HomeMy WebLinkAbout1982-10-05 - Board of Directors Meeting Minutes1747
October 5, 1982
The adjourned regular meeting of the Board of Directors of the Yorba Linda County
Water District was called to order by President Knauft at 8:30 a.m. in the offices
of the District on Plumosa Drive. Directors present: Knauft, Lindow, Clodt and
Cromwell. Absent: Director Paul Armstrong.
Also present: Ralph Shook, General Manager; Betty Emblidge, Auditor; Art Kidman,
Attorney; Art Korn, Assistant General Manager; Bill Robertson, Project Manager;
and Helen Whitman, recording secretary. Mr. Bill Wright, Attorney for C-W
arrived at 8:40 a.m.
Art Kidman gave his report on the Draft Agreement between Yorba Linda County Water
District and C-W Associates regarding I.D.-2 Series B Bond Issue. Discussion
followed regarding the modifications of the agreement to protect the District in the
event of default. Attorney Kidman stated the agreement would state that C-W would
pay the assessment on the basis of units. Also, he suggested the $1,000,000 Title
Insurance be purchased to defend the District's right to foreclose; and a financial
statement of the banks and C-W be available to the Board of Directors.
Attorney Bill Wright spoke to the Board to re-enforce their confidence that C-W has
no intention of defaulting and will back the bond with the land in I.D.2. C-W will
send a financial statement. The District has a right to make the agreement null and
void at a Due Diligence Meeting if they find the financial report not satisfactory.
President Knauft requested a motion. Moved by Director Cromwell and seconded by
Director Knauft to approve the Agreement Re; Sale of Series B Water Bonds of Improve-
ment District No. 2 of Yorba Linda County Water District, payment of charges, lien
of mortgage rights with power of sale. Motion carried unanimously.
President Knauft said he would read the financial statements of the parties involved
but suggested that the District's financial consultant analyze the statements and
report to the Board.
Bill Robertson reported that the final processing of checks for I.D.-1 Homeowners'
Rebate Program has been completed and the balance of the paper work will be picked up
by the developers' attorney.
Director Lindow reported on the City Council meeting of October 4, 1982.
Director Clodt reported on the Planning Commission meeting of September 29, 1982.
Art Kidman suggested a director be present at the Legislature hearings regarding
revenue and taxation. Mr. Cromwell volunteered.
Directors Lindow and Cromwell reported on the CSDA meeting in Redding.
Announcement was made that Art Korn was re-elected a director of CSDA for a two year
term, was elected President of CSDA Board of Directors, and was appointed by the
CSDA Board to serve as one of its representatives on the "Program CSDA" (Workers'
Comp. Insurance) Board.
Moved by Director Knauft and seconded by Director Cromwell that the Board adopt
Resolution 82-28 resolution of the Board of Directors of the Yorba Linda County Water
District opposing the passage of Proposition 13 on the November 2, 1982 General
1748
October 5, 1982
Election Ballot. Roll call vote: Ayes: Directors Lindow, Clodt, Cromwell and
Knauft. Noes: none. Absent: Director Armstrong. Abstain: none. Passed
and adopted this 5th day of October, 1982.
Moved by Director Lindow, seconded
at 10:30 a.m. Motion carried.
Ralph C. Shook
Assistant Secretary
by Director Clodt to adjourn this meeting