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HomeMy WebLinkAbout1979-04-26 - Resolution No. 79-23YORBA LINDA COUNTY WATER DISTRICT RESOLUTION NO. 79- 23 RESOLUTION SELLING $6,615,000 PRINCIPAL AMOUNT OF YORBA LINDA COUNTY WATER DISTRICT IMPROVEMENT DISTRICT NO. 1 1978 WATER BONDS, SERIES B, AND RATIFYING OFFICIAL STATEMENT WHEREAS, the Board of Directors (the "Board") of Yorba Linda County Water District' (the "District") by Resolution No. 78-47, adopted August 3, 1978, and Resolution No. 79-12, adopted April 5, 1979, (collectively, the "Reso- lution") duly authorized the issuance of $6,615,000 prin- cipal amount of bonds designated as " Yorba Linda County Water District Improvement District No. 1 1978 Water Bonds, Series B" (the "Bonds") of the District, for the benefit of Improvement District No. 1 of the District (the "Improvement District"), all dated May 1, 1979, and by said Resolution No. 79-12 duly authorized the sale of the Bonds at public sale; and WHEREAS, the sale of the Bonds has been duly held in the manner prescribed by law, and the following bids for the Bonds were and are the only bids received by the 1 District: 0 Name of Bidder Bank of America N T & S A and Associates United California Bank and Associates Security Pacific National Bank and Associates and Net Interest Cost to District $7,708,735.25 $7,993,395.00 $7,840,213.15 WHEREAS, the bid of Bank of America N T & S A and Associates is the highest bid for the Bonds, considering the inter- est rates specified and the premium bid; NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of Yorba Linda County Water District as follows: 1. Said bid of Bank of America N T & S A and Associates for $6,615,000 principal amount of the Bonds is hereby accepted and the Auditor of the District is hereby author- ized 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 432.25 together with accrued interest at the following rates: -2- Bonds Maturing Interest Rate (Inclusive) Per Annum 1982 - 1990 8.00 1991 - 1992 6.40 1993 - 1994 6.50 1995 - 1996 6.60 1997 6.70 1998 6.75 1999 - 2001 6.80 2002 - 2004 6.90 The Bonds shall bear interest at said rates hereinabove set forth, payable semiannually on November 1 and May 1 in each year. 2. All bids except the bid of Bank of America N T & S A and Associates are hereby rejected, and the Secretary of the District is hereby directed to 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 suffi- cient number of blank Bonds and coupons of suitable quality, said Bonds and coupons to show on their face that the same bear interest 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 officers, 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. The President of the Board and the Secretary, Auditor and General Manager of the District are further authorized and directed to make, execute and deliver to the -3- purchaser of the Bonds (a) a certificate in the form custom- arily required by purchasers of bonds of public corporations generally, certifying to the genuineness and due execution of the Bonds and further certifying to all facts within their knowledge relative to any litigation which may or might affect the District, the Improvement District, said officers or the Bonds, (b) a certificate in similar form certifying to all facts within their knowledge which would make it unreasonable to rely on the official statement of the District in connection with the resale of the Bonds, (c) 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 conclu- sive evidence that said purchase price has been paid and has been received by the District, and (d) a certificate at- testing to the use of the proceeds of the Bonds, the invest- ment thereof, and any other matters relating 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 relying upon any such certificate or receipt with respect to the Bonds executed pursuant to the authority of the Resolution. 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 -4- 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 state- ment 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 26th day of April, 1979, by the following vote: AYES: Directors Lindow, Clodt, Korn, Cromwell and Knauft NOES: None ABSENT: None ABSTAIN: None President of the Board o 'Directors of Yorba Linda County Water District [SEAL] ATTEST: Secre ry of Yorba Linda County 4 Wate District -5- ~ A SECRETARY'S CERTIFICATE I, Jean E. Mathews, Secretary of Yorba Linda County Water District, hereby certify that the foregoing 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 April 26, 1979, 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 following vote: AYES: Directors Lindow, Clodt, Korn, Cromwell and Knauft NOES: None ABSTAIN: 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 the foregoing is a full, true and correct copy of said original resolution adopted at said meeting; and that the foregoing has not been amended, modified or rescinded 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 on April 26 , 1979. Sect` tary of Yorba Linda County Water District [SEAL] -6-