HomeMy WebLinkAbout1978-08-24 - Resolution No. 78-49YORBA LINDA COUNTY WATER DISTRICT
RESOLUTION NO. 78-49
RESOLUTION SELLING $2,345,000 PRINCIPAL AMOUNT OF
YORBA LINDA COUNTY WATER DISTRICT IMPROVEMENT
DISTRICT NO. 1 1978 WATER BONDS, SERIES A, AND
RATIFYING OFFICIAL STATEMENT
WHEREAS, the Board of Directors (the "Board") of Yorba
Linda County Water District (the "District") by Resolution
No. 78-47 and Resolution No. 78-48, both adopted August 3,
1978 (collectively, the "Resolution") duly authorized the
issuance of $2,345,000 principal amount of bonds designated
as "Yorba Linda County Water District Improvement District
No. 1 1978 Water Bonds, Series A" (the "Bonds") of the Dis-
trict, for the benefit of Improvement District No. 1 of the
District (the "Improvement District"), all dated Septem-
ber 1, 1978, and by said Resolution No. 78-48 duly author-
ized the sale of the Bonds at public sale; and
WHEREAS, notice of the sale of the Bonds has been duly
given in the manner prescribed by law, and the following
bids for the.,Bonds were and are the only bids received by
the District:
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Bond Maturing
Interest Rate
(Inclusive)
Per Annum
1981-1989
8.00%
1990
7.50
1991
6.20
1992
6.25
1993-1994
6.30
1995-1999
6.40
2000-2003
6.50
The Bonds shall bear interest at said rates hereinabove
set forth, payable semiannually on March 1 and September 1
in each year.
2. All bids except the bid of Bank of America
NT & SA
are hereby rejected, and the Secretary of the District is
hereby directed 'Co return to the unsuccessful bidders their
several checks accompanying their respective bids.
3. The Secretary of the District is directed to cause
to be lithographed, printed or engraved a sufficient number
of blank Bonds and coupons of suitable quality, said Bonds
and coupons to show on their face that the same bear inter-
est at the rates aforesaid, and to cause the blank spaces
therein to be filled in to comply with the provisions of the
Resolution, and to procure their execution by the proper of-
ficers, and to deliver them when so executed to the Auditor
of the District. The Auditor of the District shall deliver
said Bonds to the purchaser or purchasers thereof upon the
receipt of the purchase price.
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Name of Bidder
Bank of America NT & SA
Security Pacific National Bank
United California Bank
Morgan, Olmsted, Kennedy & Gardner
Net Interest
Cost to District
$2,614,630.15
$2,625,271.15
$2,630,675.00
$2,849,04Q.00
and
WHEREAS, the bid of
Bank of America NT & SA
is the highest bid for the bonds, considering the interest
rates specified and the premium bid;
NOW, THEREFORE, BE IT RESOLVED by the Board of Direc-
of Yorba Linda County Water District as follows:
1. Said bid of Bank of America NT & SA
for $2,345,000 principal amount of the Bonds is hereby ac-
cepted and the Auditor of the District is hereby authorized
and directed to deliver the Bonds to said purchaser thereof
upon payment to said Auditor of the purchase price, namely,
said par value thereof and a premium of $234.85 ,
together with accrued interest at the following rates:
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The President of the Board and the Secretary and Audi-
for of the District are further authorized and directed to
make, execute and deliver to the purchaser of the Bonds (a)
a certificate in the form customarily required by purchasers
of bonds of public corporations generally, certifying'to the
genuineness and due execution of the Bonds and further cer-
tifying to all facts within their knowledge relative to any
litigation which may or might affect the District, the Im-
provement District, said officers or the Bonds, and (b) a
certificate in similar form certifying to all facts within
their knowledge which would make it unreasonable to rely on
the offical statement of the District in connection with the
resale of the Bonds. Said Auditor is further authorized and
directed to make, execute and deliver to the purchaser of
the Bonds (a) a receipt in the form customarily required by
purchasers of bonds of public corporations, evidencing the
payment of the purchase price of the Bonds, which receipt
shall be conclusive evidence that said purchase price has
been paid and has been received by the District, and (b) a
certificate attesting to the use of the proceeds of the
Bonds, the investment thereof, and any other matters relat-
ing to the tax exemption of the Bonds pursuant to Section
103(c) of the Internal Revenue Code of 1954, as amended.
