HomeMy WebLinkAbout1990-02-08 - Resolution No. 90-07I YORBA LINDA WATER DISTRICT RESOLUTION NO. 90-07 RESOLUTION DETERMINING THAT THE ISSUANCE OF NOT-TO-EXCEED $6,000,000 PRINCIPAL AMOUNT OF YORBA LINDA WATER DISTRICT, IMPROVEMENT DISTRICT NO. 2 1979 WATER BONDS, SERIES C IS NOT SUBJECT TO PRIOR INVESTIGATION, REPORT AND APPROVAL PURSUANT TO THE DISTRICTS SECURITIES INVESTIGATION LAW OF 1965 WHEREAS, the Board of Directors (the "Board") of Yorba Linda County Water District (the "District") on April 5, 1979, duly adopted is Resolution No. 79-13, as amended by its Resolution No. 64-05 and as may be further supplemented or amended from time to time, (the "Master Resolution") authorizing the issuance of Yorba Linda County Water District Improvement District No. 2 1979 Water Bonds (the "Bonds") of the District, for the benefit of Improvement District No. 2 (the "Improvement District") of the District, in the maximum principal amount of $41,660,000; and WHEREAS, the Master Resolution provides that the Board may by supplemental resolution establish one or more series of Bonds in such principal amount as the Board shall determine; and WHEREAS, the Board on April 5, 1979 duly adopted its Resolution No. 79-14 (the "First Supplemental Resolution") authorizing the issuance of $1,005,000 principal amount of Improvement District No. 2 1979 Water Bonds, Series A; and WHEREAS, the Board on April 19, 1984 duly adopted its Resolution No. 84-06 (the "Second Supplemental Resolution") authorizing the issuance of not-to-exceed $10,000,000 principal amount of Improvement District No. 2, 1979 Water Bonds, Series B; and _ WHEREAS, in February of 1987, the District issued $11,915,000 principal amount of its Improvement District No. 2, 1987 Refunding Bonds to refund its Improvement District No. 2 1979 Water Bonds, Series B; and WHEREAS, the Board intends to adopt a Third Supplemental Resolution to provide for the issuance and sale of not-to-exceed $6,000,000 principal amount of Series C Bonds; and WHEREAS, the Board wishes to determine that the issuance of the Series C Bonds is not subject to prior investigation, report and approval by the Districts Securities Division of the Office of the State Treasurer under the District Securities Investigation Law of 1965 (Government Code Section 58750 et seq.);and WHEREAS, the Board has been presented a certificate signed by the Auditor of the District certifying the amount of the outstanding indebtedness of Improvement District No. 2, the principal amount of the proposed Series C Bonds and the assessed value of the real property within Improvement District No. 2 which certificate is attached hereto as Exhibit "A"; and WHEREAS, it appears from said certificate that issuance of the Series C Bonds is not subject to investigation, report and 02/08/90 8053n/2608/01 -2- approval as provided in Section 58753 and may be determined by resolution of this Board to be exempt as provided in Section 58756; NOW, THEREFORE, BE IT RESOLVED the Board of Directors of the Yorba Linda Water District as follows: SECTION 1. The Board hereby finds that the above recitals are true and correct. SECTION 2. The Board hereby determines, pursuant to Government Code Section 58756, that the issuance of the Series C Bonds is not subject to prior investigation, report and approval by the Districts Securities Division of the Office of the State Treasurer pursuant to the Districts Securities Investigation Law of 1965 because the amount of Improvement' District No. 2's share of the outstanding indebtedness of the District, plus the outstanding balance of the Improvement District 1979 Water Bonds, Series A Bonds and 1987 Refunding Bonds, plus the amount of the proposed Series C Bonds does not exceed 200 percent of the assessed value of the land and improvements within Improvement District No. 2, as shown on the last equalized assessment roll for Orange County, California. SECTION 3. The Board hereby authorizes and directs its Secretary to file a certified copy of this resolution, together with the Auditor's Certificate attached as Exhibit "A", with the Districts Securities Division of the Office of the State Treasurer, in the manner prescribed by Government Code Section 58756 and 10 Administrative Code Section 1910, and to request 02/08/90 8053n/2608/01 -3- that, in accordance with said law, written notice be given to the District that the proposed Series C Bonds are of subject to prior investigation, report and approval. PASSED AND ADOPTED on February 8, 1990 by the following vote: AYES : '14 0..11jtA1.t, ) NOTES: 0 ABSTAIN: 1) ABSENT: `1L~ (SEAL) President of the Bod of Directors of Yorba Linda Wat-dr District ATTEST: Secretary of Yorba Linda ater District 02/08/90 8053n/2608/01 -4- • SECRETARY'S CERTIFICATE I, WILLIAM WORKMAN, Secretary of the Yorba Linda Water District, hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted at a regular meeting of the Board of Directors duly and regularly held on February 8, 1990, of which meeting all of the members of said Board had due notice and at which a majority thereof was present; and at said meeting said resolution was adopted by the following called vote: Ayes: <A Noes: C5 2~,.Q , C~asrr~3~s~cmC~ Absent: Abstain: 0 I further certify that I have carefully compared the same with the original resolution on file and of record in my office, that the foregoing is a full, true and correct copy of said original resolution; and that the foregoing has not been amended, modified or rescinded since the date of its adoption, and is now in full force and effect. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said District on February 8, 1990. 02/08/90 8053n/2608/01 r Secretary of the Yor a Li Water District -5- AUDITOR'S CERTIFICATE Auditor of the Yorba Linda Water District, hereby certify with respect to the Yorba Linda Water District, Improvement District No. 2 1979 Water Bonds, Series C (the "ID No. 2 Series C Bonds") as follows: 1. The District has heretofore issued $1,005,000 principal amount of its bonds designated Yorba Linda County Water District Improvement District No. 2 1979 Water Bonds and $10,000,000 principal amount of its bonds designated Yorba Linda County Water District Improvement District No. 2 1979 Water Bonds, Series B, which were refunded by the 1987 Refunding Bonds, which are entirely obligations of Improvement District No. 2 of the District. The principal amount of such bonds outstanding on the date of this certificate is $U-Z X - 2. The District proposes to issue its ID No. 2 Series C Bonds in the aggregate principal amount of not-to-exceed $6,000,000 tentatively dated March 1, 1990. The ID No. 2 Series C Bonds are entirely obligations of Improvement District No. 2 of the District. 3. Except for the obligations referred to above, Improvement District No. 2 has no share of any other outstanding indebtedness of the District. 4. The assessed valuation of the real property within Improvement District No. 2 as shown on the secured assessment roll for the 1989-90 fiscal year is $~~.QQD (full cash value). Dated: February 8, 1990 02/08/90 8053n/2608/01 Auditor, Yorba Linda Water District -6-