HomeMy WebLinkAbout1989-06-22 - Resolution No. 89-210 0
RESOLUTION NO. 89-21
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1989-90 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 1989-90 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 1989-90 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
$110,510 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 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 22nd day of June, 1989 by the following called vote:
Ayes: Sterling Fox, Whit Cromwell, Roy Knauft, Arthur Korn
Noes: o
Absent: Paul Armstrong
Abstain:
_7
President
Yorba Linda Water District
ATTEST:
Secretary
Yorba Linda Water District
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 89-21
1959 WATERWORKS BONDS
Fiscal Yepr 1989-QQ_DEBT $ERVICE FORECAST
1. DIRECT EXPENDITURES:
A. September, 1989:
• Series "A" Interest $12,535
• Series "B" Principal 10,000
• Series "B" Interest 1,400
B. March, 1990:
• Series "A" Principal $75,000
• Series "A" Interest 12,535
• Series "B" Interest 1.1244
DIRECT EXPENDITURES DURING 1989-90 $112,670
II. RESERVE ACCUMULATION:
Reserves for September, 1990
• Series "A" Interest $10,575
• Series "B" Principal 10,000
• Series "B" Interest 1.200
RESERVES FINANCED DURING 1989-90 $21,775
TOTAL 1989-90 FUNDING REQUIREMENT $134.445
III. REVENUE REQUIREMENT:
A. Reserves on hand as of June 30, 1989 $23,935
B. West area Ad Valorem Tax Levy 110,510
TOTAL 1989-90 REVENUE REQUIREMENT $134.445