Any purchaser or subsequent taker or holder of the Bonds is
hereby authorized to rely upon and shall be justified in
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relying upon any such certificate or receipt with respect to
the Bonds executed pursuant to the authority of the Resolu-
tion. Such officers and any other officers of the District
or of the Board are hereby authorized to execute any and all
other documents required to consummate the sale and delivery
of the Bonds.
4. A final form of official statement of the District
relating to said Bonds having been submitted by Stone &
Youngberg Municipal Financing Consultants, Inc., financing
consultant to the District, the Board hereby approves said
official statement in the form submitted and directs the
Secretary to file said form of official statement with the
minutes of this meeting. Said financing consultant has
heretofore mailed such official statement to prospective
bidders for said Bonds. Such mailing is hereby ratified,
confirmed and approved.
PASSED AND ADOPTED this 24th day of August, 1978, by
the following vote:
(SEAL]
ATTEST:
AYES: Directors Knauft, Lindow, Clodt, Korn and Cromwell
NOES: None
ABSENT: None Q
-'Pr6sid~tf__'the Boadd of `Directors
of Yorba Linda County Water District
Secr aryo oCounty
Wat District
-5-
. • t
SECRETARY'S CERTIFICATE
I, JEAN E. MATHEWS, Secretary of Yorba Linda County
Water District, State of California, do hereby certify that
the foregoing resolution is a full, true and correct copy of
a resolution duly adopted at a regular meeting of the Board
of Directors of said District duly and regularly held'at the
regular meeting place thereof on the 24th day of August,
1978, of which meeting all of the members of said Board had
due notice and at which a majority thereof was present; and
that at said meeting said resolution was adopted by the fol-
lowing vote:
AYES: Directors Knauft, Lindow , Clodt, Korn and Cromwell
NOES: None
ABSENT: None
I further certify that I have carefully compared the
same with the original resolution on file and of record in
my office; that said resolution is a full, true and correct
copy of the original resolution adopted at said meeting; and
that said resolution has not been amended, modified or re-
scinded since the date of its adoption, and is now in full
force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and af-
fixed the official seal of said District this day of
August, 1978.
[SEAL) _
Secret of'ba Linda Count
~Y Y
Water
Yorba Linda Water District
4622 Plumosa Drive
Yorba Linda, CA 92886
(714) 777-3018
Fax
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io_ YZ 21, u
Fax: 7.2.,S J//OZ
Phone:
Re:
From:
Pages:
Date:
CC:
❑ Urgent For Review ❑ Please Comment ❑ Please Reply
• Comments:_
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DANIEL E. L UNGREN
Attorney General
To All Potential Issuers:
State of California
DEPARTMENT OF JUSTICE
1300 I STREET. SUITE 125
P.O. BOX 944255
SACRAMENTO, CA 94244-2550
Public: (916)445-9555
Facsimile: (916)324-8835
(916)327-5653
May 19, 1998 (
Can ~ io ~ lo,~
RE: State of California ex rel Stull v. Bank ofAmerica
San Francisco Superior Court No. 968484
Dear Issuer:
(ht4 4en ~ tti hxv L
04t: P
On October 23, 1997, you were advised of the claims process the State is following
for claims for unclaimed property which should have reverted to government entities under
their applicable indentures. The Court, on April 21, 1998, after carefully considering a
motion for distribution of interim proceeds, approved the return of funds to bondholders and
to political subdivisions which, under law, must be returned to them. Many political
subdivisions have previously filed their claims. This is to notify you that unless there are
extraordinary circumstances, the Department of Finance will apply a 120-day deadline for
claims submission, ending on August 19, 1998. To reiterate, the claims process is as follows:
PROCEDL RE FOR SUBMITTING CLAIMS
Attached is a revised and final listing showing the eligible amount for return to the
issuer. In order to qualify, claims must provide the following for each loan, or issue:
Indicate whether you intend to pursue a claim. Some have chosen not to
pursue negligible amounts.
