HomeMy WebLinkAbout1959-07-13 - Board of Directors Meeting Minuteslq
July 13 , 195;
A special meeting of the Yorba Linda County Water District was called by President
Crist to be held at the offices of the Yorba Linda Mater Co., Yorba Linda, California;.,
Ju1~}% 13, 1959 at the hour of 7:30 P.M. The meetinE was called for the 1mr-oose of
further discussion with the Board of Directors of the Yorba Linda Water Co. concerning
the proposed purchase of the Water Co. by the District.
Dir. S . L. Marshburn, President of the Yorba Linda Water Co. reported that he and
Mr. Dueler had visited the offices of two leading Insurance Companies to try and
ascertain what the borrowing capacity of a 1-atual company might be. Mr. Marshburn
reported that they had contacted Pacific M-ritual Life Insurance, Securities Department.
It was the opinion of the representative of the Pacific Mutual that a Mutual cori(iany
of the size of the Yorba Linda Water Co. could possibly borrow as much as $800,060.00
for not over 20 years at a probable minim-am interest rate of 6%. Mr. Rossi of
Occidental Life Insurance was also contacted. Mr. Rossi's answer was essentially
the same as that of Pacific Mutual. Both institutions emphasized the fact that they
did not believe the repayment period could be more than 20 years.
A general discussion followed. concerning the costs of borrowing by a Mutual versus
the costs of borrowing, by a County Water District.
There being no further business the meeting was declared adjourned by President Crist.
Secrete -Auditor