HomeMy WebLinkAbout1987-06-11 - Resolution No. 87-18.I
RESOLUTION NO. 87- 18
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1987-88 DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO. 2 SERIES "A" AND
1987 REFUND I NG BONDS AND SET PREC I SE 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 (I.D.-2) and for the issuance of $41,660,000 in
general obligation bonds to pay for water production, storage and
transmission facilities to serve I.D.-2; and,
WHEREAS, on Apri126, 1979 the Yorba Linda Water District issued and sold
Series "A" I.D.-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" I.D.-2 Water Bonds in the face amount $ 10,000,000; and,
WHEREAS, on February 1, 1987 the Yorba Linda Water District issued and
sold "1987 Refunding Bonds" to provide for the advance refunding of
$9,795,000 principal amount of outstanding 1979 Series "B" Bonds in the
face amount of $11,915,000; 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 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.-2 Series "A" and Refunding Bonds, as
shown on Exhibit "A" attached hereto, and by this reference
incorporated herein, is hereby approved and adopted.
Sections Pursuant to the authority of Water Code Section 31701,
the Board of Directors hereby finds and determines that revenues of
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the District are inadequate to pay the interest and principal of
Series "A" and Refunding Bonds. The estimated minimum amount of
money required to be raised by taxes for the payment of principal
and interest of Series "A" and Refunding Bonds is $888,954.
Section 3. Pursuant to Water Code Section 31701.3 the Board of
Directors hereby fixes improvement District No. 2 ad valorem
property tax rates 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 all tax rate
areas in YLWD I.D.-2.
Section 4. The Board of Directors hereby certifies that the tax rate
specified in Section 3 herein is to make interest and principal
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.
Passed and adopted this day of June, 1987 by the following called vote:
Ayes: Directors Sterling Fox, M.Roy Knauft Jr., William R. Mill,Jr., Whit Cromwell
Noes: None
AbSgnt: Paul R. Armstrong
Abstain: None
2r / "'-C' i' 1
President
ATTEST:
Secri~tary
EXHIBIT "A" TO
YORBA L l PJUA 'CATER G 1 cDTR 1 c:T
RESOLUTION NO. 87-18
IMPROVEMENT DISTRICT NO. :Z
Liscal Year 1987-88 DEBT SF_RVIU FORECAST
1. DIRECT EXPENDITURES:
A. November, 1987:
• Series "A" Interest $31,264
• Refunding Bonds Interest 382,788
B. May, 1988
• Series "A" Principal $25,000
• Series "A" Interest 31,264
• Refunding Bonds Principal 410,000
• Refunding Bonds Interest 382,788
C, Engineers Report re: Stand-by Charges $7.500
DIRECT EXPENDITURES DURING 1987-88 $1,270,604
11, RESERVE ACCUMULATION
Reserves for November, 1988
• Series "A" Interest $30,264
• Refunding Bonds Interest 373.050
RESERVES FINANCED DURING 1987-88 $403,314
TOTAL 1987-88 FUNDING REQUIREMENT $1.673.918
III. REVENUE REQUIREMENT:
A. Reserves on hand as-of June 30, 1987 $784,964
B. I.D. 2 Ad Valorem Tax Levy 321,962
C. Stand-by charge Levy 566.992
TOTAL 1987-88 REVENUE REQUIREMENT $1.673.918