2. Submit a copy of the governing documents containing reversion language for
unclaimed bond funds (a copy of an example is attached). The face sheet or
first page identifying the issue, the table of contents, and the page(s) with the
reversion clause must be submitted. In cases where several issues are included
under one trust number, each issue must be identified in the material provided.
Provide certification in a cover letter that the issuer has reviewed the
documentation being provided, is entitled to receive the funds as unclaimed
property, and will follow Section 11050 of the Government Code relating to
local governments' responsibilities for unclaimed property.
To All Potential Issuers
May 19, 1998
Page 2
4. Provide the name and telephone number of a contact person.
If you believe a trust on the listing is not yours, please indicate this in the
comment section of the form.
All of the above information should be sent to:
Janet I. Rosman, CPA
State of California
Department of Finance
915 L Street, 6`h floor
Sacramento, CA 95814
If any of the above information is not received, you will receive notification that your
claim has been denied. Claims may only be made for the amount listed on the attached
revised and final listing. No additional claims will be accepted for previously escheated
funds. In addition, these funds represent unclaimed principle and interest due to
bondholders, and not excess trust funds or investment earnings. Therefore, the only way an
issuer qualifies to receive the funds is to show evidence of an indenture which contains
reversion language. An issuer receiving any of these funds will be responsible for
subsequent bondholder claims.
You will be contacted regarding the acceptance or rejection of your claim within
approximately 60 days. If you have already submitted your claim, you should receive
notification in the near future.
If you have any comments, questions or concerns about the process, please contact me
or Deputy Attorney General Jeffrey Simpton at (916) 324-7871. If you have a specific
question about document submission, please contact Janet I. Rosman at (916) 322-2985,
extension 3160.
Sincerely,
DANIEL E. LUNGREN
Attorney General
BRIAN TAUGHER
Deputy Attorney General
BT:nl
Attachment
Issuer Name: Yorba Linda Water District
Number: 31534
Trust Nt- <qe
Loan No. Description
00000
YORBA LINDA COUNTY WATER DIST MISC CASH
00102
YORBA WATERWORKS BDS 1959 SER M-S
00306
YORBA LINDA CO DIST 1 SER A BONDS
00403
YORBA LINDA CO DIST I SER B BDS 1978
00500
YORBA LINDA CO DIST 2 SER A BDS 1979
Amount Pursue Claim? Contact Name/Telephone No.
$24.00 ❑ Yes
No
$73.50 Yes
No
$162.50 F-1 Yes
No
$19,020.00 D Yes
Fj No
$575.00 E Yes
No
Comments:
EXAMPLE OF REVERSION LANGUAGE
(C) ~.r.vt^ing in this Indenture to the contrary
notwithstanding, any moneys held by the Trustee or paying agent
in trust for the payment and discharge of any of the Bonds which
remain unclaimed for six (6) years after the date when such
Bonds have become due and payable, either at their stated
maturity dates or h-v call for earlier redemption, if such moneys
were held by the Trustee or paying agents at such date, or for
six (6) years after the date of deposit of such moneys if
deposited with the Trustee or paying agents after the said date
when such Bonds became due and payable, shall, at the written
request of the City, be repaid by the Trustee or navincr accents
to , as its absolute property and free from trust, and
the Trustee or paying agents shall thereupon be released and
discharged with respect thereto and the Bondholders shall look
only to the City for the payment of such Bonds; provided,
however, that before being required to make any such payment to
the City, the Trustee or paying agent shall, at the expense of
the City, cause to be published at least twice, at an interval
of not less than seven (7) days between publications, in an
Authorized Newspaper, a notice that said moneys remain unclaimed
and that, after a date named in said notice, which date shall be
not less than thirty (30) days after the date of the first
publication of such .-otice, the balance of such moneys then
unclaimed will be _eturned to
(D) Upon the discharge and release of the lien of
this Indenture as provided in Section 13.1(h) or (B) hereof, the
Trustee shall return physical possession of the Bank Letter of
Credit to the Ban:,-.
