Sacramento Area Sewer District and Financing Authority Meeting – May 14, 2026
Sacramento Area Sewer District and Northern California Sanitation Agency Financing Authority Meeting – May 14, 2026
Note on Date Discrepancy: The provided meeting date for this summary is May 14, 2026, per the instruction. However, the meeting transcript indicates the date as Wednesday, May 13, 2026. This discrepancy is noted; the summary uses the date specified in the instruction.
The joint meeting of the Sacramento Area Sewer District (SASD) and the Northern California Sanitation Agency's Financing Authority was called to order on May 14, 2026. The board considered the authorization of refunding bonds for existing debt. Due to a lack of quorum, only the first agenda item could be addressed, and the remainder of the agenda was forfeited.
Discussion Items
- Authorization of 2026 Refunding Bonds: Glenn Awamura, Senior Accounting Manager, presented a proposal to issue Series 2026 tax-exempt bonds to refund the existing Collection System 2010A Build America Bonds and 2015 Bonds. The 2010 bonds are subject to sequestration, reducing the federal subsidy by 5.7%, and have a make-whole call provision that makes refunding economically sensitive. However, current favorable interest rates allow for a cost-neutral refunding. The 2015 bonds are callable since August 2025. The refunding is expected to generate approximately $7 million in savings (net present value of $5 million) without extending the current amortization period (ending in 2040). Annual debt service would decrease from $14.2 million to about $13.3 million. No new debt would be issued. The bond team includes Montague DeRoth and Associates as bond advisor, Wells Fargo as lead underwriter, and Siebert Williams and Shanks as co-manager, selected through a competitive RFP process. Staff recommended adoption of resolutions for the Financing Authority and SASD.
Key Outcomes
- Unanimous Approval of Bond Authorization (Financing Authority): The Financing Authority, consisting of Directors Cerna, Orozco, Weddington, and McGill, voted unanimously to approve the issuance of the 2026 refunding bonds and authorized the necessary documents. (Note: The SASD board resolution was not voted on due to lack of quorum.)
- Forfeiture of Remaining Agenda: After the bond item, the meeting recessed awaiting additional board members. Upon reconvening, a quorum was still not achieved for the Sacramento Area Sewer District board. Chair announced forfeiture of the remaining agenda items for the day.
- Commitment to Future Quorum Protocol: Chair stated that the executive director, working with the clerk, will place an item on the next regularly scheduled meeting to establish a protocol to better ensure quorum in the future.
Public Comments
No public comments were made.
Meeting Transcript
Okay, I'd like to call to order this meeting of the Sacramento Area Sewer District and the Northern California, I'm sorry, and the Northern California Sanitation Agency's financing authority for Wednesday, May 13th, 2026. Madam Clerk, will you please call the roll and stabs your quorum? Yes, Mr. Chair. Directors Desmond Dickinson. Kennedy, Orozco, Plucky Baum, Rafel. Robles, Rodriguez, Sander. Cerna here. Soon. Viegas? Here. Karpinski Costa. Wettington. And McGill. You have a quorum for the first item, but you do not have a quorum for the remaining meeting. Thank you, Madam Clerk. Will you please rise and join me in the Pledge of Allegiance? I pledge allegiance to the flag of the United States of America. And to the Republic for which it stands. One nation under God, indivisible, with liberty, all right. Again, I'd like to uh welcome everyone to uh this uh this morning's proceedings uh for the Sacramento Area Sewer District, Northern California Sanitation Agency's financing authority. As the clerk already referenced, uh we have reached form for uh the first item. So we're gonna go ahead and um pursue the business uh relevant to that uh subject, and then hopefully as we get through it, uh we'll see other members of the uh board of directors uh arrive and then we will continue with the balance of our agenda. If not, uh then we will take a brief uh recess until we reach quorum, uh otherwise. So with that, first item. May I read the announcement? Oh, yes, please. We read our statement. This meeting of the Sacramento Area Sewer District is live and recorded with closed captioning. It is cable cast on Metro Cable Channel 14, the local government affairs channel on the Comcast and Direct TV Uverse Cable Systems. It is also live streamed at Metro 14 Live. SACCounty.gov. Today's meeting replays Sunday, May 17th at 9 a.m. on Metro Cable Channel 14. Once posted, the recording of this meeting can be viewed on demand at YouTube.com forward slash Metro Cable 14. To make an in-person public comment, please complete a speaker speaker request form and hand it to the clerk. The chairperson will call your name when it's your turn to make a comment. You may send written comments by email to board clerk at SACCounty.gov. Your comments will be routed to the board and filed in the record. This concludes your announcement, Mr. Chair. Very good. Thank you, madam clerk. Uh with that, uh, our first item, please. Our first item is authorized issuance of one or more series of refunding bonds to pay for the refunding of Sacramento Area Sewer District Collection System 2010A bonds and 2015 bonds. Presenter will be Glenn Awamura, the senior accounting manager. Morning, Glenn. Morning. Uh Madam Clerk, can we have the podium raised a little bit for sure Glenn? Thank you.
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