HomeMy WebLinkAbout1987-01-22 - Resolution No. 87-02r .
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 87-02
RESOLUTION DETERMINING THAT THE ISSUANCE OF
NOT-TO-EXCEED $13,000,000 PRINCIPAL AMOUNT OF
YORBA LINDA WATER DISTRICT, IMPROVEMENT DISTRICT NO. 2
1987 REFUNDING BONDS IS NOT SUBJECT TO
PRIOR INVESTIGATION, REPORT AND APPROVAL
PURSUANT TO THE DISTRICTS SECURITIES INVESTIGATION
LAW OF 1965
WHEREAS, the Board of Directors (the "Board") of the YORBA
LINDA WATER DISTRICT (the "District") proposes to authorize the
sale and issuance of not-to-exceed $13,000,000 principal amount of
its Improvement District No. 2 1987 Refunding Bonds (the "Bonds")
for the purpose of refunding Improvement District No. 2 1979 Water
Bonds, Series B in the outstanding principal amount of $9,795,000;
and
WHEREAS, the Board wishes to determine that the issuance of
the Bonds is not subject to prior investigation, report and
approval by the Districts Securities Division of the Office of the
State Treasurer under the District Securities Investigation Law of
1965 (Government Code Section 58750 et seq.); and
WHEREAS, the Board has been presented a certificate signed by
the Auditor of the District certifying the amount of the outstand-
ing indebtedness of Improvement District No. 2, the principal
amount of the Bonds and the assessed value of the real property
within Improvement District No. 2, which certificate is attached
hereto as Exhibit "A"; and
WHEREAS, it appears from said certificate that issuance of
the Bonds is not subject to investigation, report and approval as
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provided in Section 58753 and may be determined by resolution of
this Board to be exempt as provided in Section 58756;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of
the Yorba Linda Water District as follows:
1. The Board hereby finds that the above recitals are true
and correct.
2. The Board hereby determines, pursuant to Government Code
Section 58756, that the issuance of the Bonds is not subject to
prior investigation, report and approval by the Districts Securi-
ties Division of the Office of the State Treasurer purusant to the
District Securities Investigation Law of 1965 because the amount
of Improvement District No. 2's share of the outstanding indebted-
ness of the District, plus the outstanding balance of the Improve-
ment District 1979 Water Bonds, Series A and B Bonds, plus the
amount of the proposed Bonds does not exceed 200% of the assessed
value of the land and improvements within Improvement District No.
2, as shown on the last equalized assessment roll for Orange
County, California.
3. The Board hereby authorizes and directs its legal coun-
sel, Rutan & Tucker, to file a certified copy of this resolution,
together with the Auditor's Certificate attached as Exhibit "A",
with the Districts Securities Division of the Office of the State
Treasurer, in the manner prescribed by Government Code Section
58756 and 10 Administrative Code Section 1910, and to request
that, in accordance with said law, written notice be given to the
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District that the proposed Bonds are not subject to prior investi-
gation, report and approval.
PASSED AND ADOPTED on January 22, 1987, by the following
vote:
AYES: Directors Paul Armstrong, M. Roy Knauft, Jr., William R. Mills, Jr.
Whit Cromwell
NOES: None
ABSTENTIONS: None
ABSENT: Sterling Fox
President of the Board of Directors
of the Yorba Linda Water District
ATTEST:
r'er orin
y o the ba Lda C.
Sec ta ter District
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SECRETARY'S CERTIFICATE
I, RALPH SHOOK, Secretary of the YORBA LINDA WATER DISTRICT,
hereby certify that the foregoing is a full, true and correct copy
of a resolution duly adopted at a regular meeting of the Board of
Directors of said District, duly and regularly held at the regular
meeting place thereof on January 22, 1987, of which meeting all of
the members of said Board had due notice and at which a majority
thereof was present, and that at said meeting said resolution was
adopted by the following vote:
AYES: Directors Paul Armstrong, M. Roy Knauft, Jr., William R. Mills, Jr.
Whit Cromwell
NOES: None
ABSTAIN: None
ABSENT: Sterling Fox
I further certify that I have carefully compared the same
with the original resolution on file and of record in my office;
that the foregoing is a full, true and correct copy of said origi-
nal resolution; and that the foregoing has not been amended, modi-
fied and rescinded since the date of its adoption, and is now in
full force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of said District on January 22, 1987.
l ecret ry of "Yorba Llyda
Water District _
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AUDITOR'S CERTIFICATE
I, BETTY EMBLIDGE, Auditor of Yorba Linda County Water Dis-
trict (the "District") hereby certify with respect to the Yorba
Linda Water District, Improvement District No. 2 1987 Refunding
Bonds, the ("ID. No. 2 1987 Refunding Bonds") as follows:
1. The District has heretofore issued $1,005,000 principal
amount of its bonds designated Yorba Linda County Water District
Improvement District No. 2 1979 Water Bonds, Series A, which are
entirely obligations of Improvement District No. 2 of the Dis-
trict. The principal amount of such bonds outstanding on the date
of this Certificate is $910,000.
2. The District has also heretofore issued $10,000,000 prin-
cipal amount of its bonds designated Yorba Linda County Water Dis-
trict Improvement District No. 2 1979 Water Bonds, Series B, which
are entirely obligations of Improvement District No. 2 of the Dis-
trict. The principal amount of such bonds outstanding on the date
of this Certificate is $9,795,000.
3. The District proposes to issue its ID No. 2 1987 Refund-
ing Bonds in the aggregate principal amount of not-to-exceed
$13,000,000 tentatively dated February 1, 1987. The ID No. 2 1987
Refunding Bonds are entirely obligations of Improvement District
No. 2 of the District.
4. Except for the obligations referred to above, Improvement
District No. 2 has no share of any other outstanding indebtedness
of the District.
5. The assessed valuation of the real property within
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Improvement District No. 2 as shown on the secured assessment roll
for the 1986-1987 fiscal year is $93,712.202 (full cash value).
Dated: January 22, 1987.
Auditor, Yorba Linda Water
District
4/146/009412-0092/001
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