HomeMy WebLinkAbout1981-06-25 - Resolution No. 81-06YORBA LINDA COUNTY WATER DISTRICT RESOLUTION NO. 81-06 SECOND SUPPLEMENTAL RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $12,000,000 PRINCIPAL AMOUNT OF YORBA LINDA COUNTY WATER DISTRICT IMPROVEMENT DISTRICT NO. 2 1979 WATER BONDS, SERIES B; AND AUTHORIZING PROSECUTION OF VALIDATION PROCEEDINGS WHEREAS, the Board of Directors (the "Board") of Yorba Linda County Water District (the "District") on April 5, 1979, duly adopted its Resolution No. 79-13, as supple- mented or amended from time to time, (the "Master Resolu- tion") authorizing the issuance of Yorba Linda County Water District Improvement District No. 2 1979 Water Bonds (the "Bonds") of the District, for the benefit of Improvement District No. 2 (the "Improvement District") of the District, in the maximum principal amount of $41,660,000; and WHEREAS, the Master Resolution provides that the Board may by supplemental resolution establish one or more series of Bonds in such principal amount as the Board shall determine; and • WHEREAS, the Board has determined that Series B Bonds in the principal amount of not to exceed $12,000,000 should be issued pursuant to the Master Resolution for the purposes set forth therein; and WHEREAS, the Board is duly authorized under all applicable provisions of law to adopt this resolution and issue its Series B Bonds and such Bonds, upon the issuance thereof, will be valid and legally binding general obliga- tions of the Improvement District in accordance with their terms; and WHEREAS, Bonds of Water Districts may now be authorized and issued at a maximum interest rate of twelve percent (12%) pursuant to Government Code Section 53531.5; and WHEREAS, pursuant to Government Code Sections 53531.5 and 53541 previously authorized Bonds may be issued at a maximum interest rate of twelve percent (12%) in lieu of a like amount of unissued Bonds authorized at an election at which voters authorized said indebtedness; and WHEREAS, an action may be brought pursuant to Water Code Section 30066 and Code of Civil Procedure Section 860 et seq. to validate the issuance of Bonds herein author- ized; NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of Yorba Linda County Water District as follows: -2- Section 12.* A second series of Bonds is hereby issued pursuant to Government Code Sections 53531.5 and 53541, and such Bonds are designated "Yorba Linda County Water District Improvement District No. 2 1979 Water Bonds, Series B" (the "Series B Bonds"). The aggregate amount of Series B Bonds which may be issued and outstanding under the Master Resolution and this resolution shall not exceed Twelve Million dollars ($12,000,000). The Series B Bonds shall be issued as coupon Bonds or as fully registered Bonds without coupons. The Series B Bonds issued in coupon form shall be 2400 in number, of the denomination of $5,000 each, numbered B1 to B2400, both inclusive. The Series B Bonds in fully registered form may be issued in denominations of $5,000 or any multiple thereof, and shall be numbered in consecutive numerical order from BR1 up. All of the Series B coupon Bonds shall be dated October 1, 1981, which is hereby fixed and determined to be the date of the issuance of the Series B Bonds. The Series B Bonds shall bear interest at such rate or rates, not exceeding twelve percent (12%) per annum, as may be fixed by the Board at the sale thereof. Such interest shall be payable semiannually on October 1 and April 1 in each year, but interest on the coupon Series B * Sections 1 to 11, inclusive, are contained in the Master Resolution and incorporated herein by reference. -3- Bonds shall be payable only upon presentation and surrender of the coupons representing such interest. The Series B Bonds shall mature on October 1 in each year and beome payable in consecutive numerical order from lower to higher, as set forth in the following sched- ule: Maturity Date (October 1) Principal Amount 1984 $ 215,000 1985 240,000 1986 270,000 1987 300,000 1988 340,000 1989 380,000 1990 425,000 1991 475,000 1992 535,000 1993 595,000 1994 670,000 1995 750,000 1996 840,000 1997 940,000 1998 1,050,000 1999 1,180,000 2000 1,320,000 2001 1,475,000 Both the principal of and interest on the Series B Bonds shall be payable in lawful money of the United States of America at the principal office of Bank of America National Trust and Savings Association in Los Angeles, California, or, in the case of coupon Series B Bonds, at the option of the holder at the principal office of Bank of America National Trust and Savings Association in San Francisco, California, or the office of The Chase Manhattan -4- Bank, National Association, in New York, New York, or the office of Continental Illinois National Bank and Trust Company in Chicago, Illinois. Section 13. Series B Bonds maturing by their terms on or before October 1, 1993, shall not be subject to redemption before their respective stated maturities. Series B Bonds maturing by their terms on or after October 1, 1994, shall be subject to redemption prior to their respective stated maturities, at the option of the District, from any source of available funds, in whole, or in part in inverse order of maturity and by lot within a maturity, on any interest payment date on or after October 1, 1993, at the principal amount thereof and accrued interest thereon to the date fixed for redemption, plus a premium of one-quarter of one percent (1/4% of 1%) of such principal amount for each year and fraction of a year remaining between the date fixed for redemption and the stated maturity of the Series B Bonds called for redemption. Section 14. The coupon Series B Bonds and the interest coupons to be attached thereto, and the fully registered Series B Bonds and the certificate of authentica- tion, corresponding coupon bond endorsement and form of assignment to appear thereon, shall be in substantially the forms set forth in Section 4 of the Master Resolution. The Series B Bond numbers, series designation, interest rate or -5- rates, interest payment and bond payment dates and places, denominations, maturity dates and redemption provisions shall be inserted therein in conformity with this resolu- tion. Section 15. At any time after the adoption of this resolution, the District may execute and deliver all or any part of the not to exceed $12,000,000 aggregate princi- pal amount of the Series B Bonds authorized hereunder. The President of the Board is hereby authorized and directed to sign by printed, lithographed or engraved facsimile signature each of the Series B Bonds on behalf of the District, the Auditor of the District is hereby author- ized and directed to sign each of the interest coupons by printed, lithographed or engraved facsimile signature, and the Secretary or the Assistant Secretary is hereby author- ized and directed to countersign each of the Series B Bonds by manual signature and to impress or imprint by facsimile the official seal of the District on each of the Series B Bonds. Section 16. The proceeds received by the District from the sale of the Series B Bonds shall be paid to the Auditor of the District and shall be set aside as follows: (a) The Auditor of the District shall deposit in the Interest and Sinking Fund established pursuant to Section 8 of the Master Resolution an amount, including any -6- accrued interest and premium received upon the sale of the Series B Bonds, sufficient to pay the interest becoming due and payable and accruing on the Series B Bonds through and including October 1, 1983. (b) The Auditor of the District shall deposit the remainder of such proceeds in the Improvement Fund estab- lished pursuant to Section 7(c) of the Master Resolution. Section 17. Except as in this resolution herein- above expressly provided, every term and condition contained in the Master Resolution shall apply to this resolution and the Series B Bonds with the same force and effect as if the same were herein set forth at length, with such omissions, variations and modifications thereof as may be appropriate to make the same conform to this resolution. This resolu- tion and all the terms and provisions herein contained shall form part of the Master Resolution as fully and with the same effect as if all such terms and provisions had been set forth in the Master Resolution. Section 18. The firm of Rutan & Tucker, general and special bond counsel to the District, is hereby author- ized and directed to forthwith file and prosecute to final judgment an action pursuant to Water Code Section 30066 and Code of Civil Procedure Section 860 et seq., to validate the issuance of the bonds authorized herein. -7- PASSED AND ADOPTED on June 25, 1981, by the fol- lowing vote: AYES: Director Clodt, Lindow, Cromwell and Knauft. NOES: None ABSTAIN: Director Korn ABS ENT: None President b~f the Board of Directors of Yorba Linda County Water District [SEAL] Attest: Secret~E'ry of Yorba Linda Count Water District -8- STATE OF CALIFORNIA COUNTY OF ORANGE ss 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 and was approved by the following called vote at the regular meeting of that Board on June 25, 1981 . Ayes: Directors Clodt, Lindow , Cromwell and Knauft Noes: none Absent None Abstain: Director Korn Secretar f the Board of Directors Yorba Linda County Water District