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RESOLUTION NO. 86-03
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1986/87 DEBT SERVICE REQUIREMENTS FOR
WATERWORKS - ELECTION 1959 SERIES "A" AND "B" BONDS
WHEREAS, on September 29, 1959 the Yorba Linda Water
District obtained voter authorization for the issuance of
$1,900,000 in general obligation bonds for the acquisition,
construction and financing of a waterworks system to serve
the Yorba Linda Water District hereinafter referred to as
YLWD 1959 Bonds; and,
WHEREAS, on February 3, 1960 the Yorba Linda Water District
issued and sold Series "A" YLWD 1959 Bonds in the face
amount of $1,670,000; and,
WHEREAS, on November 14, 1962 the Yorba Linda Water District
issued and sold Series "B" YLWD 1959 Bonds in the face
amount of $230,000; and,
WHEREAS, the Yorba Linda Water District is obligated to make
principal and interest payments on such bonds from revenue
sources available to the District; and,
WHEREAS, the District elects to have the principal and
interest payments collected on the tax roll in the same
manner, by the same persons, and at the same time as, and
together with and not separately from, county taxes; and,
WHEREAS, the debt service requirements for fiscal year
1986/87 have been presented to and reviewed by the Board of
Directors of the District,
NOW THEREFORE BE IT RESOLVED by the Board of Directors of
the Yorba Linda Water District as follows:
Section 1 The Fiscal Year 1986/87 Bond Interest and
Redemption requirement for YLWD 1959 Series "A" and "B"
bonds, as shown on Exhibit "A" attached hereto and by this
reference incorporated herein, is approved and adopted.
Section 2 District elects to have the County of Orange
Auditor-Controller collect $114,530 on the tax roll in the
same manner, by the same persons, and at the same time as,
and together with and not separately from, County taxes for
the purposes of retiring voter approved debt.
Section 3 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 to accomplish the purposes of this resolution.
Adopted and Approved this 26t4ay of June , 1986 by the
following called vote:
AYES: Directors Sterling Fox, M. Roy Knauft, Jr., Whit Cromwell
NOES: None
ABSENT. Directors Paul Armstrong, William R. Mills, Jr.
ABSTAIN: None
President
Board of Directors
Yorba Linda Water District
ATTEST:
SBoecardfretoar `
YDirectors
Yorba Linda Water District
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 86 - 03
FISCAL YEAR 1986/87 DEBT SERVICE FORECAST
WATERWORKS - ELECTION 1959 - SERIES "A" AND "B" BONDS
I. FUNDING REQUIREMENTS
A. September 1986:
1.
Series "A"
Interest
$17,803
2.
Series "B"
Principal
$10,000
3.
Series "B"
Interest
$2,000
B. March 1987:
1.
Series "A"
Principal
$70,000
2.
Series "A"
Interest
$17,803
3.
Series "B"
Interest
$1.800
DIRECT
EXPENDITURES DURING 1986/87
C. Reserves for September 1987:
1. Series "A" Interest $16,088
2. Series "B" Principal $10,000
3. Series "B" Interest $1.800
RESERVES FINANCED DURING 1986/87
TOTAL 1986/87 FUNDING OBLIGATION
II. INCOME AVAILABLE:
A. Reserves on hand as-of 6-30-86 $32,760
B. West area Ad Valorem Tax Levy $114.530
TOTAL 1986/87 INCOME REQUIREMENTS
.2a.7 - fi 8$
$147,294
$147,290