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HEARING - Conduct a joint hearing as the Board of Supervisors of the County of Santa Barbara; Board of Supervisors of Santa Barbara North County Lighting District; Board of Supervisors of Mission Canyon Lighting District; Board of Supervisors of County Service Area No. 3; Board of Supervisors of County Service Area No. 4; Board of Supervisors of County Service Area No. 5; Board of Supervisors of County Service Area No. 11; Board of Supervisors of County Service Area No. 31; Board of Directors of Santa Barbara County Flood Control and Water Conservation District; Board of Directors of Santa Barbara County Water Agency; and Board of Directors of Santa Barbara County Fire Protection District and adopt the following recommendations: (EST. TIME: 1 HR.)
A) It is recommended that the Board of Supervisors of the County of Santa Barbara:
i) Consider strategies to mitigate the impact of the Proposition 1A Suspension and select the State Finance Securitization option;
ii) Adopt the Resolution (A Resolution Approving The Form Of And Authorizing The Execution And Delivery Of A Purchase And Sale Agreement And Related Documents With Respect To The Sale Of The Seller’s Proposition 1A Receivable From The State; And Directing And Authorizing Certain Other Actions In Connection Therewith);
iii) Direct Authorized Officers and staff to execute and deliver the above-described Resolution and Purchase and Sale Agreement along with related legal documents to bond counsel by November 6, 2009; and
iv) Enact other solutions in addition to securitizing, including establishing greater efficiencies, enhancing revenues, and/or reducing service levels;
B) It is recommended that the Board of Supervisors of Santa Barbara North County Lighting District:
i) Adopt the Resolution (A Resolution Approving The Form Of And Authorizing The Execution And Delivery Of A Purchase And Sale Agreement And Related Documents With Respect To The Sale Of The Seller’s Proposition 1A Receivable From The State; And Directing And Authorizing Certain Other Actions In Connection Therewith); and
ii) Direct Authorized Officers and staff to execute and deliver the above-described Resolution and Purchase and Sale Agreement along with related legal documents to bond counsel by November 6, 2009;
C) It is recommended that the Board of Supervisors of Mission Canyon Lighting District:
i) Adopt the Resolution (A Resolution Approving The Form Of And Authorizing The Execution And Delivery Of A Purchase And Sale Agreement And Related Documents With Respect To The Sale Of The Seller’s Proposition 1A Receivable From The State; And Directing And Authorizing Certain Other Actions In Connection Therewith); and
ii) Direct Authorized Officers and staff to execute and deliver the above-described Resolution and Purchase and Sale Agreement along with related legal documents to bond counsel by November 6, 2009;
D) It is recommended that the Board of Supervisors of County Service Area No. 3:
i) Adopt the Resolution (A Resolution Approving The Form Of And Authorizing The Execution And Delivery Of A Purchase And Sale Agreement And Related Documents With Respect To The Sale Of The Seller’s Proposition 1A Receivable From The State; And Directing And Authorizing Certain Other Actions In Connection Therewith); and
ii) Direct Authorized Officers and staff to execute and deliver the above-described Resolution and Purchase and Sale Agreement along with related legal documents to bond counsel by November 6, 2009;
E) It is recommended that the Board of Supervisors of County Service Area No. 4:
i) Adopt the Resolution (A Resolution Approving The Form Of And Authorizing The Execution And Delivery Of A Purchase And Sale Agreement And Related Documents With Respect To The Sale Of The Seller’s Proposition 1A Receivable From The State; And Directing And Authorizing Certain Other Actions In Connection Therewith); and
ii) Direct Authorized Officers and staff to execute and deliver the above-described Resolution and Purchase and Sale Agreement along with related legal documents to bond counsel by November 6, 2009;
F) It is recommended that the Board of Supervisors of County Service Area No. 5:
i) Adopt the Resolution (A Resolution Approving The Form Of And Authorizing The Execution And Delivery Of A Purchase And Sale Agreement And Related Documents With Respect To The Sale Of The Seller’s Proposition 1A Receivable From The State; And Directing And Authorizing Certain Other Actions In Connection Therewith); and
