HomeMy WebLinkAbout1988-06-23 - Resolution No. 88-240 0
RESOLUTION NO. 88-24
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1988-89 DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO.2 SERIES OX AND
1987 REFUNDING BONDS AND SET PRECISE 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 April 26, 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 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.-2 Series "A" and Refunding Bonds, as shown on Exhibit "A" attached hereto, and by
this reference incorporated herein, is hereby approved and adopted.
Secfion 2. Pursuant to the authority of Water Code Section 31701, the Board of Directors
hereby finds and determines that revenues of 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 $1,270,604.
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.
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Section 4. The Board of Directors hereby certifies that the tax rate specified in Section 3
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.
Secfion 5. 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 6. 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
President J
Yorba Linda Water District
ATTEST:
/Y P/f
Secretary
Yorba Linda Water District
0 6
EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 88-24
IMPROVEMENT DISTRICT NO.2
FISCAL. YEAR 1988-89 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. November, 1988:
• Series "A" Interest
• Refunding Bonds Interest
B. May, 1989
• Series "A" Principal
• Series "A" Interest
• Refunding Bonds Principal
• Refunding Bonds Interest
C. Engineers Report re: Stand-by Charges
DIRECT EXPENDITURES DURING 1988-89
II. RESERVE ACCUMULATION
Reserves for November, 1989
• Series "A" Interest
• Refunding Bonds Interest
RESERVES FINANCED DURING 1988-89
TOTAL 1988-89 FUNDING REQUIREMENT
III. REVENUE REQUIREMENT:
A. Reserves on hand as-of June 30, 1988
B. I.D. 2 Ad Valorem Tax Levy
C. Stand-by charge Levy
TOTAL 1988-89 REVENUE REQUIREMENT
$30,264
373,050
$30,000
30,264
430,000
373,050
$7.500
$1,274,128
$29,064
362.300
$391,364
$1.665.492
$394,888
552,720
717,884
$1.665.492