HomeMy WebLinkAbout1987-02-05 - Resolution No. 87-04r ~
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 87-04
RESOLUTION SELLING $11,915,000 PRINCIPAL
AMOUNT OF YORBA LINDA WATER DISTRICT
IMPROVEMENT DISTRICT NO. 2 1987 REFUNDING
BONDS
WHEREAS, the Board of Directors (the "Board") of Yorba
Linda Water District (the "District") by Resolution No. 87-
, adopted February 5, 1987 (the "Resolution") duly
authorized the issuance of $11,915,000 principal amount of
bonds designated as "Yorba Linda Water District Improvement
District No. 2 1987 Refunding Bonds (the "Bonds") of the Dis-
trict, for the benefit of Improvement District No. 2 of the
District (the "Improvement District"), all dated February 1,
1987; and
WHEREAS, the District has heretofore negotiated the sale
of the Bonds to Bank of America National Trust and Savings
Association and said purchaser has submitted to this Board a
purchase contract for the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors
of Yorba Linda Water District as follows:
1. The Bond Purchase Agreement of Bank of America
National Trust and Savings Association for the purchase of
$11,915,000 principal amount of the Bonds, in substantially
the form presented to this Board, is hereby approved and
accepted and the President of the Board or the General
Manager of the District are hereby authorized to execute the
Bond Purchase Agreement on behalf of the District. The
Auditor and Paying Agent of the District are hereby
authorized and directed to deliver the Bonds to said
purchaser upon payment to the Auditor of the purchase price
set forth in the Purchase Contract, together with accrued
interest, if any, at the following rates:
Interest Rate
Bonds Maturina Per Annum
1987
4.25%
1988
4.75
1989
5.00
1990
5.25
1991
5.50
1992
5.75
1993
6.00
1994
6.25
s► -
0 0
1995 6.50
1996 6.60
2004 7.05
The Bonds shall bear interest at said rates hereinabove
set forth, payable semiannually on November 1 and May 1 in
each year.
2. The Special Bond Counsel of the District is
directed to cause to be lithographed, printed or engraved a
sufficient number of Bonds of suitable quality, and to cause
the blank spaces therein to be filled in to comply with the
provisions of the Resolution, and to procure their execution
by the proper officers, and to deliver them when so executed
to the paying agent of the District. The Paying Agent of the
District shall deliver said Bonds to the purchaser thereof
upon the receipt of the purchase price.
3. The President of the Board and the Secretary,
Auditor and General Manager of the District are further
authorized and directed to make, execute and deliver to the
purchaser of the Bonds (a) a certificate in the form
customarily required by purchasers of bonds of public
corporations generally, certifying to the genuineness and due
execution of the Bonds and further certifying to all facts
within their knowledge relative to any litigation which may
or might affect the District, the Improvement District, said
officers or the Bonds, (b) the customarily required
certificate regarding the District's compliance and
expectations with regard to the Section 148 of the Internal
Revenue Code of 1986, (c) a certificate certifying to all
facts within their knowledge contained in the official
statement of the District prepared in connection with the
resale of the Bonds, and (d) a receipt in the form
customarily required by purchasers of bonds of public corpo-
rations, evidencing the payment of the purchase price of the
Bonds, which receipt shall be conclusive evidence that said
purchase price has been paid and has been received by the
District. Any purchaser or subsequent owner of the Bonds is
hereby authorized to rely upon and shall be justified in
relying upon any such certificate or receipt with respect to
the Bonds executed pursuant to the authority of the Reso-
lution. Such officers and any other officers of the District
or of the Board are hereby authorized to execute any and all
other documents required to consummate the sale and delivery
of the Bonds.
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PASSED AND ADOPTED this 5th day of February, 1987, by
the following vote:
AYES: Directors Paul Armstrongg Sterlin Fox M.Roy Knauft, Jr.
• William R. Mip s, Jr., it ~romwelll
NOES : None
ABSENT: None
ABSTAIN: None
President of the Board of Directors
of Yorba Linda Water District
[SEAL]
ATTEST:,!
Secofetary bf Yor a Linda
Water District
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SECRETARY'S CERTIFICATE
I, Ralph Shook, Secretary of Yorba Li
hereby certify that the foregoing is a fu
copy of a resolution duly adopted at an
meeting of the Board of Directors of said
regularly held at the regular meeting
February 5, 1987, of which meeting all of
Board had due notice and at which a ma
present; and that at said meeting said res
by the following vote:
nda Water District,
11 true and correct
adjourned regular
District duly and
place thereof on
the members of said
jority thereof was
olution was adopted
AYES: Directors Armstrong, Fox, Knauft, Mills, Cromwell
NOES: None
ABSTAIN: None
ABSENT: None
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 original resolution adopted at said meeting; and that
the foregoing has not been amended, modified or 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 February 5,
1987.
Secre ary of Yorba Linda
Water District
[SEAL]
4/146/09412-0092/19
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