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HomeMy WebLinkAbout1980-08-28 - Resolution No. 80-25RESOLUTION NO. 80-25 0 RESOLUTION OF THE BOARD OF DIRECTORS OF THE YORBA LINDA COUNTY WATER DISTRICT, RESCIND- ING IN PART AND AMENDING IN PART RESOLUTION OF INTENTION NO. 79-45 REGARDING THE ISSUANCE OF BONDS AND THE NEWSPAPER DESIGNATED FOR THE PUBLICATION OF NOTICES ASSESSMENT DISTRICT NO. 79-1 (OHIO-ORIENTE) WHEREAS, on December 6, 1979, the Board of Directors ("Board") of the Yorba Linda County Water District adopted its Resolution No. 79-45 declaring its intention to order the work, acquisition and improvements described therein in an assessment district described and provided for therein; and WHEREAS, said Resolution of Intention also gave notice that serial bonds would be issued in the manner provided by Division 10 of the Streets and Highways Code (the Improvement Bond Act of 1915), bearing interest not to exceed eight (8%) percent per annum; and WHEREAS, the Board has been advised that under the circum- stances which pertain to the assessment district provided for in said Resolution of Intention, serial bonds issued under the pro- visions of Division 7 of the Code (the Improvement Act of 1911) can at present be marketed to greater advantage than bonds issued pursuant to Chapter 10 of the Code, and would probably result in lower overall assessments against the property to be assessed to pay the cost of the proposed work, acquisition and improvements; and WHEREAS, state law now provides that said bonds issued under the provisions of Division 7 of the Code may bear interest at not to exceed ten (10%) percent; and WHEREAS, said Resolution of Intention selected the "Yorba Linda Star" as the newspaper in which notices, resolutions, orders or other matters relating to the proceedings are to be published; and WHEREAS, the "Yorba Linda Star" has ceased to be a newspaper of general circulation in the District appropriate for the publica- tion of legal notices; and WHEREAS, there is no newspaper published within the District; and WHEREAS, the "Daily News Tribune" is published in the County of Orange and circulated in the District. NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE YORBA LINDA COUNTY WATER DISTRICT DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1: The foregoing recitals are true and correct and the Board so finds and determines. SECTION 2: Paragraphs 6, 7, 9 and 11 of Resolution No. 79-45 are hereby rescinded. SECTION 3: Resolution No. 79-45 is amended by adding a new paragraph 9, which shall read as follows: "9. Notice is hereby given that serial bonds payable to bearer to represent unpaid assessments and to bear interest at a maximum rate of not to exceed 10% per annum payable semi-annually will be issued in the man- ner provided by Division 7 of the Code, the Improvement Act of 1911 and the last installment of said bonds shall mature in not to exceed 24 years from the second day of January next succeeding the next September 1st following their date. The redemption provisions of said bonds shall provide a premium of five (5%) percent of the un- matured principal. Pursuant to Section 6462.1 of the Streets and Highways Code, the Board may provide for a classification of bonds into different terms, and may also provide for assessments to mature in other than equal annual amounts." SECTION 4: Resolution No. 79-45 is amended by adding a new paragraph 11, which shall read as follows: "11. Whenever in the Municipal Improvement Act of 1913 or the Improvement Act of 1911 a notice, resolution, order or other matter relative to said proceedings for the work, acquisitions and improvements in said assess- ment district is required to be published, the Secretary of the District is ordered to publish such notice, reso- lution or other matter in the "Daily News Tribune," which newspaper is hereby selected by the Board for that purpose." PASSED AND ADOPTED THIS 28th day of August, 1980. ATTEST: (//c t President, Board of Directors Jean E Mathews Secret~y, Board of Directors -2- r - 1.- 0 STATE OF CALIFORNIA ) ss COUNTY OF ORANGE ) 0 I, Jean E. Mathews, Secretary of the Board of Directors of the Yorba Linda County Water District, do hereby certify that the foregoing resolution was duly adopted by the Board of Directors of said District at a regular meeting of said Board duly held on the 78 day of 1980, and that it was so adopted by the following vote. AYES: Directors, Clodt, Korn, Cromwell and Lindow NOES: Directors - none ABSENT: Directors - Knauft ABSTAIN: Directors - None a't-w Jean & Mathews, Secretary of the Yorba Linda County Water District and of the Board of Directors thereof (SEAL) STATE OF CALIFORNIA ) COUNTY OF ORANGE ass I, Jean E. Mathews, Secretary of the Board of Directors of Yorba Linda County Water District, do hereby certify that the above and foregoing is a full, true and correct copy of Resolution No. 80- of said Board, and that the same has not been amended or repealed. Dated 9- ~/r f d Jean E. M hews, Secretary of the Yorba Linda County Water District and of the Board of Directors thereof.