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-