HomeMy WebLinkAbout07.a. Adjourn and reconvene as CCCSD Facilities Financing AuthorityCENTRAL CONTRA COSTA SANITARY DISTRICT ' ' �- •
FACILITIES FINANCING AUTHORITY
ANNUAL MEETING
JANUARY 12, 2012
AGENDA
1. CALL TO ORDER
2. ROLL CALL
3. PUBLIC COMMENTS
4. APPOINTMENT OF OFFICERS
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 — David Williams);
2) Appoint Vice Chair of the Authority (remaining Member of the Budget
and Finance Committee of the District Board of Directors — James
Nejedly);
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 6, 2011.
STAFF RECOMMENDATION (Motion Required): Approve the minutes.
6. BUDGET AND FINANCE
a. The Treasurer of the Authority will present Financial Status Report for 2011.
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 6, 2011
At 2.43 p.m., President Hockett adjourned the Special Board Meeting and Member
Nejedly, Chair of the Central Contra Costa Sanitary District (CCCSD) Facilities
Financing Authority (FFA) (the "Authority "), convened the annual meeting of the
Authority.
Chair Nejedly requested that the Secretary call roll
PRESENT: Members: Hockett, McGill, Menesini, Williams, Nejedly
ABSENT: Members: None
Chair Nejedly requested public comments, and noted that there was n
Chair Nejedly stated that in accordance with the Bylaws of the Authority, it would be
appropriate to elect officers at this time.
It was moved by Member McGill and seconded by Member Hockett to approve the
following slate of officers for 2011, in accordance with Article 1,1 1, 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 President Barbara D. Hockett,
r
the remaining member of the Budget and Finance Committee;
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 Hockett to approve the
CCCSDFFA minutes of January 7, 2010. Motion passed by unanimous vote of the
Authority.
In the absence of Ms. Deborah Ratcliff, Controller of the District, Mr. Randy Musgraves,
Director of Administration of the District, reported that in November and December of
CENTRAL CONTRA COSTA SANITARYDISTRICT
FACILITIES FINANCING AUTHORITY
Minutes of January 6, 2011
2009, the District sold a total of $54 million in both taxable and non - taxable bonds. The
purpose of the sale was to refund the 1998 and 2002 outstanding bonds of $24 million
due to very favorable interest rates and to issue new debt of $30 million to help fund
several large capital projects included in the Capital Budget. The refunding of the
District's $24 million of outstanding debt will produce an approximate $1.2 million net
present value savings. The interest rates on the tax - exempt bonds range from 0.4% to
3.79% with a 20 -year term.
Of the $30 million in new debt, the District 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 also have a 20 -year term and
are being used to fund capital projects.
Debt service payments will be $5.4 million each year for the first five years (through
Fiscal Year 2014) dropping to $3.6 million for the next nine years (through Fiscal Year
2023) and $2.4 million for the remaining six years (through Fiscal Year 2029).
There being no further business to come before the Authority, Chair Nejedly adjourned
the annual meeting of the CCCSD Facilities Financing Authority at 2:48 p.m. and turned
the meeting back to President Hockett.
Elaine R. Boehme, CMC
Secretary of the Authority