HomeMy WebLinkAbout1988-06-23 - Resolution No. 88-229 0
RESOLUTION NO. 88-22
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING FISCAL YEAR 1988-89 DEBT SERVICE REQUIREMENTS
FOR WATERWORKS - ELECTION 1959 SERIES 'A' AND 'B' BONDS
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 1988-89 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 1988-89 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 2 The District elects to have the County of Orange Auditor-Controller collect
$115,104 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.
Sectim 3. The Board of Directors hereby certifies that the tax rate specified in Section 2
herein is to make the annual payments for the interest and principle on the aforementioned
general obligation bonds approved by the voters prior to 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.
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Section 4. 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 23rd day of June, 1988 by the following called vote:
Ayes: 4 Paul Armstrong, Whit Cromwell, Sterling Fox, Arthur C. Korn
Noes: 0
Absent: 1 Roy Knauft
Abstain: 0
L' L",
President
Yorba Linda Water District
ATTEST:
U
Secretary
/
Yorba Linda Water District f
EXHIBIT W TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 88-22
1959 WATERWORKS BONDS
Fiscal Year 19868-89 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. September, 1988:
• Series "A" Interest $14,373
• Series "B" Principal 10,000
• Series "B" Interest 1,600
B. March, 1989:
• Series "A" Principal $75,000
• Series "A" Interest 14,373
• Series "B" Interest 1.400
DIRECT EXPENDITURES DURING 1988-89 $116,746
II. RESERVE ACCUMULATION:
Reserves for September, 1989
• Series "A" Interest $12,535
• Series "B" Principal 10,000
• Series "B" Interest 1.400
RESERVES FINANCED DURING 1988-89 $23,935
TOTAL 1988-89 FUNDING REQUIREMENT $140.681
III. REVENUE REQUIREMENT:
A. Reserves on hand as of June 30, 1988 $25,577
B. West area Ad Valorem Tax Levy 115,104
TOTAL 1988-89 REVENUE REQUIREMENT $40.681_