HomeMy WebLinkAbout1980-11-13 - Resolution No. 80-34• r
YORBA LINDA COUNTY WATER DISTRICT
ASSESSMENT DISTRICT NO. 79-1
(OHIO-ORIENTE)
RESOLUTION NO. ?0-34-
RESOLUTION AND ORDER CONFIRMING DISTRICT MANAGER'S
DETERMINATION OF UNPAID ASSESSMENTS PROVIDING FOR
THE ISSUANCE OF $236,739.50 PRINCIPAL AMOUNT OF IM-
PROVEMENT BONDS, YORBA LINDA COUNTY WATER DISTRICT,
ASSESSMENT DISTRICT NO. 79-1 (OHIO-ORIENTE), COUNTY
OF ORANGE; PRESCRIBING THE AMOUNT, DATE AND TERM OF
SAID BONDS, AND PRESCRIBING THE MATURITY THEREOF;
FIXING THE RATE OF INTEREST ON SAID BONDS; AUTHORIZ-
ING THE EXECUTION OF SAID BONDS AND THE COUPONS TO
BE ATTACHED THERETO; AND SELLING SAID BONDS.
WHEREAS, the Board of Directors (the "Board") of
Yorba Linda County Water District (the "District"), Orange
County, California, did on December 6, 1979, adopt its
Resolution of Intention No. 79-45 relating to certain
proposed work, acquisitions and improvements to be done
and made for Assessment District No. 79-1 (Ohio-Oriente)
(the "Assessment District") in the District described
in said Resolution of Intention, under and pursuant to
the provisions of the Municipal Improvement Act of 1913,
which said Resolution of Intention as amended by Resolution
No. 80-25 and related proceedings provide that serial bonds
payable to bearer to represent unpaid assessments of $150.00
or more and to bear interest at a maximum rate of not to
exceed 10% a year payable semi-annually will be issued in
the manner provided by Division 7 of the California Streets
and Highways Code (the Improvement Act of 1911) and that
said bonds shall extend over a period not exceeding 24
years from the 2nd day of January next succeeding the
next September 1st following their date, and each of said
bonds is to have the redemption provisions thereof provide
a premium of 5% of the unmatured principal thereof; refer-
ence to said Resolution of Intention, said Resolution
No. 80-25 and said proceedings being hereby expressly made
for all further particulars; and
WHEREAS, an assessment and diagram were duly made and
filed with the Board on August 28, 1980, and after hearing,
duly noticed and held, were confirmed and approved as modi-
fied by resolution passed and adopted by said Board of Direc-
tors on October 2, 1980; and
WHEREAS, said assessment and diagram were duly recorded
on October 3, 1980, in the office of the Superintendent of
Streets (District Manager) of the Yorba Linda County Water
District and in the office of the Superintendent of Streets
of the City of Yorba Linda, State of California, all in
the time, form and manner required by law, and notice of
assessment was duly recorded on October 3, 1980, in the
office of the County Recorder of Orange County, in the
time, form and manner required by law; and
WHEREAS, said assessment was in the total amount of
$242,160.65 and was aportioned upon the several subdivisions
of land in the Assessment District in proportion to the
estimated benefits to be received by such subdivisions,
respectively, from said work and improvements as shown in
said assessment to which reference is hereby expressly made
for further particulars; and
WHEREAS, notice of such recordation of said assesssment
and notice otherwise as required by law has been duly given
in the time, form and manner required by law; and
WHEREAS, all sums assessed by said assessment were due
and payable to the Superintendent of Streets (District
Manager) in Yorba Linda, California, within the time pro-
vided in said notice except as the right to pay within such
time was waived by said property owner; and
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WHEREAS, said time within such payments of said
assessments could be made has expired and the Superinten-
dent of Streets (the District Manager) made and certified
to the District Auditor and filed with the Board a com-
plete list of all assessments paid and a complete list of
all assessments unpaid, which amount to $150.00 or over,
upon any said assessment, or diagram number, a copy of
which is attached hereto as Exhibit "A", such list showing
unpaid assessments in the aggregate amount of $236,739.50;
and
WHEREAS, Stone & Youngberg, of San Francisco, Cali-
fornia, a partnership, has offered to purchase not in excess
of $350,000.00 principal amount of bearer bonds to be issued
in said proceedings under and pursuant to the Municipal
Improvement Act of 1913 and the Improvement Act of 1911
at 94% of the par value of such bonds, without accrued in-
terest, said bonds to extend over a period of 14 years from
the 2nd day of January next succeeding the next September
1st following their date, and to bear interest at the
rate of 9-1/2% per annum (January 2, 1982 through January
2, 1996); and
WHEREAS, the District has by resolution awarded said
bonds to Stone & Youngberg; and
WHEREAS, pursuant to §6405 of the Streets and Highways
Code, the District desires to enter into a contract with
the Tax Collector-Treasurer of the County of Orange to act
as fiscal agent.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIREC-
TORS OF YORBA LINDA COUNTY WATER DISTRICT, STATE OF CALI-
FORNIA, as follows:
1. The foregoing recitals and each of them are true
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and correct and the Board hereby so finds and determines.
