HomeMy WebLinkAbout1988-06-23 - Resolution No. 88-230 6
RESOLUTION NO. 88-23
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 19188-89 DEBT SERVICE REQUIREMENT FOR
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 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
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
$770,914 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 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 voted:
Ayes: 4 Paul Armstrong, Whit Cromwell, Sterling Fox, Arthur C. Korn
Noes: 0
Absent: 1 Roy Knauft
Abstain: 0
Presiden
Yorba Linda Water District
ATTEST:
Secretary
Yorba Linda Water District
0 a
EXHIBIT'A7 TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 88-23
IMPROVEMENT DISTRICT NO. 1
Fiscal Year 1 -B9 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. September, 1988:
• Series "A" Principal $70,000
• Series "A" Interest 64,578
B. November 1988:
• Series "B" Interest $190,179
C. March, 1989:
• Series "A" Interest $61,778
D. May, 1989:
• Series "B" Principal $200,000
• Series "B" Interest 190.179
DIRECT EXPENDITURES DURING 1988-89 $776,714
II. RESERVE ACCUMULATION:
A. Reserves for September, 1989
• Series "A" Principal $75,000
• Series "A" Interest 61,778
B. Reserves for November, 1989:
• Series "B" Interest $182.179
RESERVES FINANCED DURING 1988-89 $318.957
TOTAL 1988-89 FUNDING REQUIREMENT $1.095.671
III. REVENUE REQUIREMENT:
A. Reserves on hand as of June 30, 1988 $324,757
B. I.D. No. 1 Ad Valorem Tax Levy 770.914
TOTAL 1988-89 REVENUE REQUIREMENT $1.095.671