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Board amends Public Financing Authority JPA to add Watershed Protection District, removes Sanitation District
Summary
Supervisors approved an amendment substituting members of the Lake County Public Financing Authority — adding the Watershed Protection District and removing the Lake County Sanitation District — and adopted related resolutions; bond counsel said outstanding bonds are not impaired by the change.
The Board of Supervisors voted to amend the Lake County Public Financing Authority joint powers agreement to substitute members, adding the Lake County Watershed Protection District and removing the Lake County Sanitation District in light of an anticipated organizational change at the sanitation district.
Treasurer/Tax Collector Patrick Sullivan and bond counsel from Jones Hall explained the administrative rationale and said the authority can continue to issue or administer bonds under the amended structure and that outstanding 2011 bonds remain secured by their covenants. The board adopted resolutions for the county, sanitation district and watershed protection district authorizing the amendment; public comment included a request from the City of Clear Lake for more time to review 2011 loan documents, which staff said they had reviewed.
Supervisors agreed to proceed with the substitution and approved the documents with unanimous votes by the respective implementing bodies.
