Thu, May 14, 2026·Sacramento County, California·Boards and Commissions

Sacramento Area Sewer District & NCSA Financing Authority Meeting – May 13, 2026

0:02

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.

0:16

Madam Clerk, will you please call the roll and stabs your quorum?

0:19

Yes, Mr.

0:20

Chair.

0:20

Directors Desmond Dickinson.

0:30

Kennedy, Orozco, Plucky Baum, Rafel.

0:40

Robles, Rodriguez, Sander.

0:48

Cerna here.

0:50

Soon.

0:52

Viegas?

0:53

Here.

0:54

Karpinski Costa.

0:58

Wettington.

1:02

And McGill.

1:05

You have a quorum for the first item, but you do not have a quorum for the remaining meeting.

1:09

Thank you, Madam Clerk.

1:10

Will you please rise and join me in the Pledge of Allegiance?

1:16

I pledge allegiance to the flag of the United States of America.

1:20

And to the Republic for which it stands.

1:23

One nation under God, indivisible, with liberty, all right.

1:32

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.

1:44

As the clerk already referenced, uh we have reached form for uh the first item.

1:49

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.

2:06

If not, uh then we will take a brief uh recess until we reach quorum, uh otherwise.

2:11

So with that, first item.

2:13

May I read the announcement?

2:14

Oh, yes, please.

2:15

We read our statement.

2:16

This meeting of the Sacramento Area Sewer District is live and recorded with closed captioning.

2:22

It is cable cast on Metro Cable Channel 14, the local government affairs channel on the Comcast and Direct TV Uverse Cable Systems.

2:30

It is also live streamed at Metro 14 Live.

2:34

SACCounty.gov.

2:35

Today's meeting replays Sunday, May 17th at 9 a.m.

2:39

on Metro Cable Channel 14.

2:41

Once posted, the recording of this meeting can be viewed on demand at YouTube.com forward slash Metro Cable 14.

2:49

To make an in-person public comment, please complete a speaker speaker request form and hand it to the clerk.

2:55

The chairperson will call your name when it's your turn to make a comment.

2:58

You may send written comments by email to board clerk at SACCounty.gov.

3:03

Your comments will be routed to the board and filed in the record.

3:05

This concludes your announcement, Mr.

3:07

Chair.

3:08

Very good.

3:08

Thank you, madam clerk.

3:09

Uh with that, uh, our first item, please.

3:12

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.

3:26

Presenter will be Glenn Awamura, the senior accounting manager.

3:31

Morning, Glenn.

3:32

Morning.

3:33

Uh Madam Clerk, can we have the podium raised a little bit for sure Glenn?

3:39

Thank you.

3:42

Um, do we have the slides uh for this?

3:45

Yes, Metro Cable.

3:46

Um item one presentation, please.

3:52

Good morning, Chair, members of the board.

3:54

I'd like to.

3:55

My name is Glenn O'Mara, senior county manager.

3:57

Today we're here to recommend the authorization of the issuance of the 2026 bonds in order to refund the collection systems 2010 and 2015 bonds.

4:14

Currently, the collection system SAC sewer has two outstanding bonds.

4:18

The first is the 2015 bonds, which were issued in 2015 to refinance bonds previously issued in 2005, and these bonds became callable in August of last year.

4:31

The second bond is the 2010 A Build America bonds, which were issued to help finance the district's main administrative building on Gady Road as well as the adjoining corp yard.

4:43

In addition, the proceeds were used to fund improvements to the collection system in order to reduce potential sewer overflows as well as to provide for growth in the service area.

4:54

The 2010 bonds though do not have a call date but a may coal call provision.

5:00

The provision makes the economics of refunding more sensitive to the interest rate movements and are generally not as economical to refund as compared to the bonds with regular call features, such as the 2015.

5:15

However, we happen to be in a Goldilocks zone right now where the short long-term interest rates are such that we can refund them at uh no cost to the district, and actually right now it's pretty cost neutral.

5:29

Um let's see.

5:35

So we are looking to issue the series 2026 bonds on a tax exempt basis, allowing the collection system to refund the 2015 and 2010 bonds.

