HomeMy WebLinkAbout1987-06-11 - Resolution No. 87-16RESOLUTION NO. 87-16
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
YEAR 1987-88 DEBT SERVICE REOUIREMENTS F~R
WATERWORKS - ELECTION 1959 SERIES "A" AND "B" _50MIDS
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, 1960 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 1987-88 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 1987-88 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? The District elects to have the County of Orange
Audi tor-Control Ier collect $120,597 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 I The General Manager of 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.
Passed and adopted thisllth day of June, 1987 by the following called
vote:
Ayes: Directors Sterling Fox, M.Roy Knauft,Jr., William R. Mills,Jr., Whit Cromwell
Noes: None
Absent: Paul R. Armstrong
Abstain: None
resident
ATTEST:
Secreta
• •
EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 87- 16
1959 WATERWORKS BONDS
Fiscal Year 1987-88 DEBT SOVICE FORECAST
DIRECT EXPENDITURES:
A. September, 1987;
• Series "A" Interest $16,088
• Series "B" Principal 10,000
• Series "B" Interest 1,800
B. March, 1988
• Series "A" Principal $70,000
• Series "A" Interest 16,088
• Series "B" Interest 1.600
DIRECT EXPENDITURES DURING 1987-88 $115,576
11. RESERVE ACCUMULATION:
Reserves for September, 1988
• Series "A" Interest
$14,373
• Series "B" Principal
10,000
• Series "B" Interest
1.600
RESERVES FINANCED DURING 1987-88
$25,973
TOTAL 1987-88 FUNDING REQUIREMENT $141.549
III. REVENUE REQUIREMENT:
A. Reserves on hand as of June 30, 1987 $21 ,152
B. West area Ad Valorem Tax Levy 120.397
TOTAL 1987-88 REVENUE REQUIREMENT $141.549