P, 01
TRANSACTION REPORT
OCT-15-98 THU 2:01 PM
FOR: YOREk LINDA WATER DIST, 714 701 0413 ~
DATE START RECEIVER TX TIME PAGES TYPE NOTE
OCT-15 1:59 PM 7254100 2'10" 5 SEND OK
DANIEL'E. LUNGREN State of California Atrnrney General DEPARTMENT OF JUSTICE I"
UCO
13001 STREET, SUITE 125
P.O. BOX 944255
SACRAMENTO, CA 94244-2550
Public: (916) 445-9555
Facsimile: (916) 324-8835
(916) 327-5653
October 23, 1997
To all Potential Issuers:
Re: State of California, et al., ex rel. v. Bank ofAmerica
San Francisco Sunerior Court Case No. 968484
Dear Issuer:
In our previous updates, we described the process the State intends to follow for claims
for unclaimed property which should have reverted to government entities under their applicable
indentures.
This letter describes the claims process and includes a listing of the trusts specific to you
for which we have received escheatable funds from the Bank. The claims process is the same
for all issuers, regardless of their status in the litigation. While the Bank's records are not of a
quality to permit complete assurance that all money identified as being associated with an issuer
has been located, we are providing what the Bank has provided to us, to the extent we can
associate it with particular issuers.
PROCEDURE FOR SUBMITTING CLAIMS
The attached listing shows the trust numbers, loan numbers, descriptions, and amounts
for your issues. For each loan, or issue:
Indicate whether you intend to pursue a claim. In some cases you may decide the
immaterial amount may not be cost effective to pursue.
2. Submit a copy of the governing documents containing reversion language for unclaimed
bond funds. The face sheet or first page identifying the issue, the table of contents, and
the page(s) with the reversion clause must be submitted. In cases where several issues are
included under one trust number, each issue must be identified in the material provided.
YOLCIllIGI 1JJUCf 5
October 23, 1997
Page 2
Provide certification in a cover letter that the issuer has reviewed the documentation being
provided and is entitled to receive the funds as unclaimed property.
4. Provide the name and telephone number of a contact person.
5. If you believe a trust on the attached listing is not yours, please indicate this in the
comment section of the form.
The above information should be sent to:
Janet I. Rosman, CPA
State of California
Department of Finance
915 L Street, 6t' Floor
Sacramento, CA 95814
We anticipate submitting this claims process to the court for its approval. However, we
ask that you return the attached form, indicating your intent to submit a claim, within 30 days.
Submission of the pertinent documents can follow. We anticipate a deadline for claims
submission of 120 days after final order of the Court.
You will be contacted regarding the acceptance or rejection of your claim within
approximately 90 days.
If you have any comments, questions or concerns about the process, please contact me or
Deputy Attorney General Kyungah Suk at (916) 322-5559. If you have a specific question about
the information on the attached form, or about document submission, please contact Janet I.
Rosman at (916) 322-2985, extension 3160.
Sincerely,
DANIEL E. LUNGREN
Attorney Gene 'i
r~
BRIAN TAUGHER
Deputy Attorney General
BT/n1
Attachment
4
Issuer Name: Yorba Linda Water District
Number: 31.534
s -
Loan No. Description
00000
YORBA LINDA COUNTY WATER DIST MISC CASH
00102
YORBA WATERWORKS BDS 1959 SER M-S
00306
YORBA LINDA CO DIST 1 SER A BONDS
00403
YORBA LINDA CO DIST I SER B BDS 1978
00500
YORBA LINDA CO DIST 2 SER A BDS 1979
Comments:
Amount Pursue Claim? Contact Name/Telephone No.
