HomeMy WebLinkAbout1985-08-08 - Resolution No. 85-27RESOLUTION NO. 85 - 2_
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RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA COUNTY WATER DISTRICT
ADOPTING FISCAL YEAR 1995/86 DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO. 2 SERIES "A" AND "B" BONDS
AND SET PRECISE TAX RATE
WHEREAS, on June 13, 197B the Yorba Linda County Water
District obtained voter authorization for the establishment
of Yorba Linda County Water District Improvement District
No. 2 (YLCWD I.D. No. 2) and for the issuance of $41,660,000
in General Obligation Bonds to pay for water Production,
Storage and Transmission facilities to serve YLCWD I.D.
No. 2; and,
WHEREAS, on April 26, 1979 the Yorba Linda County Water
District issued and sold Series "A" YLCWD I.D. No. 2 Water
Bonds in the face amount of $1,005,000; and,
WHEREAS, on May 1, 1984 the Yorba Linda County Water
District issued and sold Series "B" YLCWD I.D. No. 2 Water
Bonds in the face amount of $10,000,000; and,
WHEREAS, the Yorba Linda County Water District is obligated
to make principal and interest payments on such bonds from
revenue sources available to the District; and,
WHEREAS, on July 23, 1985, the Debt Service report was
presented to and reviewed by the Finance Committee of the
Board of Directors of District,
NOW THEREFORE BE IT RESOLVED by the Board of Directors of
the Yorba Linda County Water District as follows:
Section 1. The Fiscal Year 1985/86 Bond Interest and
Redemption requirement for YLCWD I.D. 2 Series "A" and "B"
bonds, as shown on Exhibit "A" attached hereto and by this
reference incorporated herein, is hereby approved and
adopted.
Section 2. Pursuant to authority of Water Code Section
31701, the Board of Directors hereby finds and determines
that revenues of the 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 "B" bonds is $1,363,076.00.
Section 3. Pursuant to Water Code Section 31702.1 the
Board of Directors hereby fixes Improvement District No. 2
ad valorem property tax rate at precisely $0.2000 per one
hundred dollars of Assessed Value. The County of Orange
Auditor-Controller shall enter the rate of levy fixed herein
on the assessment roll for YLCWD I.D. No. 2.
Section 4. The Board of Directors hereby certifies that
the tax rate specified in Section 3 herein is to make
interest and principal payments on General Obligation Bonds
approved by the voters before July 1, 1978 and that said
rate is levied in accordance with Section 31702.4 of the
Water Code, and Section 93(a) and Section 97.65 of the
Revenue and Taxation Code.
Section 5. The General Manager or his 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
require in order to accomplish the purposes of this
Resolution.
Adopted and Approved this 8th day of August, 1985 by the
following called vote:
AYES: Directors Paul R. Armstrong, Howard W. Lindow,
Whit Cromwell, William R. Mills, Jr., M. Roy Knauft, Jr.
NOES: None
ABSENT: None
ABSTAIN: None
PRESIDEN(~ C/
Board of Directors
Yorba Linda County Water District
ATTEST:
SECRETARY '
Board of Directors
Yorba Linda County Water District
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TABLE 3
YORBA LINDA COUNTY WATER DISTRICT
FISCAL YEAR 1985/86 DEBT SERVICE FORECAST
IMPROVEMENT DISTRICT NO. 2 SERIES "A" AND "B" BONDS
I. FUNDING REQUIREMENTSi
A. November 19851
1.
Series
"A"
Interest
$33,064
2.
Series
"B"
Interest
$493,269
B. May
19861
1.
Series
"A"
Principal
$209000
2.
Series
"A"
Interest
$339064
3.
Series
"B"
Principal
$205,000
4.
Series
"B"
Interest
$493.2¢9
DIRECT EXPENDITURES DURING
1985/86
C. Reserves for November 1986:
1. Series "A" Interest $329263
2. Series "B" Interest $486,094
RESERVES FINANCED DURING 1985/86
TOTAL 1985/86 FUNDING OBLIGATION
II. INCOME AVAILABLE
A. Reserves on hand as-of 6-30-85
B. I.D. N2 Ad Valorem Tax Levy
TOTAL 1985/86 INCOME REQUIREMENTS
ExwISIT
$432,947
$ 363.076
$1.277,666
$518.357
$1,796,023
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$1,796,023
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