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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 -2- 0 0 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 -3- 6 0 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 -4- 6 0 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. -5- 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 -6- 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 -7- 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 -8- 6 0 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 6 0 Diagram and Amount of Assessment Unpaid Number Assessment 32 6,099.73 33 6,099.73 34 5,729.33 EXHIBIT A