HomeMy WebLinkAbout1989-06-22 - Resolution No. 89-22• •
RESOLUTION NO. 89-22
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1988-89 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 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:
Sectign 1. The Fiscal Year 1989-90 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
$768,314 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 voted:
Ayes: Sterling Fox, Whit Cromwell, Roy Knauft, Arthur Korn
Noes: o
Absent: Paul Armstrong
Abstain:
President
Yorba Linda Water District
ATTEST:
W r' I
Secretary
Yorba Linda Water District
i •
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 89-22
IMPROVEMENT DISTRICT NO. 1
kcal Year 1989-90 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. September, 1989:
• Series "A" Principal $75,000
• Series "A" Interest 61,778
B. November 1989:
• Series "B" Interest $182,179
C. March, 1990:
• Series "A" Interest $58,778
D. May, 1990:
• Series "B" Principal $215,000
• Series "B" Interest 182.179
DIRECT EXPENDITURES DURING 1989-90 $774,914
II. RESERVE ACCUMULATION:
A. Reserves for September, 1990
• Series "A" Principal $80,000
• Series "A" Interest 58,778
B. Reserves for November, 1990:
• Series "B" Interest $173.579
RESERVES FINANCED DURING 1989-90 $312.357
TOTAL 1988-89 FUNDING REQUIREMENT $1.087.271
III. REVENUE REQUIREMENT:
A. Reserves on hand as of June 30, 1989 $318,957
B. I.D. No. 1 Ad Valorem Tax Levy 768.314
TOTAL 1988-89 REVENUE REQUIREMENT $1.087.271