5:45

And there are two main goals um for issuing the 2026 bond.

5:49

The first is to eliminate risk.

5:52

The 2010 bonds rely on a federal subsidy, which covers about 33% of the interest cost of the bond.

6:02

But due to sequestriation, the amount of the subsidy has been reduced by 5.7%, and there is no guarantee that this subsidy will continue into the future.

6:14

And the second and probably the most important part of this uh refunding is to generate savings.

6:20

The latest projection is showing about $7 million in savings, which is has a net present value of about $5 million.

6:33

This slide shows the sources and uses of the funds.

6:36

Um all uses of the funds are to redeem the 2010 and 2015 bonds and to pay for the costs directly relating to the issuing of the bonds.

6:47

There's going to be no new money or additional debt that will be taken on by the districts in the refunding.

6:55

And some of the key metrics of the proposed uh 2026 bonds are shown here.

7:01

The 2026 bonds do not extend the current amortization period of the existing bonds, which goes to 2040, and this means there's going to be no change in the collection system's future debt timeline in paying off the bond.

7:16

In addition, there is an annual savings in the annual debt service that the district would have to pay, and that would be reduced from 14.2 million a year to approximately 13.3.

7:28

Um, although this is on the slides, I do want to add that the district has a very dedicated and experienced team for this bond transaction.

7:36

Montague DeRoth and Associates is a bond advisor for SAC sewer, and they have extensive experience working with public agencies in these types of bond transactions.

7:46

In addition, SACSUER has gone through a very competitive RFP process in selecting Wells Fargo as the lead underwriter and Siebert Williams and Shanks as a co-manager for this transaction.

8:01

So with that, we are recommending the adoption of the financing authority and the SAC sewer resolution and to authorize the treasurer of the financing authority and SAC sewers director of finance or the district engineer to approve the distribution of the preliminary official statement and to approve the forms of and authorize execution and delivery of the all documents relating to the bond issuance.

8:28

So with that, let me please let me know if there's any questions or comments.

8:42

We do not have any public speakers for this item.

8:44

All right, very good.

8:46

Um with that, uh Glenn, thank you for the staff report.

8:52

Uh, entertain a motion at this point.

8:54

So moved.

8:55

It's been moved, moved and seconded.

8:58

This is the financing authority, so only uh Cerna and Orosco are members and our two members from uh Central Sand.

9:07

Right, okay.

9:09

So we just checking.

9:10

Can we have a um so will the seconder before?

9:14

I'll be I'll make the motion.

9:16

Thank you.

9:16

I'll second the motion.

9:18

Uh any questions from those online?

9:22

No, okay.

9:24

Hearing none, please vote.

9:26

Uh, I guess we'll do a voice vote.

9:27

Aye, okay.

9:29

Uh Director Orasco.

9:34

Aye.

9:35

Director Cerna.

9:36

Aye.

9:36

Director Weddington.

9:39

Aye.

9:39

And Director McGill.

9:41

Yes.

9:29

Your motion passes unanimously.

9:44

Okay, very good.

9:45

Uh Director Dobson, you'd look like you want to say something.

9:48

Yeah, one other note because there is a Saxur resolution on there, so this is directed towards council, which I can't quite see or the monitors, but um does that mean perhaps um we could have the Saxer board if we get a quorum in the next few minutes to approve that.

10:06

Okay.

10:08

Okay.

10:08

Uh so this concludes the then the business for item one.

10:12

Five one, yes.

10:13

Okay, and madam clerk, have we reached quorum then for the balance of our agenda?

10:18

We need one more.

10:19

Okay.

10:20

Then as um, then as I stated earlier, uh, we will then take a recess until we have one more member of the two more members of the district board of directors here.

10:30

We are in recess.

10:31

Thank you.

10:47

Okay, calling back to uh calling back to order this meeting of the secondary area sewer district, Northern California Sanitation Agency's financing authority for Wednesday, May 13th, 2026.

10:57

Madam Clerk, please please call the roll.

