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:
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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.
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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
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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
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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
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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.
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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
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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