HomeMy WebLinkAbout1982-03-25 - Resolution No. 82-03-.1 , . 1 0 & 0 0
RESOLUTION NO. 82_03
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA COUNTY WATER DISTRICT
RE DISCLOSURE OF IMPROVEMENT DISTRICT NO. 1
BOND TAXES TO NEW RESIDENTS
WHEREAS, the best interest of Yorba Linda County Water
District will be served by disclosure of the District's water
bond taxes to prospective home buyers within Improvement Dis-
trict No. 1; and
WHEREAS, the City of Yorba Linda has consented to aid
in such disclosure through the subdivision approval process.
NOW, THEREFORE, BE IT RESOLVED that a copy of this Reso-
lution shall be made available to prospective first buyers of
homes within Improvement District No. 1 by the developers/
sellers in accordance with a condition to be included on future
subdivision maps approved by the City of Yorba Linda.
BE IT FURTHER RESOLVED AND DECLARED to prospective home
buyers as follows:
The property you are considering for purchase is part
of the Yorba Linda County Water District ("YLCWD") and re-
ceives water service through facilities of YLCWD. In 1978 the
then mostly vacant land in eastern Yorba Linda was added to
YLCWD and "improvement districts" were created to help finance
the water system to serve the land. The property you are
considering is part of Improvement District No. 1 ("ID#1")
and is subject to a property tax "override" to pay for ID#1
water bonds.
$8.9 Million in water bonds have been sold since 1978
to finance the water system in ID#1. The bonds carry very
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low interest rates of 6.6% and 6.8%. YLCWD finances the annual
payments on these bonds through a combination of property taxes
and special assessments on land within ID#l. The annual property
tax rate is 18¢ per $100 of assessed value, and it is anticipated
to continue at that rate until there is enough total assessed
value to permit the tax rate to decline. For example, a $150,000
home will be subject to an annual water bond tax of $270 per
year, over and above general property taxes of $1500 and other
special property taxes of about $437 at present. The balance
needed to pay the water bonds will be collected through special
assessments against undeveloped land.
YLCWD will probably need to issue additional water bonds
to complete the water system for ID#1. This will permit more
reliable water service, including fire protection, for the land
already developed and will permit additional development to
share in the cost, so that eventually the 18¢/$100 of assessed
value tax rate can be reduced. The use of additional water
bonds will not increase your annual water bond tax rate above
18¢/$100 of value.
Adopted this day of 1119,ec h , 1982, by the following
roll call vote:
AYES: DIRECTORS w KNA a f T
NOES: DIRECTORS°Ne
ABSENT: DIRECTORS R "r
ABSTAIN: DIRECTORS IV oNe
PresiZe 2n I a
ATTEST:
CGZ&~
Secre ry
2.