$24.00 F~ Yes
r-] No
$73.50 Yes
No
$162.50 Yes
No
$19,020.00 Yes
No
$575.00 ❑ Yes
No
Page 1
DANIEL E~ L UNGREN
Attorney 'General
State of California
DEPARTMENT OF JUSTICE
13001 STREET, SUITE 125
P.O. BOX 944255
SACRAMENTO, CA 94244-2550
Public: (916) 445-9555
Facsimile: (916) 324-4375
(916) 327-5653
August 17, 1998
To All Issuers
RE: State ex rel Stull v. Bank ofAmerica
San Francisco Superior Court Case No. 968484
Dear Issuer:
In our previous letters, we described the claims process which the State is following for
claims for unclaimed property which should have reverted to government entities under their
applicable indentures. On May 19, 1998, we advised you of the April 21, 1998 court approval for
the return of funds to bondholders and to political subdivisions which, under law, must be
returned to them. At that time, we imposed a 120-day deadline for claims submission, ending on
August 19, 1998.
As this August 19, 1998 deadline approaches, we have recognized the difficulty for some
entities in fulfilling the claims procedures and have carefully considered the additional time
needed to locate the governing documents. As a result, we have decided to extend the deadline
for claims submission to October 1, 1998. THIS WILL BE THE FINAL DATE FOR CLAIMS
SUB'NIISSION. For those issuers who were notified of approval for payment of their claim, this
extension has no effect on the timeliness of such payment.
If you have any comments, questions or concerns about the above information, please
contact me or Deputy Attorney General Jeffrey Simpton at (916) 324-7871. If you have a
specific question about document submission, please contact Janet I. Rosman at (916) 322-2985,
extension 3160.
Sincerely,
DANIEL E. LUNGREN
At~}-ney General
L
BRIAN TAUGHEPZ
Deputy Attorney General
BT:nl
STATE OF CALIFORNIA
DEPARTMENT OF FINANCE
915 L STREET
SACRAMENTD, CA 95814-3706
May 29, 1998
To All Issuers:
RE: State of California ex rel Stull v. Bank ofAmerica
San Francisco Suoerior Court No. 968484
Dear Issuer:
A May 19, 1998 letter from the Department of Justice was recently sent to you. This letter
included a revised and final listing showing the eligible amount for return to the issuer, and
the procedure for submitting claims.
This letter is to correct an error in.the May 19, 1998 letter. Item 3 of the procedure for
submitting claims, which details the certification required, should reference Section 50050 of
the Government Code, not Section 11050. Please certify that you will comply with Section
50050 of the Government Code relating to local governments' responsibilities for unclaimed
property. For your information, a copy of the code is attached.
If you have any questions, please contact me or Kern Matsubara at extension 3173.
Sincerely,
J et I. Rosman, Supervisor
Office of State Audits and Evaluations
(916) 322-2985, ext. 3160
PETE WILSON, Govemor
Attachment
WAIS Document Retrieval
CALIFORNIA CODES
GOVERNMENT CODE
SECTION 50050-50056
50050. For purposes of this article, "local agency" includes all
districts. Except as otherwise provided by law, money, excluding
restitution to victims, that is not the property of a local agency
that remains unclaimed in its treasury or in the official custody of
its officers for three years is the property of the local agency
after notice if not claimed or if no verified complaint is filed and
served. At any time after the expiration of the three-year period,
the treasurer of the local agency may cause a notice to be published
once a week for two successive weeks in a newspaper of general
circulation published in the local agency. Money representing
restitution collected on behalf of victims shall be either deposited
into the Restitution Fund or used by the local agency for purposes of
victim services after the expiration of the three-year period.
However, with respect to moneys deposited with the county treasurer
pursuant to section 7663 of the Probate Code, this three-year period
to claim money held by a local agency is extended for an infant or
person of unsound mind until one year from the date his or her
disability ceases.
For purposes of this section, "infant" and "person of unsound mind"
have the same meaning as given to those terms as used in Section
1441 of the Code of Civil Procedure.
