45% to 3.78%
net of the subsidy. These funds will also be used to fund capital projects.
Debt Service payments will be $5.4 million each year for the first five years, dropping to
$3.6 million for the next nine years, and $2.4 million for the remaining six years.
There being no further business to come before the Board, Chair Lucey adjourned the
annual meeting of the Authority at 2:45 p.m. and turned the meeting back to President
McGill.
Elaine R. Boehme, CIVIC
Secretary of the Authority