AHPIA-2022/03/15ANAHEIM HOUSING AND PUBLIC IMPROVEMENTS AUTHORITY
REGULAR MEETING OF MARCH 15, 2022
The Anaheim Housing and Public Improvements Authority regular meeting was called to order
at 5:18 P.M. in the City Council Chamber located at 200 S. Anaheim Blvd. in joint session with
the Anaheim Housing Authority and the Anaheim City Council. The meeting notice, agenda, and
related materials were duly posted on March 10, 2022.
MEMBERS PRESENT: Chairman Harry Sidhu and Authority Members Trevor O'Neil, Jose
Diaz, Gloria Ma'ae, Jose F. Moreno, Avelino Valencia, and
Stephen Faessel
STAFF PRESENT: City Manager Jim Vanderpool, City Attorney Robert Fabela, and
Secretary Theresa Bass
ADDITIONS/DELETIONS TO THE AGENDA: None
PUBLIC COMMENTS (all agenda items):
No in -person or electronically submitted public comments related to the Anaheim Housing and
Public Improvements Authority agenda.
CITY MANAGER'S UPDATE: None
At 6:17 P.M., Chairman Sidhu recessed the Anaheim Housing and Public Improvements
Authority and the Anaheim City Council to address the Anaheim Housing Authority agenda.
At 6:17 P.M., Mayor Sidhu adjourned the Anaheim Housing Authority and reconvened the
Anaheim Housing and Public Improvements Authority, in joint session with the City Council.
ANAHEIM HOUSING AND PUBLIC IMPROVEMENTS AUTHORITY
CONSENT CALENDAR:
MOTION: Authority Member O'Neil moved to approve the consent calendar as presented,
seconded by Authority Member Diaz. ROLL CALL VOTE: AYES — 7 (Chairman Sidhu and
Authority Members O'Neil, Diaz, Ma'ae, Moreno, Valencia, and Faessel); NOES — 0. Motion
carried.
HP1188 5. Approve minutes of the Housing and Public Improvements Authority meeting of
November 16, 2021.
CITY COUNCIL AND ANAHEIM HOUSING AND PUBLIC IMPROVEMENTS AUTHORITY
END OF CONSENT CALENDAR:
B137.1 6. Consider two resolutions of the Anaheim Housing and Public Improvements Authority
(AHPIA) and two resolutions of the City Council, separately, authorizing the issuance
(AHPIA) and approving the issuance (City Council) of Revenue Bonds, Series 2022-A
(Water System Project), Revenue Refunding Bonds, Series 2022-B (Water System
Anaheim Housing and Public Improvements Authority Minutes of March 15, 2022
Page 2 of 5
Refunding) (Taxable) and Revenue Refunding Bonds, Series 2022-C (Water System
Refunding) in the aggregate principal amount not to exceed $212,000,000, and Revenue
Bonds Series 2022-A (Electric Utility Distribution System Improvements), Revenue
Bonds, Series 2022-B (Electric Utility Generation System Improvements), Revenue
Refunding Bonds, Series 2022-C (Electric Utility Distribution System Refunding)
(Taxable) and Revenue Refunding Bonds, Series 2022-D (Electric Utility Distribution
System Refunding) in the aggregate principal amount not to exceed $520,000,000, and
related items.
Anaheim Housing and Public Improvements Authority Action:
B137.1 6-A.
RESOLUTION NO. AHPIA-2022-001 RESOLUTION OF THE BOARD OF
AGR-13402
DIRECTORS OF THE ANAHEIM HOUSING AND PUBLIC IMPROVEMENTS
AGR-13402.0.1
AUTHORITY, (i) authorizing the issuance of not to exceed $212,000,000 aggregate
AGR-13402.0.2
principal amount of Revenue Bonds, Series 2022-A (Water System Project), Revenue
AGR-13402.0.3
Refunding Bonds, Series 2022-B (Water System Refunding) (Taxable) and Revenue
AGR-13402.0.4
Refunding Bonds, Series 2022-C (Water System Refunding) of said Authority; (ii)
approving the forms and authorizing the execution of an Indenture of Trust, an
AGR-13402.0.5
Installment Purchase Agreement, one or more Purchase Contracts and other related
AGR-13402.0.E
documents; (iii) approving the execution and delivery of an Official Statement; and (iv)
AGR-13402.0.7
approving certain actions in connection therewith.
AGR-13402.0.8
AGR-13402.0.9
RESOLUTION NO. AHPIA-2022-002 RESOLUTION OF THE BOARD OF
AGR-13402.0.10
DIRECTORS OF THE ANAHEIM HOUSING AND PUBLIC IMPROVEMENTS
AGR-13402.0.11
AUTHORITY, (i) authorizing the issuance of not to exceed $520,000,000 aggregate
AGR-13402.0.12
principal amount of Revenue Bonds, Series 2022-A (Electric Utility Distribution System
AGR-13402.0.13
Improvements), Revenue Bonds, Series 2022-B (Electric Utility Generation System
AGR-13402.0.14
Improvements), Revenue Refunding Bonds, Series 2022-C (Electric Utility Distribution
System Refunding) (Taxable) and Revenue Refunding Bonds, Series 2022-D (Electric
Utility Distribution System Refunding) of said Authority; (ii) approving the refunding,
defeasance, and purchase through tender offer of outstanding bonds or exchange
therefor; (iii) approving the forms and authorizing the execution of an Indenture of Trust,
an Installment Purchase Agreement, one or more Purchase Contracts, a Dealer
Manager Agreement, an Invitation to Tender and other related documents; (iv) approving
the execution and delivery of an Official Statement; and (v) approving certain actions in
connection therewith.
