HomeMy WebLinkAbout1980-12-18 - Resolution No. 80-3511 * 0
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YORBA LINDA COUNTY WATER DISTRICT
ASSESSMENT DISTRICT NO. 79-1
(OHIO-ORIENTE)
RESOLUTION NO.
RESOLUTION CANCELLING BOND NO. 26 AND
AMENDING RESOLUTION NO. 80-34 RELATING
TO THE ISSUANCE OF IMPROVEMENT BONDS.
WHEREAS, the Board of Directors ("Board") of the
Yorba Linda County Water District ("District") did on
November 13, 1980, adopt its resolution No. 80-34 which
provided inter alia for the issuance of $236,739.50 principal
amount of Street Improvement Bonds in Assessment District
79-1 (Ohio-Oriente) and prescribed the amount, date, term
and maturity of said Bonds (the "Bonds"); and
WHEREAS, Paragraph 4 of said Resolution No. 80-34
provided inter alia that said Bonds shall be numbered 1 to
33 both inclusive and each shall be in the amount of the
unpaid assessment upon the security of which such Bond is
issued; and
WHEREAS, Assessment No. 26 was paid in full prior to
November 3, 1980; and
WHEREAS, due to inadvertence on the part of the Bond
printer thirty-four (34) Bonds, including a Bond represent-
ing Assessment No. 26 were printed and delivered to the
Treasurer of the County of Orange as Fiscal Agent for the
District; and
WHEREAS, no Bond should be issued to represent
Assessment No. 26 and a related amendment should be made to
Resolution No. 80-34 to reflect the fact that the Bonds
will not be numbered consecutively as therein provided;
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NOVI, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF YORBA LINDA COUNTY WATER DISTRICT, STATE OF
CALIFORNIA, as follows:
1. Bond No. 26 shall not be issued and the same
is hereby cancelled and shall be destroyed according to
appropriate procedures.
2. Paragraph 4 of Resolution No. 80-34 of the
Board of the District is amended to read in its entirety as
follows:
4. Bonds in the amount of said
unpaid assessments, and which unpaid assess-
ments are $150.00 or more, each shall be
issued upon the security of said unpaid
assessments in accordance with the provi-
sions 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 "Street Improvement Bonds,
Yorba Linda County Water District, Assessment
District No. 79-1 (Ohio-Oriente) Series No.
79-1"; shall be in the 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 decreasing amounts
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of principal thereof; shall be numbered
1 to 25 and 27 to 34, both inclusive, and
each shall be in the denomination of the
amount of the unpaid assessment 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 unpaid shall be due and payable; but
on the 2nd day of January, 1982, and on
the 2nd day of January of each year there-
after, 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.
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PASSED AND ADOPTED this JQ day of
1980.
President, Board of Directors
ATTEST:
Aetary, E. MATHEWS
Se Board of Directors
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