HomeMy WebLinkAbout1990-06-28 - Resolution No. 90-200
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RESOLUTION NO. 90-20
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1990-91 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 1990-91 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 I. The Fiscal Year 1990-91 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
$111,608 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 28th day of June, 1990 by the following called vote:
Ayes: Arthur C. Korn, M. Roy Knauft, Jr., Sterling Fox, Whit Cromwell,
Noes: 0 and Paul Armstrong
Absent: 0
Abstain: 0
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President
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Yorba Linda Wate
r District
ATTEST-
Secretary
Yorba Linda Water District
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 90-20
1959 WATERWORKS BONDS
FISCAL YEAR 1990-91 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. September, 1990:
• Series "A" Interest
$10,575
• Series "B" Principal
10,000
• Series "B" Interest
1,200
B. March, 1991:
• Series "A" Principal
80,000
• Series "A" Interest
10,575
• Series "B" Interest
1.000,
DIRECT EXPENDITURES DURING 1990-91 113,350
II. RESERVE ACCUMULATION:
Reserves for September, 1991
• Series "A" Interest 8,615
• Series "B" Principal 10,000
• Series "B" Interest 1.000
RESERVES FINANCED DURING 1990-91 19.615,
TOTAL 1990-91 FUNDING REQUIREMENT $132.965,
III. REVENUE REQUIREMENT:
A. Reserves on hand as of June 30, 1990 $19,615
B. Interest earnings on Debt Service Reserve 1,742
C. West area Ad Valorem Tax Levy 111.608.
TOTAL 1990-91 REVENUE REQUIREMENT $132.965