HomeMy WebLinkAbout1990-03-08 - Resolution No. 90-10• •
RESOLUTION NO. 90-U
RESOLUTION OF THE BOARD OF DIRECTORS OF YORBA
LINDA WATER DISTRICT AWARDING THE PRINCIPAL AMOUNT
OF $6,000,000 BONDS OF THE DISTRICT FOR
IMPROVEMENT DISTRICT NO. 2 1979 WATER BONDS,
SERIES C TO THE BEST BIDDER
WHEREAS, at the time and place fixed for the opening of bids
for the general obligation bonds of Yorba Linda Water District
designated "Bonds of YORBA LINDA WATER DISTRICT FOR IMPROVEMENT
DISTRICT NO. 2 1979 WATER BONDS, SERIES C", all bids were
publicly opened, examined and read, and a tabulation thereof has
been entered in the minutes; and
WHEREAS, the bid of the bidder hereinafter named is the best
bid made by a responsible bidder for said bonds;
NOW, THEREFORE, the Board of Directors of the Yorba Linda
Water District DOES HEREBY RESOLVE, DETERMINE AND ORDER as
follows:
SECTION 1. That the bid of SMITH BARNEY, HARRIS UPHAM &
CO. INCORPORATED offering par, plus a premium of $0.00, plus
accrued interest from the date of the bonds, March 1, 1990, to
the date of delivery for said bonds, bearing interest payable on
May 1, 1991 and semiannually thereafter and payable on May 1 in
the amounts for each of the several years and at the rates as
follows:
Year
Amount
Rate
Year
Amount
Rate
1992
$145,000
9.75%
2002
$310,000
7.00%
1993
155,000
9.75%
2003
335,000
7.00%
1994
170,000
9.75%
2004
365,000
7.00%
1995
180,000
9.75%
2005
395,000
7.10%
1996
195,000
9.75%
2006
425,000
7.05%
1997
215,000
6.75%
2007
460,000
7.00%
1998
230,000
6.75%
2008
495,000
7.00%
1999
250,000
6.80%
2009
535,000
7.00%
2000
270,000
6.90%
2010
580,000
7.00%
2001
290,000
9.00%
is the best bid for said bonds, yielding the lowest net
interest cost. Said bid is hereby accepted, and the bonds
awarded to said best bidder in accordance with the -terms of the
proposal.
SECTION 2. That the interest rates on said bonds are
hereby fixed at the rates stated in Section 1 hereof.
SECTION 3. That the Secretary of the District is hereby
directed to deliver said bonds to the successful bidder upon
payment therefor and accrued interest, if any, to date of
delivery.
SECTION 4. That all bids other than the one accepted in
Section 1 hereof are rejected, and the Secretary of the
District is directed to return the check accompanying said
rejected bids to the respective bidders.
ADOPTED, SIGNED AND APPROVED this 8th day of March, 1990.
ms's
ATTEST. l/
Secretary of the Board of
of Yorba Linda Water Dist
03/01/90
8549n/2608/01
President o the Board of Directors
of Yorba Linda Water District
irectors
ct
-2-
0 0
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 March 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: 5 Arthur Korn, M. Roy Knauft, Jr., Sterling Fox
Paul Armstrong, Whit Cromwell
Noes: 0
Absent:0
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 March 8, 1990.
Secretary of t e Yorb
Water District
03/01/90
8549n/2608/01 -3-