APFA2010/10/12 ANAHEIM PUBLIC FINANCING AUTHORITY
SPECIAL MEETING OF OCTOBER 12, 2010
The Anaheim Public Financing Authority met in special session.
Present: Chairman Curt Pringle and Board Members: Lorri Galloway, Bob Hernandez, Lucille
Kring and Harry Sidhu.
Staff Present: City Manager Tom Wood, City Attorney Cristina Talley, and Secretary Linda
Andal
A copy of the agenda for the special meeting of the Anaheim Public Financing Authority was
posted on October 8, 2010 on the kiosk outside City Hall.
At 5:21 P.M., Chairman Pringle called the special meeting of the Anaheim Public Financing
Authority to order for a joint public comment session with the Anaheim City Council.
ADDITIONS /DELETIONS TO THE AGENDA: None
PUBLIC COMMENTS: No remarks offered during the joint public comment session related to
the Anaheim Public Financing Authority meeting.
CONSENT CALENDAR: At 5:51 P.M., Board Member Hernandez moved to approve the
consent calendar (consisting of Item No. 1), seconded by Board Member Kring. Roll Call Vote:
Ayes — 5: Chairman Pringle, Board Members: Galloway, Hernandez, Kring and Sidhu. Noes —
0. Motion Carried.
1. Approve minutes of the Public Finance Authority meeting of February 10, 2009.
END OF CONSENT CALENDAR:
2. RESOLUTION NO. APFA 2010 -001 A RESOLUTION OF THE BOARD OF
B137.1 DIRECTORS OF THE ANAHEIM PUBLIC FINANCING AUTHORITY, (i) authorizing the
issuance of not to exceed $35,000,000 aggregate principal amount of water revenue
bonds of the said Authority; (ii) approving the forms and authorizing the execution of an
Indenture of Trust, an installment Purchase Agreement, a Purchase Contract and other
related documents; (iii) approving the execution and delivery of an Official Statement;
and (iv) approving certain actions in connection therewith (related to Council Item No.
19).
Marcie Edwards, Public Utilities General Manager, stated Council's approval of this item would
authorize a bond issuance up to $35,000,000 to provide a source of capital funding for the
Water Utility Department. She remarked funds for larger capital projects were frequently
borrowed as opposed to being funded through cash reserves in order for the payback to be
spread out across the lifetime of the projects. This allowed for all customers that benefited from
these projects over their lifetime to pay for them over time rather than placing the entire burden
on current customers.
Anaheim Public Financing Authority Minutes
October 12, 2010
Page 2
Ms. Edwards indicated current projects expected to be funded through this borrowing included
the rehabilitation of Linda Vista Reservoir Complex, a strategic component of the City's water
supply system that supplied both the Hill and Canyon area as well as the flatland area of
Anaheim. Other projects included wells, pump station upgrades, water main replacements and
relocations. All of these projects, she emphasized, were vital to maintain the reliability of the
City's water system.
She added by borrowing now, the City would take advantage of rates that had never been
lower, about four percent or less; and with Anaheim's credit rating of. AAA, the City would not
have to pay borrowing insurance costs. In addition, she pointed out, infrastructure investments
were all part of a long -term strategic investment plan and this particular investment had been
contemplated a number of years ago and the funding assumptions previously built into the
budget which meant the borrowing would not raise current water rates. She ended her
presentation adding that water continued to remain a bargain in Anaheim with 758 gallons
costing $1.99.
Board Member Galloway moved to approve RESOLUTION NO. APFA 2010 -001 OF THE
ANAHEIM PUBLIC FINANCING AUTHORITY i) authorizing the issuance of not to exceed
$35,000,000 aggregate principal amount of water revenue bonds of the said Authority; (ii)
approving the forms and authorizing the execution of an Indenture of Trust, an Installment
Purchase Agreement, a Purchase Contract and other related documents; (iii) approving the
execution and delivery of an Official Statement; and (iv) approving certain actions in connection
therewith; seconded by Board Member Hernandez Roll Call Vote: Ayes — 5 Chairman Pringle
and Board Members: Galloway, Hernandez, Kring and Sidhu. Noes — 0. Motion Carried
ADJOURNMENT:
There being no further business, Chairman Pringle adjourned meeting of the Anaheim Public
Financing Authority at 5:56 P.M.
Res- - Ily submitt-d,
41.
inda N. Andal, CMC
Secretary, Anaheim Public Financing Authority