HomeMy WebLinkAbout1986-06-26 - Resolution No. 86-050 0
RESOLUTION NO. 86- 05
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1986/87 DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO. 2 SERIES "A" AND "B" BONDS
AND SET PRECISE TAX RATE
WHEREAS, on June 13, 1978 the Yorba Linda Water District
obtained voter authorization for the establishment of Yorba
Linda Water District Improvement District No. 2 (YLWD 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 YLWD I.D. No. 2; and,
WHEREAS, on April 26, 1979 the Yorba Linda Water District
issued and sold Series "A" YLWD I.D. No. 2 Water Bonds in
the face amount of $1,005,000; and,
WHEREAS, on May 1, 1984 the Yorba Linda Water District
issued and sold Series "B" YLWD I.D. No. 2 Water Bonds in
the face amount of $10,000,000; 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 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. 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 $1,338,020.00.
Section 3 Pursuant to Water Code Section 31701.3
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 YLWD 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 26th day 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
-Pfres ident
Board of Directors
Yorba Linda Water District
ATTEST:
saaretarl/
Board of Directors
Yorba Linda Water District
EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 86 -05
FISCAL YEAR 1986/87 DEBT SERVICE FORECAST
IMPROVEMENT DISTRICT NO. 2 SERIES "A" AND "B" BONDS
1. FUNDING REQUIREME
A. November 1986:
1. Series "A"
2. Series "B"
B. May 1987:
1. Series "A"
2. Series "A"
3. Series "B"
4. Series "B"
NTS:
Interest
Interest
Principal
Interest
Principal
Interest
DIRECT EXPENDITURES DURING 1986/87
C. Reserves for November 1987:
1. Series "A" Interest
2. Series "B" Interest
RESERVES FINANCED DURING 1986/87
TOTAL 1986/87 FUNDING OBLIGATION
$32,264
$486,094
$25,000
$32,264
$215,000
$486.094
$31,264
$487.031
II. INCOME AVAILABLE
A. Reserves on hand as-of 6-30-86 $456,991
B. I.D. #2 Ad Valorem Tax Levy
and Stand-by charge $1.338.020
TOTAL 1986/87 INCOME REQUIREMENTS
$518.295
$1,795,011
x1,795,011