10:59

Directors Desmond, Dickinson, Hume, Kaplan.

11:07

Kennedy, Orozco, Plucky Baum, Raisel, Robles, Rodriguez, Sander, Cerna, here, Soon.

11:22

Viegas?

11:23

Here.

11:24

Karpinski Costa, and with the members president, you do not have a quorum.

11:29

Okay, thank you very much, madam clerk.

11:31

So uh here's what's gonna happen.

11:33

Uh we do not have a quorum as the clerk just mentioned.

11:37

Um we are going to uh forfeit the balance therefore uh the the balance of uh today's agenda unfortunately.

11:45

So I want I do want to apologize to uh any members of the public, first and foremost, who have joined us here today, the to uh who I'd hope to witness uh today's proceedings.

11:56

I want to apologize to my colleagues, some of whom have traveled from distant parts of the county uh this morning to be with us.

12:05

I will say that um, and this is not to make excuses, but uh all of us as electeds have many other uh commitments uh in terms of other sometimes competing um necessity to sit on other boards and commissions that uh occasionally overlap, and we do have that uh at least for two members that I'm aware of this morning, two members of the board of supervisors who had to be elsewhere.

12:28

They had obligations to uh to serve on uh that respective board.

12:33

Uh that said, uh what I've asked our uh executive director uh to do working with the clerk is to agendize for the next regularly scheduled uh sanitation sanitation district board meeting uh an item that will um hopefully with some substance to it, um, give us a better protocol for how we manage uh the expectation that we will at least have uh uh quorum here uh more so in the future than uh these instances.

13:07

So I think that's a worthwhile thing to add for our consideration for the public to chime in if they so wish.

13:13

Uh so I look forward to that.

13:15

Uh but with that again my apologies and uh because we have no quorum, there is no further business before uh this board of directors this morning.

13:25

Any other members have any comments or questions before we adjourn?

13:29

Okay, very good.

13:30

I support chair.

13:31

I support what you want to talk about on the agenda.

13:34

Great.

13:34

Very very very good, all right.

13:36

Uh with that we are adjourned.

Discussion Breakdown

Procedural65%

Budget and Finance30%

Engineering And Infrastructure5%

Summary

Sacramento Area Sewer District & NCSA Financing Authority Meeting – May 13, 2026

The meeting was called to order but lacked a quorum for most of the agenda. The board proceeded only with Item 1 (refunding bonds) due to quorum for that item, then recessed and later adjourned after failing to secure a quorum for remaining business. The chair apologized for the lack of quorum and committed to agendizing a future item to improve quorum management.

Consent Calendar

None noted.

Public Comments & Testimony

No public speakers were present for Item 1.

Discussion Items

Item 1: Authorizing Issuance of Refunding Bonds (2026) – Presented by Glenn Awamura, senior accounting manager. The proposal was to issue tax-exempt 2026 bonds to refund the Collection System 2010A and 2015 bonds. Key points: The 2010 bonds (Build America Bonds) have no standard call date but a “make whole” call provision, making refunding normally less economical; however, current short-term interest rates create a “Goldilocks zone” making refunding cost-neutral. Goals are to eliminate risk from the uncertain federal subsidy (currently 33% of interest cost, reduced by 5.7% due to sequestration) and to generate projected savings of $7 million ($5 million net present value). The new bonds will not extend the amortization period (ends 2040) and will reduce annual debt service from $14.2 million to $13.3 million. The transaction involves a competitive RFP process, with Montague DeRoth and Associates as bond advisor, Wells Fargo as lead underwriter, and Siebert Williams and Shanks as co-manager.

Key Outcomes

Item 1: Approved unanimously (voice vote: all members present—Directors Cerna, Orozco, Weddington, McGill—voted “aye”) by the Financing Authority (only two Central San members needed for this body). The motion also directed execution of related documents. The chair noted the SAC Sewer board resolution still needed approval pending quorum.
Adjournment: The meeting was adjourned after the board failed to achieve a quorum for the remainder of the agenda. The chair directed the executive director to agendize a future item on improving quorum protocols.

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.