HomeMy WebLinkAbout1985-07-25 - Resolution No. 85-25•
RESOLUTION NO. 85
RESOLUTION CIE i`I°fE BOARD r..71= DIRECTORS OF THE.
YCIRE:: A LINDA C:CIt..IN•T''Y' WATER DISTRICT
ADOPTING FISCAL YEAR 1985/86 Dk:':I'r:{ l° SERVICE E;EOU I Etif=.:IViEN••S FOR
WATERWORKS ELECTION 1959 SERIES "A" AND "B" BONDG;
WHEREAS, an September 29, 1959 the Yorba Linda County Water
District obtained voter authorization for the issuance of
$1,900,000 in f.;enear-a:I. Obligation bond for the Acgt_ti.::tii.'tion,
Construction and Financing of a Waterworks system to serve
the Yor°ba Linda County Water District hereinafter referred
to as YLEWD 1959 Bonds; and,
WHEREAS, on February 3, 1960 the Yorba Linda County Water
D i s t r i c t issued and sold Series A" YI._. C; WL7 1959 Bonds in
the
face amraunt of $1,670,000; and,
WHEREAS, on November 14, 196 the Yorba Linda County W
ater
District issued and sold Series "B" YL_.CWI:) 1959 Bonds in
the
facie afYif.u_lnt i::i•f $230,000q and,
WHEREAS, the Yor'b<a Linda County Water District is oblig
ated
to make !:ara,nc::iIiial and intetrest payments can such bonds
from
revenue sources available the District; and,,
. ~ Service report
WHEREAS, on ..It_.ly 23, 1985, the De:.t:it.
was
presented to and reviewed by the Finance Committee of
the
Board of Directors of Districtl
NOW THEREFORE BE IT RESOLVED by the Board of Director
s of
the Yorba Linda County Water District as follows:
Qr._ti.on 1.. The Fiscal Year 1985/86 Bond Interest
and
Redemption requirement for v I._. C:' WI7 1959 Series A and
bonds->, as shown on Exhibit "A" attached hereto and by
this
reference incorporated herein, is approved and adopted.
54'G.:!:.:!:_gG.!.......Z_e... E't.tr's°it_tasnt to authority of Water Code Section
31701, the Board of Directors hereby finds and determines
that revenues of t':.he? District are inadequate to pay the
interest and principal of Series "A" and "B" bonds. The estimated minimum amount of money required to be raised by
taxes for the payment of principal and interest of Series
"A" and "]::1" bonds is `t109,034.00. i°'t_tr.:suan't to Water Code
Section 317M2 the Board of Supervisors of the County of
Orange shall levy upon the land subject to the indebtedness
c:i-f t.hF. Series and B L.ic.iricls an ac:l valorem Far"c:iher-t.y t.<:a:;
"A"
at a uniform rate sufficient to pay the amount required
her°e3i n.
_
~E;?C~. ].•f:7Yl.......::::'"... The General rGeneral IMIc:tYi<:•tge.?P. or h i s designee is
authorized and directed to file with the County of Orange
Auditor-Controller a copy of this Resolution together with
any such documentation the County Auditor-Controller may
r"eoc.?.:1. r"e to ac::'C-omnl i s:yh the 1:7t_lI'-noses of this Resolution.
rAd .)pt:.c?r::I and F1ppr°oved this, `;t:.h day o4: Ju :I.v, 1905 t:fv the
f r, 11. o w :i. r r:a 1 l..1. cl d t ? t': r:., .
F1Y1w~ Directors Paul R. Armstrong, Whit Cromwell, Howard W. Lindow,
William R. Mills, Jr., M. Roy Knauft, Jr.
ra[:Ii:= None
F i);,l=:P.LI u None
AI 'S-1-() 7: None
-
Board o4 I:)ir-ec:t.ors
YorbLa. Linda ("'Iountv District
rA..l.._ EST
.
:.C,RE Tr Ar'
Biozir-d Di rec_tr..;rs
` (:)r-1.)A I....i. nci~-:A C cn.tnty W<ate~r- D i str:i c:t:.
• •
TABLE 1
YORBA LINDA COUNTY WATER DISTRICT
FISCAL YEAR 1985/86 DEBT SERVICE FORECAST
WATERWORKS - ELECTION 1959 - SERIES "A" AND "B" BONDS
I. FUNDING REQUIREMENTS
A. September 1
985:
1. Series
"A" Interest
$19,395
2. Series
"B" Principal
:10,000
3. Series
"B" Interest
$2,1BB
B. March 1986:
1. Series
"A" Principal
$65,000
2. Series
"A" Interest
$19,595
Series
"B" Interest
:2.000
DIRECT EXPENDITURES DURING 1985/86
C. Reserves for September 1986:
1. Series
"A" Interest
*17,802
2. Series
"B" Principal
$10,000
Series
"B" Interest
$2.000
RESERVES FINANCED DURING 1985186
TOTAL 1985/86
FUNDING OBLIGATION
II. INCOME AVAILABLE:
A. Reserves on hand as-of 6-00-85 $35,746
B. West area Ad Valorem Tax Levy P109t0!4
TOTAL 1985/86 INCOME REQUIREMENTS
$117.978
$29.802
$147,780
*147,780
Exweir "A"