ii) Direct Authorized Officers and staff to execute and deliver the above-described Resolution and Purchase and Sale Agreement along with related legal documents to bond counsel by November 6, 2009;
G) It is recommended that the Board of Supervisors of County Service Area No. 11:
i) Adopt the Resolution (A Resolution Approving The Form Of And Authorizing The Execution And Delivery Of A Purchase And Sale Agreement And Related Documents With Respect To The Sale Of The Seller’s Proposition 1A Receivable From The State; And Directing And Authorizing Certain Other Actions In Connection Therewith); and
ii) Direct Authorized Officers and staff to execute and deliver the above-described Resolution and Purchase and Sale Agreement along with related legal documents to bond counsel by November 6, 2009;
H) It is recommended that the Board of Supervisors of County Service Area No. 31:
i) Adopt the Resolution (A Resolution Approving The Form Of And Authorizing The Execution And Delivery Of A Purchase And Sale Agreement And Related Documents With Respect To The Sale Of The Seller’s Proposition 1A Receivable From The State; And Directing And Authorizing Certain Other Actions In Connection Therewith); and
ii) Direct Authorized Officers and staff to execute and deliver the above-described Resolution and Purchase and Sale Agreement along with related legal documents to bond counsel by November 6, 2009;
I) It is recommended that the Board of Directors of Santa Barbara County Flood Control and Water Conservation District:
i) Adopt the Resolutions (A Resolution Approving The Form Of And Authorizing The Execution And Delivery Of A Purchase And Sale Agreement And Related Documents With Respect To The Sale Of The Seller’s Proposition 1A Receivable From The State; And Directing And Authorizing Certain Other Actions In Connection Therewith) for the following entities:
a) Santa Barbara County Flood Control and Water Conservation District
b) Santa Barbara County Flood Control and Water Conservation District - Guadalupe Flood Zone No. 3
c) Santa Barbara County Flood Control and Water Conservation District - Lompoc City Flood Zone No. 2
d) Santa Barbara County Flood Control and Water Conservation District - Lompoc Valley Flood Zone No. 2
e) Santa Barbara County Flood Control and Water Conservation District - Los Alamos Flood Zone No. 1
f) Santa Barbara County Flood Control and Water Conservation District - Orcutt Flood Zone No. 3
g) Santa Barbara County Flood Control and Water Conservation District - Santa Maria Flood Zone No. 3
h) Santa Barbara County Flood Control and Water Conservation District - Santa Maria River Levee Maintenance Zone
i) Santa Barbara County Flood Control and Water Conservation District - Santa Ynez Flood Zone No. 1
j) Santa Barbara County Flood Control and Water Conservation District - South Coast Flood Zone No. 2
ii) Direct Authorized Officers and staff to execute and deliver the above-described Resolutions and Purchase and Sale Agreements along with related legal documents to bond counsel by November 6, 2009;
J) It is recommended that the Board of Directors of Santa Barbara County Water Agency:
i) Adopt the Resolution (A Resolution Approving The Form Of And Authorizing The Execution And Delivery Of A Purchase And Sale Agreement And Related Documents With Respect To The Sale Of The Seller’s Proposition 1A Receivable From The State; And Directing And Authorizing Certain Other Actions In Connection Therewith); and
ii) Direct Authorized Officers and staff to execute and deliver the above-described Resolution and Purchase and Sale Agreement along with related legal documents to bond counsel by November 6, 2009;
K) It is recommended that the Board of Directors of Santa Barbara County Fire Protection District:
i) Adopt the Resolution (A Resolution Approving The Form Of And Authorizing The Execution And Delivery Of A Purchase And Sale Agreement And Related Documents With Respect To The Sale Of The Seller’s Proposition 1A Receivable From The State; And Directing And Authorizing Certain Other Actions In Connection Therewith); and
ii) Direct Authorized Officers and staff to execute and deliver the above-described Resolution and Purchase and Sale Agreement along with related legal documents to bond counsel by November 6, 2009.
COUNTY EXECUTIVE OFFICER’S RECOMMENDATION: APPROVE