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HomeMy WebLinkAbout1984-03-22 - Resolution No. 84-030 • YORBA LINDA COUNTY WATER DISTRICT RESOLUTION NO. 84-03 REt;E~ ytU MAR 1984 VORSA LINDA C OUNry MATER DIS 1;01J TRIer RESOLUTION DETERMINING THAT THE ISSUANCE OF NOT-TO-EXCEED $10,000,000 PRINCIPAL AMOUNT OF YORBA LINDA COUNTY WATER DISTRICT, IMPROVEMENT DISTRICT NO. 2 1979 WATER BONDS, SERIES B IS NOT SUBJECT TO PRIOR INVESTIGATION, REPORT AND APPROVAL PURSUANT TO THE DISTRICTS SECURITIES INVESTIGATION LAW OF 1965 WHEREAS, the Board of Directors (the "Board") of the YORBA LINDA COUNTY WATER DISTRICT (the "District") on April 5, 1979 duly adopted its Resolution No. 79-13, as supplemented and amended (the "Master Resolution"), authorizing the issuance of its Improvement District No. 2 1979 Water Bonds (the "Bonds") for the benefit of Improvement District No. 2 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 on April 5, 1979 duly adopted its Resolution No. 79-14 (the "First Supplemental Resolution") authorizing the issuance of $1,005,000 principal amount of Improvement District No. 2 1979 Water Bonds, Series A; and WHEREAS, the Board on June 25, 1981 duly adopted its Resolution No. 81-06, as amended (the "Second Supplemental Resolution") authorizing the issuance of not-to-exceed $12,000,000 principal amount of Improvement District No. 2, 1979 Water Bonds, Series B; and -1- 9 • WHEREAS, said Series B Bonds remain unsold and the Board intends to further amend the Second Supplemental Resolution to provide for the issuance and sale of not-to-exceed $10,000,000 principal amount of said Series B Bonds; and WHEREAS, the Board wishes to determine that the issuance of the Series B Bonds is not subject to prior investigation, report and approval by the Districts Securities Division of the Office of the State Treasurer under the District Securities Investigation Law of 1965 (Government Code Section 58750 et seq.); and WHEREAS, the Board has been presented a certificate signed by the Auditor of the District certifying the amount of the outstanding indebtedness of Improvement District No. 2, the principal amount of the proposed Series B Bonds and the assessed value of the real property within Improvement District No. 2, which certificate is attached hereto as Exhibit "A"; and WHEREAS, it appears from said certificate that issuance of the Series B Bonds is not subject to investigation, report and approval as provided in Section 58753 and may be determined by resolution of this Board to be exempt as provided in Section 58756; NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Yorba Linda County Water District as follows: 1. The Board hereby finds that the above recitals are true and correct. -2- • • 2. The Board hereby determines, pursuant to Government Code Section 58756, that the issuance of the Series B Bonds is not subject to prior investigation, report and approval by the Districts Securities Division of the Office of the State Treasurer pursuant to the District Securities Investigation Law of 1965 because the amount of Improvement District No. 2's share of the outstanding indebtedness of the District, plus the outstanding balance of the Improvment District 1979 Water Bonds, Series A Bonds, plus the amount of the proposed Series B Bonds does not exceed 200 percent of the assessed value of the land and improvements within Improvement District No. 2, as shown on the last equalized assessment roll for Orange County, California. 3. The Board hereby authorizes and directs its legal counsel, Rutan & Tucker, to file a certified copy of this resolution, together with the Auditor's Certificate attached as Exhibit "A", with the Districts Securities Division of the Office of the State Treasurer, in the manner prescribed by Government Code Section 58756 and 10 Administrative Code Section 1910, and to request that, in accordance with said law, written notice be given to the District that the proposed Series B Bonds are not subject to prior investigation, report and approval. -3- PASSED and ADOPTED on March 22, 1984, by the following vote: AYES: Directors: Paul Armstrong, Fred Clodt, Whit Cromwell Howard Lindow, M. Roy Knauft, Jr. NOES: None ABSTENTIONS; None ABSENT: None President pelf t e Bo rd of Directors of the Yorba Linda County Water District ATTEST: ) ^ I) Se4retary of the Yorba Linda County Water District -4- 6 0 SECRETARY'S CERTIFICATE I, RALPH SHOOK, Secretary of the YORBA LINDA COUNTY WATER DISTRICT, hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted at an adjourned regular meeting of the Board of Directors of said District duly and regularly held at the regular meeting place thereof on March 22, 1984, of which meeting all of the members of said Board had due notice and at which a majority thereof was present; and that at said meeting said resolution was adopted by the following vote: AYES: Directors: Armstrong, Clodt, Cromwell, Lindow, Knauft NOES : None ABSTAIN :None ABSENT: None I further certify that I have carefully compared the same with the original resolution on file and of record in my office; that the foregoing is a full, true and correct copy of said original resolution; and that the foregoing has not been amended, modified and rescinded since the date of its adoption, and is now in full force and effect. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said District on March 22, 1984. S /creCtar~f of Yorba Linda County Water District 6 9 AUDITOR'S CERTIFICATE I, BETTY EMBLIDGE, Auditor of Yorba Linda County Water District (the "District") hereby certify with respect to the Yorba Linda County Water District, Improvement District No. 2 1979 Water Bonds, Series B (the "ID No. 2 Series B Bonds") as follows: 1. The District has heretofore issued $1,005,000 principal amount of its bonds designated Yorba Linda County Water District Improvement District No. 2 1979 Water Bonds, Series A, which are entirely obligations of Improvement District No. 2 of the District. The principal amount of such bonds outstanding on the date of this certificate is $970,000. 2. The District proposes to issue its ID No. 2 Series B Bonds in the aggregate principal amount of not-to-exceed $10,000,000 tentatively dated May 1, 1984. The ID No. 2 Series B Bonds are entirely obligations of Improvement District No. 2 of the District. 3. Except for the obligations referred to above, Improvement District No. 2 has no share of any other outstanding indebtedness of the District. 4. The assessed valuation of the real property within Improvement District No. 2 as shown on the secured assessment roll for the 1983-84 fiscal year is $24,855,694 (full cash value). Dated: March 22, 1984. Audit4~xa Linda County Water District EXHIBIT "A"