HomeMy WebLinkAbout1986-06-26 - Resolution No. 86-04RESOLUTION NO. 86- 04
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1986/87 DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO. i SERIES "A" AND "B" BONDS
WHEREAS, in June, 1978 the Yorba Linda Water District
obtained voter authorization for the establishment of Yorba
Linda Water District Improvement District No. 1 (YLWD I.D.
No. 1) and for the issuance of $27,320,000 in general
obligation bonds to pay for water production, storage and
transmission facilities to serve YLWD I.D. No. 1; and,
WHEREAS, on August 24, 1978 the Yorba Linda Water District
issued and sold Series "A" YLWD I.D. No. 1 Water Bonds in
the face amount of $2,345,000; and,
WHEREAS, on April 26, 1979 the Yorba Linda Water District
issued and sold Series "B" YLWD I.D. No. 1 Water Bonds in
the face amount of $6,615,000; 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 I.D. 1 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 District elects to have the County of Orange
Auditor-Controller collect $675,761 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 in order to accomplish the purposes of this
Resolution.
Adopted and Approved this 26th day of June 9 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 :
Secretary
Board of Directors
Yorba Linda Water District
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 86 - 04
FISCAL YEAR 1986/87 DEBT SERVICE FORECAST
IMPROVEMENT DISTRICT NO. 1 - SERIES "A" AND "B" BONDS
I. FUNDING REQUIREMENTS:
A. September 1986:
1. Series "A" Principal $60,000
2. Series "A" Interest $69,578
B. November 1986:
1. Series "B" Interest $204,379
C. March 1987:
1. Series
D. May 1987:
1. Series
2. Series
DIRECT EXPENDI'
"A" Interest $67,178
"B" Principal $170,000
"B" Interest $204.378
TURES DURING 1986/87 :£775.51=
E. Reserves for September 1987:
1. Series "A" Principal $65,000
2. Series "A" Interest $67,178
F. Reserves for November 1987:
1. Series "B" Interest $197.579
RESERVES FINANCED DURING 1985/86 329.757
TOTAL 1985/86 FUNDING OBLIGATION $1,105,270
II. INCOME AVAILABLE:
A. Reserves on hand as-of 6-30-86 $429,510
B. I.D. #1 Ad Valorem Tax Levy $675.760
TOTAL 1985/86 INCOME REQUIREMENTS $1,105,270