HomeMy WebLinkAbout2017-04-11 - Financing Authority Meeting Minutes FA-2017-001
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCING AUTHORITY REGULAR MEETING
Tuesday, April 11, 2017
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
President Miller, acting as Chair, called the Regular Meeting of the Yorba Linda
Water District Financing Authority to order at 6.49 p.m.
2. ROLL CALL
DIRECTORS PRESENT STAFF PRESENT
J. Wayne Miller, President Marc Marcantonio, General Manager
Al Nederhood, Vice President Steve Conklin, Engineering Manager
Andrew J. Hall, Director John DeCriscio, Operations Manager
Phil Hawkins, Director Gina Knight, HR, Risk and Safety Manager
Brooke Jones, Director Delia Lugo, Finance Manager
Art Vega, IT Manager
Annie Alexander, Executive Assistant
Cindy Botts, Water Consv Sup/Mgmt Analyst
Kelly McCann, Senior Accountant
ALSO PRESENT
Andrew Gagen, Partner, Kidman Law LLP
Tom Lindsey, Councilmember, City of Yorba Linda
Cyrus Torabi, Attorney, Stradling Yocca Carlson & Rauth
Robert Porr, Senior Vice President, Fieldman Rolapp & Associates
Lora Carpenter, Senior Associate, Fieldman Rolapp & Associates
3. PUBLIC COMMENTS
None.
4. ACTION CALENDAR
4.1. Presentation of Joint Exercise of Powers Agreement Creating the Yorba
Linda Water District Financing Authority
Mr. Marcantonio provided a brief overview of the Joint Exercise of Powers
Agreement between the Yorba Linda Water District ("District") and the
Minutes of the YLWD Board of Directors Financing Authority Meeting Held April 11,2017 1
FA-2017-002
California Municipal Finance Authority creating the Yorba Linda Water
District Financing Authority ("Authority").
He explained that it established the offices of: (a) Chair, which is held by
the person serving as President of the Board of Directors of the District;
(b) Vice Chair, which office is held by the person serving as Vice President
of the Board of Directors of the District; (c) Executive Director, which office
is held by the person serving as General Manager of the District; (d)
Treasurer, which office is held by the person serving as the Finance
Manager of the District; and (e) Secretary, which office is held by the
person serving as Executive Assistant of the District.
He also explained that the agreement designates the dates and locations
of regular meetings of the Authority as concurrent with the dates and
locations of regular meetings of the District.
Mr. Torabi responded to questions from the Board regarding the ability to
conduct special meetings.
Director Hall made a motion, seconded by Director Hawkins, to receive
and file the Joint Exercise of Powers Agreement, direct the Secretary to
file a notice of the agreement with the Secretary of State pursuant to
Section 6503.5 of the California Government Code, and direct the
Executive Director to prepare a Conflict of Interest Code for consideration
at the next meeting. Motion carried 5-0.
4.2. Approving Sale of Revenue Bonds, Series 2017A
Mrs. Lugo explained that the District was proposing to undertake the
refinancing of the acquisition and construction of certain improvements,
betterments, renovations and expansions of facilities within its water
system. This will be accomplished through the issuance of Revenue
Bonds, Series 2017A in an aggregate principal amount not to exceed
$35,000,000 which will assist in financing the 2017 Project and refinancing
the 2008 Project. The bonds are to be secured by installment payments
pursuant to an agreement between the District and the Yorba Linda Water
District Financing Authority.
Mrs. Cristy Parker, resident, commented on the order of business in
regards to this item and Item No. 9.1. on the regular Board meeting
agenda. Mr. Porr responded and provided clarification.
Minutes of the YLWD Board of Directors Financing Authority Meeting Held April 11,2017 2
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The Board adopted Resolution No. FA-17-01 5-0 on a Roll Call vote
approving the sale of Revenue Bonds, Series 2017A in an aggregate
principal amount not to exceed $35,000,000 and approving the execution
and delivery of certain documents in connection therewith and certain
other matters.
5. ADJOURNMENT
5.1. The meeting was adjourned at 6:59 p.m.
Annie Alex der, Board Secretary
Minutes of the YLWD Board of Directors Financing Authority Meeting Held April 11, 2017 3