2. The Board has reviewed all proceedings heretofore
taken
and has found as
a result of such review and does
hereby
determine that
all acts, conditions and things re-
quired
by law to exist,
happen and be performed precedent
to and
in the issuance
of
the bonds hereinafter provided for
have existed, happened
and been performed in the time, form
and manner as required
by
law.
3. The list of unpaid assessments filed by the Super-
intendent of Streets (District Manager) is hereby confirmed
and ratified.
4. Bonds in the amount of said unpaid assessments,
and which unpaid assessments are $150.00 or more, each,
shall be issued upon the security of said unpaid assessments
in accordance with the provisions of said Improvement Act
of 1911 and under and in pursuance of the provisions of said
Resolution of Intention as amended by Resolution No. 80-25,
and the proceedings thereunder duly had and taken. Said
bonds shall be known as "Improvement Bonds, Yorba Linda
County Water District, Assessment District No. 79-1 (Ohio-
Oriente)"; shall be in form and of the character known as
serial and shall be 33 in number; shall be dated November
4, 1980 (which is hereby fixed and determined to the date
of issue of said bonds); shall bear interest from their
said date, at a rate of 9-1/2% per annum on the decreas-
ing amounts of principal thereof; shall be numbered 1 to
33, both inclusive, and each shall be in the denomination
of the amount of the unpaid assessmemnt upon the security
of which such bond is issued. The term of each of said
bonds shall be 14 years from the 2nd day of January, 1982,
and at the expiration of said time, the whole sum then
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unpaid shall be due and payable; but on the 2nd day of
January, 1982, and on the 2nd day of January of each year
thereafter, an even annual proportion of the whole amount
thereof shall be due and payable; upon presentation of the
coupon therefor, until the whole is paid, with all accrued
interest. Interest shall be evidenced by coupons attached
to each bond, and each of said coupons shall represent six
(6) months' interest on the bond to which it is attached,
except that the coupon attached to each bond representing
the first installment of interest shall represent interest
from the date of said bond to July 2, 1981, and thereafter
said interest coupons shall be payable semi-annually on the
2nd day of January and the 2nd day of July in each year
until said bond is paid in full.
5. Said unpaid assessment, as shown on said list
hereinabove referred to, together with interest and any
penalty thereon, shall constitute and remain a trust fund
for the redemption and payment of the respective bonds
and of the interest which may be due thereon. The prin-
cipal of each unpaid assessment shall become due and pay-
able in equal annual payments in the time and manner pro-
vided in said Improvement Act of 1911 until fully paid.
The number of annual payments shall correspond to the
number of serial payments to be made on the principal
of the bond issued to represent the unpaid assessment.
Interest payments on the unpaid assessments shall be pay-
able in the time and manner provided in said Improvement
Act of 1911. Each bond shall be subject to redemption
in the manner provided in said Act and each bond shall
have the redemption provisions thereof provide a premium
of 5% of the unmatured principal thereof.
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6. The Tax Collector-Treasurer ("Treasurer") of the
County of Orange shall act as fiscal agent for the District.