50051. The notice shall state the amount of money, the fund in
which it is held, and that it is proposed that the money will become
the property of the local agency on a designated date not less than
forty-five days nor more than sixty days after the first publication
of the notice.
50052. Upon or prior to publication, a party of interest may file a
claim with the treasurer which must include the claimant's name,
address, amount of claim, the grounds on which the claim is founded,
and any other information that may be required by the treasurer. The
claim shall be filed before the date the unclaimed money becomes the
property of the local agency as provided under Section 50051 and the
treasurer shall accept or reject that claim. If the claim is
rejected by the treasurer, the party who submitted the claim may file
a verified complaint seeking to recover all, or a designated part,
of the money in a court of competent jurisdiction within the county
in which the notice is published, and serves a copy of the complaint
and the summons issued thereon upon the treasurer. The copy of the
complaint and summons shall be served within 30 days of receiving
notice that the claim was rejected. The treasurer shall withhold the
release of the portion of unclaimed money for which a court,action
has been filed as provided in this section until a decision is
rendered by the court.
50052.5. (a) Notwithstanding section 50052, the treasurer may
release to the dezositor of the unclaimed money, their heir,
beneficiary, or duly appcinted representative, unclaimed money if
claimed prior to the date the money becomes the property of the local
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http://www.leginfo. ca. gov/cgi-binhva.isgate?WAISdocDD=828781902+3 5 0+0+0&WAISaction=r(5127198
agency upon submitting proof satisfactory to the treasurer, unless
the unclaimed money is deposited pursuant to section 7663 of the
Probarte Code.
(b) Notwithstanding Section 50052, the treasurer may release
unclaimed money deposited with the county treasurer pursuant to
Section 7663 of the Probate Code, to any blood relative of either the
decedent or the decedent's predeceased spouse.
The claim shall be presented to the county treasurer in affidavit
form and signed under penalty of perjury. Notwithstanding Section
13101 of the Probate Code, the claimant, to be entitled to the entire
escheated estate, needs only to establish with documentary proof the
existence of a blood relationship to either the decedent or of the
predeceased spouse, if any, and the documentary proof, if regular on
its fact, need not be certified. Notwithstanding Section 13101 of
the Probate Code, the claimant shall not be required to declare that
no other person has an equal or superior claim to the escheated
estate.
The county treasurer may rely in good faith. on the sworn
statements made in the claim and shall have no-duty to inquire into
the truth or credibility of evidence submitted.
In paying out the escheated estate, the county treasurer shall be
held harmless to all. Payment shall act as total acquittance and
shall completely discharge the county treasurer from any liability.
If the county treasurer rejects any claim made hereunder, the
claimant may take his cr her grievance to the Superior Court of the
county holding the escheated estate.
Any claim paid hereunder shall be paid without interest.
50053. When any such money becomes the property of a local agency
and is in a special fund, the legislative body may transfer it to the
general fund.
50054. Whenever any city or county or city and county renders
construction services or constructs public works for any city,
county, city and county or any other governmental agency below the
level of the state government, the price charged for such services or
construction shall be sufficient to reimburse the governmental body
performing such services for the full cost thereof including labor,
material, equipment costs or rentals and a reasonable allowance for
overhead. In computing overhead, without limitation on other factors
properly includable, there shall be allocated to the overhead cost
its proportionate share of indirect labor and administrative costs.
50055. Any other provision of this article notwithstanding, any
individual items of less than fifteen dollars ($15), or any amount if
the depositor's name is unknown, which remain unclaimed in the
treasury or in the official custody of an officer of a local agency
for the period of one year or upon an order of the court may be
transferred to the general fund by the legislative body without the
necessity of publication of a notice in a newspaper.
50056. The responsibilities of the treasurer as provided under this
article may be delegated by the treasurer to the agency, district,
or department that mainta_ns the supporting records of the unclaimed
money based on the initial receipt or deposit of that money or both.
http Wwww.leginfo.ca.gov/cgi-bin/waisgate?WAISdocDD=828781902+3 50+0+0&WAISaction=r(5/27/98