APFA2003/03/25ANAHEIM, CALIFORNIA - ANAHEIM PUBLIC FINANCING AUTHORITY
SPECIAL MEETING
MARCH 25, 2003
The Anaheim Public Financing Authority met in special session.
Present: Chairman Curt Pdngle and Board Members Tom Tait, Shidey McCracken, Richard
Chavez and Bob Hernandez.
Staff Present: City Manager David Morgan, City Attorney Jack White, Secretary Sheryll
Schroeder.
A copy of the agenda for the meeting of the Anaheim Public Financing Authority was posted on
March 21, 2003, at the City Hall bulletin board. Special meeting notice was prepared March 21,
2003.
Chairman Pdngle called the special meeting of the Anaheim Public Financing Authority to order
at 5:31 P.M. in the Council Chambers of the Anaheim City Hall, 200 South Anaheim Boulevard.
ADDITIONS/DELETIONS TO THE AGENDA: None.
PUBLIC COMMENTS: None.
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RESOLUTION NO. APFA2003-1 RESOLUTION OF THE BOARD OF DIRECTORS OF
THE ANAHEIM PUBLIC FINANCING AUTHORITY, (I) authorizing the issuance of not to
exceed $43,000,000 aggregate principal amount of revenue refunding bonds of said
authority; (11) approving the forms and authorizing the execution of an Indenture of Trust,
an Installment Purchase Agreement, an Escrow Agreement, a Purchase Contract and
other related documents; (111) approving the execution and delivery of an official
statement; and (IV) approving certain actions in connection therewith (2003-A Bonds).
RESOLUTION NO. APFA2003-2 RESOLUTION OF THE BOARD OF DIRECTORS OF
THE ANAHEIM PUBLIC FINANCING AUTHORITY (I) authorizing the issuance of not to
exceed $27,000,000 aggregate principal amount of revenue refunding bonds of said
authority; (11) approving the forms of and authorizing the execution of an Indenture of
Trust, an Installment Purchase Agreement, an Escrow Agreement, a Purchase Contract
and other related documents; (111) approving the execution and delivery of an official
statement; and (IV) approving certain actions in connection therewith (2003-B Bonds).
City Manager Morgan explained that both resolutions were refinancing items both for the city's
generation and distribution system. He noted Resolution APFA2003-1 was for about $43 million
and Resolution No. APFA2002-2 was for about $27 million and that they were 1993 debt
issuance items that because of today's favorable interest rates provide Council the opportunity,
when combined, to save about $6 million.
Mark Mazak, Utility Department, explained the bonds were callable on Apdl 1st and any delay
beyond Apdl 1st, the City would have a wasting asset. He informed that Utilities Department
was rated by the three rating agencies; Fitch and Moody's re-affirmed the City's A1 rating with a
stable outlook and Standard and Poors not only affirmed the A+ rating but they put the utility at
ANAHEIM PUBLIC FINANCING AUTHORITY MINUTES
MARCH 25, 2003
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stable to positive outlook which means the they may soon be at the AA status that the utility
enjoyed in pdor years.
Authority Member Hemandez indicated how much material the Members had to review and he
asked if staff could provide the Members with a condensed version, highlighting the differential
in the interest from the old to the new and how much savings would be realized.
Mr. Mazak said staff would add the interest rates, even though they changed sometimes hourly.
He said the interest rates for today for the existing bonds that were being refunded were about
5.56 percent average, today's rate for refinancing was 4.21 percent.
Authority Member Tait moved to approve APFA Resolutions APFA2003-1 and APFA2003-2,
seconded by Authority Member Chavez. Roll call vote: Ayes - 5: Chairman Pringle, Authority
Members Tait, McCracken, Chavez, Hemandez. Noes - 0. Motion carded.
3. Approve minutes of the Public Financing Authority special meeting held June 11, 2002.
Authority Member McCracken moved to approve the Special Meeting Minutes of June 11, 2002,
seconded by Authority Member Tait. Roll call vote: Ayes - 4: Chairman Pringle, Authority
Members Tait, McCracken and Chavez. Noes - 0. Abstention: 1, Authority Member
Hemandez. Motion carded.
ADJOURNMENT:
There being no further business, Chairman Pringle adjourned the special meeting of the
Anaheim Public Financing Authority at 5:38 P.M.
Sheryll Schroeder, CMC
Secretary, Anaheim Public Financing Authority