City Council Action:
6137.1
AGR-13402 6-B.
RESOLUTION NO. 2022-022 RESOLUTION OF THE CITY COUNCIL OF THE
AGR-13402.0.1
CITY OF ANAHEIM (i) approving the issuance of not to exceed $212,000,000 aggregate
AGR-13402.0.2
principal amount of Revenue Bonds, Series 2022-A (Water System Project), Revenue
AGR-13402.0.3
Refunding Bonds, Series 2022-B (Water System Refunding) (Taxable) and Revenue
AGR-13402.0.4
Refunding Bonds, Series 2022-C (Water System Refunding) of the Anaheim Housing
AGR-13402.0.5
and Public Improvements Authority; (ii) approving the forms and authorizing the
execution of an Installment Purchase Agreement, an Indenture of Trust, one or more
AGR-13402.0.E
Escrow Agreements, a Continuing Disclosure Agreement, one or more Purchase
AGR-13402.0.7
Contracts and other related documents; (iii) approving the delivery of an Official
AGR-13402.0.8
Statement; and (iv) approving certain actions in connection therewith.
AGR-13402.0.9
AGR-13402.0.10
AGR-13402.0.11
AGR-13402.0.12
AGR-13402.0.13
AGR-13402.0.14
Anaheim Housing and Public Improvements Authority Minutes of March 15, 2022
Page 3 of 5
RESOLUTION NO. 2022-023 RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ANAHEIM (i) approving the issuance of not to exceed $520,000,000 aggregate
principal amount of Revenue Bonds, Series 2022-A (Electric Utility Distribution System
Improvements), Revenue Bonds, Series 2022-B (Electric Utility Generation System
Improvements), Revenue Refunding Bonds, Series 2022-C (Electric Utility Distribution
System Refunding) (Taxable) and Revenue Refunding Bonds, Series 2022-D (Electric
Utility Distribution System Refunding) of the Anaheim Housing and Public Improvements
Authority; (ii) approving the refunding, defeasance, and purchase through tender offer of
outstanding bonds or exchange therefor; (iii) approving the forms and authorizing the
execution of an Installment Purchase Agreement, an Indenture of Trust, one or more
Escrow Agreements, a Continuing Disclosure Agreement, one or more Purchase
Contracts, a Dealer Manager Agreement, an Invitation to Tender and other related
documents; (iv) approving the delivery of an Official Statement; and (v) approving certain
actions in connection therewith.
Public Utilities Assistant General Manager of Finance Brian Beelner reported Anaheim Public
Utilities (APU) is requesting permission to issue utility revenue bonds to both refund or refinance
outstanding older debt and to provide capital to replace and upgrade aging infrastructure. He
reported APU has over $2 billion in assets to help the City and 45% of them have been financed
with tax-exempt municipal bonds. He noted the bonds are specifically secured by utility revenue
and not by the General Fund, with APU assuming all debt.
Mr. Beelner reported APU handles capital improvements through bonds and not cash because it
is important to spend cash as it is received from customers so customers can better benefit from
the payment plan for these assets. He added APU could issue bonds on a tax-exempt basis
making its interest rates lower than its corporate brethren. He added this ability to amass less
expensive debt allows APU to offer customers low electric and water rates. He added interest
rates are historically low and this allows APU to leverage its high credit rating to refinance older
debt and invest in system improvements without overly burdening customers.
Mr. Beelner proposed for the electric utility to refinance $395,000,000 of existing debt to shorten
the term by two years while realizing $45,300,000 savings in interest, invest $75,000,000 of new
money in battery energy storage, and invest $50,000,000 of new money in equipment
replacements. He reported the battery energy storage would provide $200,000,000 in cost
recovery savings over the life of the investment. He stated for the water utility, APU plans to
refinance $162,000,000 of existing debt to realize an interest savings of $6,100,000 over 11
years and invest $50,000,000 of new money for water pipeline and equipment replacements
and upgrades. He detailed the outstanding bonds the City would be refinancing and shortening
to account for the total savings of $51,400,000. He stated this would help with the goal of having
a carbon -free utility by 2045 by helping lessen the duration of debt service repayments.
Mr. Beelner reported the average customer pays significantly less for their water and electricity
than in other northern Orange County cities.
DISCUSSION: Chairman Sidhu commended APU's plan to save customers money by
refinancing and to improve infrastructure without increasing rates.
In response to Authority Member Diaz's inquiry, Mr. Beeler stated the battery bonds would be
10 years because that is their life span. APU General Manager Dukku Lee clarified the lifespan
for the battery system is 10 years but some of the other new money bonds requested would
have a 30-year maturity based upon the technology the funds are being used for.
