HomeMy WebLinkAbout1987-06-11 - Resolution No. 87-17•
RESOLUTION NO. 87- 17
•
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1987-88 DEBT SERVICE REQUIREMENT F(1)R
IMPROVEMENT DISTRICT NO. 1 SERIES "A" AND "B" BONDS
WHEREAS, In June of 1978 the Yorba Linda Water District obtained voter
authorization for the establishment of Yorba Linda Water District
Improvement District No, 1 (YLWD I.D.-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. -1; and,
WHEREAS, on August 24, 1978 the Yorba Linda Water District issued and
sold Series "A" YLWD I.D.-1 Water Bonds in the face amount of $2,234,000;
and,
WHEREAS, on April 26, 1979 the Yorba Linda Water District issued and sold
Series "B" YLWD I.D,-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 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 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 The District elects to have the County of Orange
Auditor-Controller collect $602,395 on the tax roll in the same
0 0
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 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 in order to accomplish the
purposes of this Resolution.
Passed and adopted this -11day of June, 1987 by the following called vote:
Ayes: Directors Sterling Fox, M.Roy Knauft,Jr., William R. Mill,Jr., Whit Cromwell
Noes: None
Absent: Paul R. Armstrong
Abstain: None
J
President
ATTEST:
D
ecre
eary
y
0 0
EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 87-17
IMPROVEMENT DISTRICT NO. 1
Fiscal Year 1987-88 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. September, 1987:
• Series "A" Principal $65,000
• Series "A" Interest 67,178
B. November 1987:
• Series "B" Interest $197,579
C. March, 1988:
• Series "A" Interest $64,578
D. May, 1988:
• Series "B" Principal $185,000
• Series "B" Interest 197.579
DIRECT EXPENDITURES DURING 1987-88 $776,914
11. RESERVE ACCUMULATION:
A. Reserves for September, 1988
• Series "A" Principal $70,000
• Series "A" Interest 64,578
B. Reserves for November, 1988:
• Series "B" Interest $190.179
RESERVES FINANCED DURING 1987-88 $324,757
TOTAL 1987-88 FUNDING REQUIREMENT $1.101.671
III. REVENUE REQUIREMENT:
A. Reserves on hand as of June 30, 1987 $499,279
B. I.D. No. 1 Ad Valorem Tax Levy 602.392
TOTAL 1987-88 REVENUE REQUIREMENT 11.101.671