HomeMy WebLinkAbout1998-09-17 - Board of Directors Meeting MinutesPage 3781
September 17, 1998
MINUTES OF THE
YORBA LINDA WATER DISTRICT
BOARD OF DIRECTORS ADJOURNED REGULAR MEETING
September 17, 1998
The September 17, 1998, Adjourned Regular Meeting of the Yorba Linda Water District Board
of Directors was called to order by President Sterling Fox at 8:30 a.m. The meeting was held at
District Headquarters, 4622 Plumosa Drive, Yorba Linda.
ROLL CALL
Directors present at Roll Call:
President Sterling L. Fox
Vice President Carl Scanlin
Paul Armstrong
Michael J. Beverage
Arthur C. Korn
Visitors present: None
Staff present:
William J. Robertson, Secretary/General Manager
Fritz Stradling, Bond Counsel
Michael Payne, Assistant General Manager
Item 1. Consideration of Resolution No. 98-12 Providing for the issuance and sale of General
Obligation refunding bonds for Improvement District No. 2, Series 1998. _ William Robertson,
General Manager, reported the District received eight bids for the refunding bonds. Salomon
Smith Barney was low bidder at 3.8451% and the other seven bidders had interest rates up to
3.9653%. The total savings to Improvement District No. 2 homeowners over the next seven
years is $1,088,396 which is about $178,000 greater than staff's $910,000 estimate.
Mr. Stradling, Bond Counsel, reported that Salomon Smith Barney wanted to purchase Ambac
Insurance, at their cost, so the Resolution requires additional changes to incorporate language for
Ambac.
Mr. Robertson complimented Ms. Lora Stovall and the Bartle Wells staff for their effort on the
successful bid.
On a motion by Director Korn, seconded by Director Armstrong, the Board of Directors voted 5-
0, on a voice vote, to approve Resolution No. 98-12 Providing for the issuance and sale of
General Obligation Refunding Bonds for Improvement District No. 2, Series 1998, and
authorized the General Manager to amend the Resolution to incorporate language for the Ambac
insurance.
Page 3782
September 17, 1998
ADJOURNMENT
On a motion by Director Beverage, seconded by Director Scanlin,
5-0, at 8:53 a.m. to adjourn. The next regular Board meeting
September 24, 1998, at 8:30 am., in the District Boardroom.
William obertson
Secretary/General Manager
the Board of Directors voted
is scheduled for Thursday,