Anaheim Housing and Public Improvements Authority Minutes of March 15, 2022
Page 4 of 5
Authority Member Diaz stated inflation and raw material prices are rising. He encouraged APU
to get the capital improvements done as soon as possible.
Anaheim Housing and Public Improvements Authority Action:
MOTION: Authority Member O'Neil moved to approve RESOLUTION NO. AHPIA-2022-001
RESOLUTION OF THE BOARD OF DIRECTORS OF THE ANAHEIM HOUSING AND PUBLIC
IMPROVEMENTS AUTHORITY, (i) authorizing the issuance of not to exceed $212,000,000
aggregate principal amount of Revenue Bonds, Series 2022-A (Water System Project),
Revenue Refunding Bonds, Series 2022-B (Water System Refunding) (Taxable) and Revenue
Refunding Bonds, Series 2022-C (Water System Refunding) of said Authority; (ii) approving the
forms and authorizing the execution of an Indenture of Trust, an Installment Purchase
Agreement, one or more Purchase Contracts and other related documents; (iii) approving the
execution and delivery of an Official Statement; and (iv) approving certain actions in connection
therewith; and RESOLUTION NO. AHPIA-2022-002 RESOLUTION OF THE BOARD
OF DIRECTORS OF THE ANAHEIM HOUSING AND PUBLIC IMPROVEMENTS AUTHORITY,
(i) authorizing the issuance of not to exceed $520,000,000 aggregate principal amount of
Revenue Bonds, Series 2022-A (Electric Utility Distribution System Improvements), Revenue
Bonds, Series 2022-B (Electric Utility Generation System Improvements), Revenue Refunding
Bonds, Series 2022-C (Electric Utility Distribution System Refunding) (Taxable) and Revenue
Refunding Bonds, Series 2022-D (Electric Utility Distribution System Refunding) of said
Authority; (ii) approving the refunding, defeasance, and purchase through tender offer of
outstanding bonds or exchange therefor; (iii) approving the forms and authorizing the execution
of an Indenture of Trust, an Installment Purchase Agreement, one or more Purchase Contracts,
a Dealer Manager Agreement, an Invitation to Tender and other related documents; (iv)
approving the execution and delivery of an Official Statement; and (v) approving certain actions
in connection therewith, seconded by Authority Member Ma'ae. ROLL CALL VOTE: AYES — 7
(Chairman Sidhu and Authority Members O'Neil, Diaz, Ma'ae, Moreno, Valencia, and Faessel);
NOES — 0. Motion carried.
City Council Action:
MOTION: Mayor Pro Tern O'Neil moved to approve RESOLUTION NO. 2022-022
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM (i) approving the issuance
of not to exceed $212,000,000 aggregate principal amount of Revenue Bonds, Series 2022-A
(Water System Project), Revenue Refunding Bonds, Series 2022-B (Water System Refunding)
(Taxable) and Revenue Refunding Bonds, Series 2022-C (Water System Refunding) of the
Anaheim Housing and Public Improvements Authority; (ii) approving the forms and authorizing
the execution of an Installment Purchase Agreement, an Indenture of Trust, one or more
Escrow Agreements, a Continuing Disclosure Agreement, one or more Purchase Contracts and
other related documents; (iii) approving the delivery of an Official Statement; and (iv) approving
certain actions in connection therewith; and RESOLUTION NO. 2022-023
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM (i) approving the issuance
of not to exceed $520,000,000 aggregate principal amount of Revenue Bonds, Series 2022-A
(Electric Utility Distribution System Improvements), Revenue Bonds, Series 2022-B (Electric
Utility Generation System Improvements), Revenue Refunding Bonds, Series 2022-C (Electric
Utility Distribution System Refunding) (Taxable) and Revenue Refunding Bonds, Series 2022-D
(Electric Utility Distribution System Refunding) of the Anaheim Housing and Public
Improvements Authority; (ii) approving the refunding, defeasance, and purchase through tender
offer of outstanding bonds or exchange therefor; (iii) approving the forms and authorizing the
Anaheim Housing and Public Improvements Authority Minutes of March 15, 2022
Page 5 of 5
execution of an Installment Purchase Agreement, an Indenture of Trust, one or more Escrow
Agreements, a Continuing Disclosure Agreement, one or more Purchase Contracts, a Dealer
Manager Agreement, an Invitation to Tender and other related documents; (iv) approving the
delivery of an Official Statement; and (v) approving certain actions in connection therewith,
seconded by Council Member Ma'ae. ROLL CALL VOTE: AYES — 7 (Mayor Sidhu and Council
Members O'Neil, Diaz, Ma'ae, Moreno, Valencia, and Faessel); NOES — 0. Motion carried.
ADJOURNMENT:
With no further business to conduct, Chairman Sidhu adjourned the meeting of the Anaheim
Housing and Public Improvements Authority at 6:33 P.M.
ctfully submitted,
There �a Bass, CMC
Secretary, Anaheim Housing and Public Improvements Authority