PIC1989/06/27ANAHEIM PUBLIC IMPROVEMENT CORPORATION
June 27, 1989, 1:36 P.M.
PRESENT: BOARD MEMBERS: Daly, Ehrle, Kaywood and Hunter
ABSENT: BOARD MEMBERS: Pickler
PRESENT: CITY MANAGER: Bob Simpson
CITY ATTORNEY: Jack White
SECRETARY: Leonora N. Sohl
A complete copy of the agenda for the meeting of the Anaheim Public
Improvement Corporation was posted at 3:35 p.m. on June 23, 1989 at the Civic
Center kiosk, containing all items as shown herein.
President Hunter called the special meeting of the Anaheim Public Improvement
Corporation to order at 1:36 p.m.
MINUTES: Board Member Kaywood moved to approve the minutes of the special
meeting held June 20, 1989. Board Member Hunter seconded the motion. Board
Member Pickler was absent. MOTION CARRIED.
MOTION: Board Member Hunter moved to adjourn to 3:00 p.m. for Joint Public
Hearing with City Council on Tefra Certificates of Participation - 1989
Recycling Equipment Financing Project. Board Member Kaywood seconded the
motion. MOTION CARRIED.
President Hunter reconvened the special meeting of the Anaheim Public
Improvement Corporation for a joint meeting with the City Council. (3:09 p.m.)
186: JOINT PUBLIC HEARING CITY COU_NCI ANAHEIM PUBLIC IMP ROVEMENT
CORPORATION - TEFRA CERTIFICATES OF PARTICIPATION (1989 RECYCLING EQUIPMENT
FINANCING PROJECT): To consider the issuance of certificates of participation
for the purpose of providing financing for the 1989 Recycling Equipment
Project and to hear public comments.
Submitted was report dated June 20, 1989 from the Finance Director, George
Ferrone, recommending certain actions with regard to the subject. Mr. Ferrone
expressed appreciation to Mr. William Taormina for bringing the financing
opportunity to the City. The result as pointed out in his report indicated a
savings of $4.3 million to the City's rate payers. It was a pleasure to work
with Mr. Taormina.
Mayor /President Hunter asked if anyone wished to speak regarding the subject
Certificates of Participation; there being no response, he closed the public
hearing.
Board Member Hunter offered Resolution No. APIC89 -2 for adoption, approving,
~ Authorizing and Directing Execution of Certain Installment Sale Financing
Documents; and authorizing and directing certain actions with respect
thereto. Refer to Resolution Book.
RESOLUTION N0, APIC89 -2: A RESOLUTION APPROVING, AUTHORIZING AND DIRECTING
EXECUTION OF CERTAIN INSTALLMENT SALE FINANCING DOCUMENTS AND AUTHORIZING AND
DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO.
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ANAHEIM PUBLIC IMPROVEMENT CORPORATION
June 27, 1989, 1:36 P.M.
Roll Call Vote:
AYES: BOARD MEMBERS: Daly, Ehrle, Kaywood and Hunter
NOES: BOARD MEMBERS: None
ABSENT: BOARD MEMBERS: Pickler
The President declared Resolution No. APIC89 -2 duly passed and adopted.
Board Member Hunter moved the following: (1) Approve an Installment Sale
Agreement relating to the financing of recycling equipment, with the City
(purchaser); (2) approve a Trust Agreement by and among the Corporation, the
City and First Interstate Bank of California (the Trustee) relating to the
financing and the execution and delivery of certificates of participation
evidencing undivided fractional interests of the owners thereof in installment
payments to be made by the City under the Installment Sale Agreement; (3)
approve an Assignment Agreement by and between the Corporation and the
Trustee, pursuant to which the Corporation will assign certain of its rights
under the Installment Sale Agreement, including its right to receive
installment payments thereunder, to the Trustee. Board Member Ehrle seconded
the motion. Board Member Pickler was absent. MOTION CARRIED.
COUNCIL ACTIONS:
WAIVER OF READING - RESOLUTIONS: The titles of the following resolutions were
read by the City Clerk. (Resolution Nos. 89R -282 through 89R -284, both
inclusive)
Councilman Hunter moved to waive the reading in full of the resolutions.
Councilman Ehrle seconded the motion. Councilman Pickler was absent.
MOTION CARRIED.
Councilman Hunter offered Resolution Nos. 89R -282 through 89R -284, both
inclusive, for adoption. Refer to Resolution Book.
RESOLUTION N0, 89R -282: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ANAHEIM APPROVING THE EXECUTION AND DELIVERY OF AN INSTALLMENT SALE AGREEMENT
FOR THE PURPOSE OF PROVIDING FINANCING FOR CERTAIN RECYCLING EQUIPMENT.
RESOLUTION N0, 89R -283: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ANAHEIM PROVIDING PRELIMINARY APPROVAL OF EXECUTION AND DELIVERY OF
INSTALLMENT SALE AGREEMENT FOR THE PURPOSE OF PROVIDING FINANCING FOR CERTAIN
RECYCLING EQUIPMENT.
RESOLUTION NO, 89R -284: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ANAHEIM APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF CERTAIN INSTALLMENT
OF SALE FINANCING DOCUMENTS, APPROVING THE FORM AND DISTRIBUTION OF A
PRELIMINARY OFFICIAL STATEMENT, AN OFFICIAL NOTICE OF SALE AND AN OFFICIAL BID —
FORM IN CONNECTION WITH THE OFFERING AND SALE OF CERTIFICATES OF PARTICIPATION
RELATING THERETO, AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT
THERETO.
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ANAHEIM PUBLIC IMPROVEMENT CORPORATION
June 27, 1989, 1:36 P.M.
Roll Call Vote:
AYES: COUNCIL MEMBERS: Daly, Ehrle, Kaywood and Hunter
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Pickler
The Mayor declared Resolution Nos. 89R -282 through 89R -284, both inclusive,
duly passed and adopted.
Councilman Hunter moved to approve the following: (1) Approve an Agreement
for Rebate Calculation Services with Jones Hall Hill & White to provide
arbitrage calculation services to ensure that we abide by the federal tax law
requiring excess earnings be rebated back to the federal government; (2)
approve an Agreement employing Jones Hall Hill & White as Bond Counsel
regarding the sale of certificates of participation for the purpose of
financing the project at a fee for legal expenses of approximately $42,335,
plus out of pocket expenses not to exceed $7,500; (3) approve an agreement
with Seidler - Fitzgerald Public Finance as Financial Advisor to the City
regarding the sale of certificates of participation for the purpose of
financing the Project at a fee of $35,000 plus out -of- pocket expenses
not -to- exceed $2,500. Councilman Ehrle seconded the motion. Councilman
_._ Pickler was absent. MOTION CARRIED.
ADJOURNMENT: President Hunter moved to adjourn the special meeting of the
Anaheim Public Improvement Corporation. Board Member Ehrle seconded the
motion. Board Member Pickler was absent. MOTION CARRIED. (3:12 p.m.)
LEONORA N. SOHL, SECRETARY
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