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HomeMy WebLinkAbout1978-05-04 - Resolution No. 78-290 0 RESOLUTION NO. 78-29 RESOLUTION OF THE BOARD OF DIRECTORS OF YORBA LINDA COUNTY WATER DISTRICT APPROVING THE TAX STATEMENT TO BE MAILED TO VOTERS WITHIN IMPROVEMENT DISTRICT NO. 1 OF THE DISTRICT WHEREAS, an election is to be held in Improvement District No. 1 on June 13, 1978, at which there will be submitted to the qualified electors of said Improvement District the following District measure: Shall the YORBA LINDA COUNTY WATER DISTRICT incur a bonded indebtedness for Improvement District No. 1 thereof in the sum of $27,320,000 for the purpose of the acquisition and construction of works and facilities useful or necessary tc convey, supply, store or make use of water, including all land, easements, rights of way and other property necessary therefor, and including all engineering, inspection, legal and fiscal agent's fees, costs of the bond election and of the issuance of bonds, and bond interest estimated to accrue during the construction period and for a period not to exceed twelve months after the completion of construction, and all costs and estimated costs incidental to or connected with such acquisition, construction or financing of said facilities. NOW, THEREFORE, this Board of Directors does hereby approve the tax statement, attached hereto as Exhibit "A" and by this reference made a part hereof, to be mailed to the voters within Improvement District No. 1 as required by Section 5301 of the Elections Code. ADOPTED, SIGNED and APPROVED this 4th day of May, 1978. S/ M. Rov Knauft Jr. President of the YORBA LINDA COUNTY (SEAL) WATER DISTRICT and of the Board of Directors thereof ATTEST: S/ Charlotte Thomas Assistant Secretary of the YORBA LINDA COUNTY WATER DISTRICT and of the Board of Directors thereof I f , , 0 is STATE OF CALIFORNIA ) ss COUNTY OF ORANGE ) I, CHARLOTTE THOMAS, Assistant Secretary of the Board of Directors of YORBA LINDA COUNTY WATER DISTRICT, do hereby certify that the foregoing resolution was duly adopted by the Board of Directors of said District at an adjourned regular meeting of said Board duly held on the 4th day of May, 1978, and that it was so adopted by the following vote: AYES: DIRECTORS Knauft, Li ndow, Clodt and Cromwell NOES: DIRECTORS None ABSENT: DIRECTORS Korn S/ Charlotte Thomas Assistant Secretary of YORBA LINDA COUNTY WATER DISTRICT and of The Board of Directors thereof • • STATE OF CALIFORNIA ) ss COUNTY OF ORANGE ) I, CHARLOTTE THOMAS, Assistant Secretary of the Board of Directors of YORBA LINDA COUNTY WATER DISTRICT, do hereby certify that the foregoing is a full, true and correct copy of Resolution No.78-29 of said Board and that the same has not been amended or repealed. Dated this 4th day of May, 1978. S/ Charlotte Thomas Assistant Secretary of YORBA LINDA COUNTY WATER DISTRICT and of the Board of Directors thereof w ' J STATEMENT IN COMPLIANCE WITH ELECTIONS CODE SECTIONS 5300 TO 5304 As shown on the enclosed sample ballot an election will be held in Improvement District No. 1 of the Yorba Linda County Water District on Tune 13, 1978, for the pur- pose of submitting to the electorate the question of incurring a bonded indebtedness of up to $27, 320, 000 for the purpose of financing water facilities. If such bonds are authorized and sold the bond principal and interest will be pay- able from the proceeds of tax levies made upon the taxable property in Improvement District No. 1. The following information regarding tax rates is given to comply with Sections 5300 to 5304 of the Elections Code. Such information is based upon the best estimates and projections presently available from official sources and upon experience within the Yorba Linda County Water District or other demonstrable factors. If said bonds are authorized, it is presently projected that the bonds will be sold in ten issues, commencing in fiscal year 1978/79 and continuing through fiscal year 1990/91. The initial issue will consist of approximately $2, 605, 000 principal amount, will be sold on or about August 15, 1978, will be dated on or about September 1, 1978 and :ill bear interest at an estimated rate of 7 percent per anum. Based upon such projections and estimates, the following statement is made in com- pliance with Paragraphs ( (1) , (2) and (3) of Subdivision (a) of Section 5301 of the Elections Code. The first fiscal year after the first sale of the bonds and the fiscal year in which the highest tax rate is anticipated to be required to fund all said bond issues is estimated to be the fiscal year 1979/80. Based upon the foregoing estimates and projections, the tax rate which would be required to fund said bond issues during such fiscal year 1979/80 would be $1.50 per $100 of assessed valuation. Attention of all voters is directed to the fact that the foregoing information is based upon projections and estimates only, which are not binding upon the Yorba Linda County Water District. The actual times of sales of said bonds and the amount sold at any given time will be goverened by the needs of Improvement District No. 1, the state of the bond market and other factors. The actual interest rate which bonds sold will bear will depend upon the bond market at the time of sale. The actual assessed values during the several future years will depend upon the then amount of taxable property within Improvement District No. 1 and the value thereof as determin- ed in the assessment and equalization process. Hence, the actual tax rates and the years in which the same are applicable may vary from those presently estimated as above stated. The foregoing statement has been approved by the Board of Directors of the Yorba Linda County %Vater District.