HomeMy WebLinkAbout1985-07-25 - Resolution No. 85-260 0
RESOLUTION NO. 85 - 2
RESOLUTION O THE BOARD OF DIRECTORS OF THE
O BA LINDA COUNTY WATE:.F, DISTRICT
ADOPTING F:I:SCF;l.... Y1:=.(-R 1985/86 DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO. I SERIES "A" AND "B" BONDS
WHEREAS, in June 1978, the Yorba Linda County Water District
obtained voter authorization for the establishment of Yorba
Linda County Water District Improvement District No. I
iYL...CWD I . D. No. 1) and for t.h'ie? issuance of $27,320,000 in
General Obligation Bonds to pray for water" Production,
Storage and Transmission facilities to serve `i`i._L..:WD 1 . t.1.
No. 1; and,
WHEREAS, can August 24, 198 the Yorba Linda County Water
District issued and sold Series "A" YL...CWD I.D. No. I Water
Bonds in the face amount $2,345,000; and,
WHEREAS, on April 26, 1979 the Yorba Linda County Water
District issued asn(::I sold Series "k:'" YL._C::WD I . 1:7. No. I Water
Bonds in the face amount of $6,615,000; and,
WHEREAS, t:.he? Yorba Linda County Water District is obligated
ym(?.I'lt.r:'s on such "i bonds from
to make make ~ principal ncii'~:al and interest .:7fa?.
revenue sources available t. o the District; and,
WHEREAS, on July 23, 1985, the Dehit. Service report was
presented to and reviewed by the Finance Committee of the
Board of Directors of District,
NOW TI'"ERE::F"("RE:: BE IT RE:f='st_il_.VED by the Board of Directors of
t"h.ie? Yorbaa Linda County Water District as follows
c:i(:ar.::'l. i. (:ari 1 . The
Fiscal Year 1985/86 Hone(
Interest
and
Redemption requirement
for YI....C:WIa I . I:). 1. Series
r-3 and
F_,
bonds, as shown on Exh
ibi.t:. "A" attached hereto
and by
this
reference incorporated
acionteci.
herein, is hereby
approved
and
Eec:ti of°i Pursuant to authority of Water Code Section
31701, the Board of Directors hereby finds and determines.
t:h<a.t revenues of the 7`.s:-t.ric-t are inadequate to pay the
interest and prinCl.I:)r.':l of Series "A" and "B" bonds.. Ih'ie
estimated minimum amount of money required to be raised by taxes for the payment of principal and interest o •f Series
"A" ..a "B" bonds is $682,357.00. Pursuant to Water Code
Section 317M2 the l'_foarci of Supervisors of the County of
Orange
shall levy l_!(:7("71'l the land subject L. (.7 the indebtedness
of Series <l_..i7 "T:f-" t the ~i CJ bonds an ad valorem .]r'CaCiE?r"t.'}
' tax
at as uniform rate sufficient to pay the :a.mcaurlt required
herein.
e : • . r . : : 'r:. c:7 r'i The General Manager or h i s designee is
authorized and directed to f i l e with the County of Orange
Auditor-Controller a copy of this Resolution together with
aanv such documentation t:.he, County Auditor-Controller may
• •
r- (equ i re :i n order t0 accomwl i sh the PLAT- uses Of this
F+'C: F: C) l. Ut.i. an.
Adopl.ed and Approved thi. s 25th day of JUl y, 1985 by the
f o 1. l a w :i. n:
AYES: Directors Paul R. Armstrong, Whit Cromwell, Howard W. Lindow,
William R. Mills, Jr., M. Roy Knauft, Jr.
N 0E..3 None
None
None
A
Yol.~.....
F'1=iE
C::'r:~~lr c:! of Directors:
Yorba L.:i rida County Wiat.er District
0 0
TABLE 2
YORBA LINDA COUNTY WATER DISTRICT
FISCAL YEAR 1985/86 DEBT SERVICE FORECAST
IMPROVEMENT DISTRICT NO. 1 - SERIES "A" AND "B" BONDS
I. FUNDING REQUIREMENTS:
A. September 1985:
1. Series "A" Principal $60,000
2. Series "A" Interest $71,978
B. November 1985:
1. Series "B" Interest $210,779
C. March 1986:
1. Series "A" Interest $69,578
D. May 1986:
1. Series "B" Principal $160,000
2. Series "B" Interest $210.7,79
DIRECT EXPENDITURES DURING 1985/86 $78=.114
E. Reserves for September 1986:
1. Series "A" Principal $60,000
2. Series "A" Interest $69,577
F. Reserves for November 1986:
1. Series "B" Interest $204.379
RESERVES FINANCED DURING 1985/86 $333.956
TOTAL 1985/86 FUNDING OBLIGATION $1,117,070
II. INCOME AVAILABLE:
A. Reserves on hand as-of 6-30-85 $434,713
B. I.D. #1 Ad Valorem Tax Levy $682.357
TOTAL 1985/86 INCOME REQUIREMENTS $1,117,070
EXW161T #*A„