APFA2008/06/10 ANAHEIM PUBLIC FINANCING AUTHORITY
SPECIAL MEETING OF JUNE 10, 2008
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 David Morgan, City Attorney Jack White, and Secretary Linda
Andal
A copy of the agenda for the meeting of the Anaheim Public Financing Authority was posted on
June 6, 2008 on the kiosk outside City Hall.
At 6:06 P.M., Chairman Pringle called the special meeting of the Anaheim Public Financing
Authority to order in a joint public comment session with the Anaheim City Council, the Anaheim
Redevelopment Agency and the Anaheim Housing Authority.
ADDITIONS /DELETIONS TO THE AGENDA: None
PUBLIC COMMENTS:
No remarks offered during the joint public comment session related to the Anaheim Public
Financing Authority.
AGENDA ITEM:
1. RESOLUTION NO. APFA 2008 -001 A RESOLUTION OF THE BOARD OF
B137.1 DIRECTORS OF THE ANAHEIM PUBLIC FINANCING AUTHORITY(I) authorizing the
issuance of not to exceed $50,000,000 aggregate principal amount of Water Revenue
Bonds of said authority; (II) approving the forms and authorizing the execution and
delivery of an indenture of trust, an installment purchase agreement, sale documents
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 #49).
Marcie Edwards, Public Utilities General Manager, reported the $50 million in requested water
bonds was part of the Utilities strategic financial plan and would allow the water utility to better
manage the rate impact of several large capital projects. The water utilty had not issued new
bonds since 1994 when the Lenain Treatment Plant was under construction. She stated water
debt as a percentage of the Water Utility's assets was under 10 percent and well below the
norm in the water industry. The new debt issuance would raise the percentage to around 25
percent, within typical water utility norms. She reported major projects scheduled to be financed
through this debt issuance included Nohl Canyon Tank, Linda Vista Reservoir replacements,
wells at Anaheim Substation in Willow Park, various water pressure regulating stations, recycled
water projects and water system security improvements. This debt issue would also allow the
water utility to maintain good financial metrics to help keep solid financial market credentials
such as those that recently earned the City a Triple A rating from Standard and Poor.
Anaheim Public Finance Authority Minutes
June 10, 2008
Page 2
Authority Member Kring moved to approve Resolution No. APFA 2008 -001 of the Public
Financing authority authoring the issuance of not to exceed $50,000 aggregate principal amount
of Water Revenue Bonds of said authority; (ii) approving the forms and authorizing the
execution and delivery of an indenture of trust, an installment purchase agreement, sale of
documents and other related documents; (iii) approving the execution and delivery of an official
statement; and (IV) approving certain actions in connection therewith, seconded by Authority
Member Galloway.
Authority Member Hernandez remarked on the Triple A credit rating which was an important
component of this bond indicating it placed Anaheim among the highest category of water
agencies in California and was a reflection of how this City does business. Roll CaII vote: Ayes
— 5; Chairman Pringle; Authority 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 6:28 P.M.
Res ully Submitted,
Linda N. Andal
Secretary, Anaheim Public Financing Authority