Said Treasurer is authorized to sign the bonds and, in addi-
tion to the services hereinafter mentioned, shall compute
principal and interest payments for the life of the bonds,
prepare a bond register for each bond and handle all in-
voicing, collections and bond holder remittances for the
life of the bonds. The Auditor of the District is authorized
to compensate the Treasurer of the County of Orange $234.00
per bond for performing said services as fiscal agent.
7. Said bonds shall be signed by the Treasurer of
the County of Orange as Fiscal Agent for the District. The
coupons for principal and the interest coupons attached to
said bonds shall be signed by the Treasurer of the County
of orange by his engraved, printed or lithographed signa-
ture. Such signing as herein provided shall be a sufficient
and binding execution of said bonds and coupons.
8. The Treasurer of the County of Orange shall cause
a sufficient number of blank bonds and coupons of suitable
quality to be lithographed or printed and to cause the blank
spaces thereof to be filled in to comply with the provisions
hereof and to procure their execution and to deliver them,
when so executed, to the purchaser or purchasers thereof,
on receipt of the purchase price. Said Treasuer shall
further make, execute and deliver to the purchaser of said
bonds a signature certificate in the form customarily re-
quired by purchasers of municipal bonds, certifying to
the genuineness and due execution of said bonds. The
Secretary of the District shall make, execute and deliver
to the purchaser of said bonds a No Litigation Certificate
certifying to all facts within her knowledge relative to
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any litigation which may or might affect said Assessment
District or the District, said officer or said bonds. The
District Auditor is authorized and directed to make, execute
and deliver to the purchaser of said bonds a Treasurer's
receipt in the form customarily required by purchasers of
municipal bonds, which receipt shall be conclusive evidence
that said purchase price has been paid and has been received
by the District. Any purchaser or subsequent taker or
holder of said bonds is hereby authorized to rely upon and
shall be justified in relying upon any such signature and
no-litigation certificates and any such Treasurer's receipt
with respect to said bonds executed pursuant to the autho-
rity of this resolution.
9. The offer of Stone & Youngberg for not to exceed
$350,000.00 for principal amount of said bonds, bearing
interest at the rate of 9-1/2% per annum, payable as afore-
said, having been heretofore accepted, said County Treasurer
or Auditor of the District is hereby authorized and directed
to deliver said bonds in bearer form to said Stone & Young-
berg, as purchaser, upon payment to said Auditor of the
purchase price, to wit, 94% of the par value thereof,
without accrued interest.
10. This Resolution shall take effect from and after
its passage and approval.
PASSED AND ADOPTED this / 3 day of Na 1980.
President, Board of Directors
ATTEST:
(J~
JEA4/ E . MATHEWS
Secretary, Board of Directors
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STATE OF CALIFORNIA )
ss.
COUNTY OF ORANGE )
I, JEAN E. MATHEWS, Secretary of the Board of Direc-
tors of the Yorba Linda County Water District, DO HEREBY
CERTIFY that the foregoing Resolution was adopted at a
_S PC,t/ Zx /f meeting of the Board of Directors of the
Yorba Linda County Water District, and was carried by
the following roll call vote:
AYES: BOARD MEMBERS: 1 (Od F 11'e~JR141
G'eo.u U)2 tI, KNav-(f
NOES: BOARD MEMBERS: N oN P
ABSENT: BOARD MEMBERS: /.l o Ne
q
JEAN M 11S
Secretary, Board of Directors
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Diagram and
Amount of
Assessment
Unpaid
Number
Assessment
1
$8,156.41
2
9,910.00
3
9,927.01
4
9,798.33
5
9,798.32
6
9,912.01
7
$9,736.58
8
9,593.61
9
9,643.99
10
8,478.80
11
8,592.56
12
8,551.91
13
6,206.61
14
6,426.70
15
6,426.70
16
6,426.70
17
6,426.70
18
6,426.70
19
6,642.77
20
5,050.75
21
5,050.75
22
5,883.66
23
5,945.40
24
5,266.77
25
5,421.15
27
5,636.77
28
5,636.77
29
5,636.77
30
5,636.77
31
6,562.74
EXHIBIT A
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Diagram and Amount of
Assessment Unpaid
Number Assessment
32 6,099.73
33 6,099.73
34 5,729.33
EXHIBIT A