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HomeMy WebLinkAbout1989-06-22 - Resolution No. 89-230 0 RESOLUTION NO. 89-23 RESOLUTION OF THE BOARD OF DIRECTORS OF THE YORBA LINDA WATER DISTRICT ADOPTING FISCAL YEAR 1989-90 DEBT SERVICE REQUIREMENT FOR IMPROVEMENT DISTRICT NO. 2 SERIES "A" AND 1987 REFUNDING BONDS AND SET PRECISE TAX RATE WHEREAS, on June 13, 1978 the Yorba Linda Water District obtained voter authorization for the establishment of Yorba Linda Water District Improvement District No. 2 (I.D.-2) and for the issuance of $41,660,000 in general obligation bonds to pay for water production, storage and transmission facilities to serve I.D.-2; and, WHEREAS, on April 26, 1979 the Yorba Linda Water District issued and sold Series "A" I.D.-2 Water Bonds in the face amount of $1,005,000; and WHEREAS, on May 1, 1984 the Yorba Linda Water District issued and sold Series "B" I.D.-2 Water Bonds in the face amount $10,000,000; and, WHEREAS, on February 1, 1987 the Yorba Linda Water District issued and sold "1987 Refunding Bonds" to provide for the advance refunding of $9,795,000 principal amount of outstanding 1979 Series "B" Bonds in the face amount of $11,915,000; and, WHEREAS, the Yorba Linda Water District is obligated to make principal and interest payments on such bonds from revenue sources available to the District; and, WHEREAS, the debt service requirements for Fiscal Year 1989-90 have been presented to and reviewed by the Board of Directors of the District, NOW THEREFORE BE IT RESOLVED by the Board of Directors of the Yorba Linda Water District as follows: Section 1. The Fiscal Year 1989-90 Bond interest and Redemption requirement for YLWD I.D.-2 Series "A" and Refunding Bonds, as shown on Exhibit "A" attached hereto, and by this reference incorporated herein, is hereby approved and adopted. Section 2. Pursuant to the authority of Water Code Section 31701, the Board of Directors hereby finds and determines that revenues of the District are inadequate to pay the interest and principal of Series "A" and Refunding Bonds. The estimated minimum amount of money required to be raised by taxes for the payment of principal and interest of Series "A" and Refunding Bonds is $1,263,784. • • Section Pursuant to Water Code Section 31701.3 the Board of Directors hereby fixes Improvement District No. 2 ad valorem property tax rates at precisely $0.2000 per one hundred dollars of assessed value. The County of Orange Auditor-Controller shall enter the rate of levy fixed herein on the assessment roll for all tax rate areas in YLWD I.D.-2. Section 4. The Board of Directors hereby certifies that the tax rate specified in Section 3 herein is to make interest and principal before July 1, 1978 and that said rate is levied in accordance with Section 31702.4 of the Water Code, and Section 93 (a) and Section 97.65 of the Revenue and Taxation Code. Section_j. The General Manager or his designee is authorized and directed to file with the County of Orange Auditor-Controller a copy of this resolution together with any such documentation the County Auditor-Controller may require in order to accomplish the purposes of this resolution. PASSED AND ADOPTED this 22nd day of June, 1989 by the following called vote: Ayes: Sterling Fox, Whit Cromwell, Roy Knauft, Arthur Korn Noes: o Absent: Paul Armstrong Abstain: President ` Yorba Linda Water District ATTEST: Secretary Yorba Linda Water District EXHIBIT "A" TO YORBA LINDA WATER DISTRICT RESOLUTION NO. 89-23 IMPROVEMENT DISTRICT NO. 2 FISCAL YEAR 1989-90 DEBT SERVICE FORECAST 1. DIRECT EXPENDITURES: A. November, 1989: • Series "A" Interest $29,064 • Refunding Bonds Interest 362,300 B. May, 1990 • Series "A" Principal $30,000 • Series "A" Interest 29,064 • Refunding Bonds Principal 455,000 • Refunding Bonds Interest 362,300 C. Engineers Report re: Stand-by Charges $9.200 DIRECT EXPENDITURES DURING 1989-90 $1,276,928 II. RESERVE ACCUMULATION Reserves for November, 1990 • Series "A" Interest $27,864 • Refunding Bonds Interest 350.356 RESERVES FINANCED DURING 1989-90 $378,220 TOTAL 1988-89 FUNDING REQUIREMENT $1.655.148 III. REVENUE REQUIREMENT: A. Reserves on hand as-of June 30, 1989 $391,364 B. I.D. 2 Ad Valorem Tax Levy 1,103,034 C. Stand-by charge Levy 160,750 TOTAL 1989-90 REVENUE REQUIREMENT $1.655.148.