HomeMy WebLinkAbout1990-06-28 - Resolution No. 90-210 0
RESOLUTION NO. 90-21
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1990-91 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 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 1. The Fiscal Year 1990-91 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
$746,725 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.
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Sec#ion 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 voted:
Ayes: Arthur C. Korn, M. Roy Knauft, Jr., Sterling Fox, Whit Cromwell,
Noes: O and Paul Armstrong
Absent: 0
Abstain: 0
President
Yorba Linda Water District
ATTEST:
Secretary
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Yorba Linda Water District
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 90-~
IMPROVEMENT DISTRICT NO. 1
FISCAL YEAR 1990-91 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A.
September, 1990:
• Series "A" Principal
$80,000
• Series "A" Interest
58,778
B.
November 1990:
• Series "B" Interest
173,579
C.
March, 1991:
• Series "A" Interest
55,778
D.
May, 1991:
• Series "B" Principal
230,000
• Series "B" Interest
173.579
DIRECT EXPENDITURES DURING 1990-91 771,714
II. RESERVE ACCUMULATION:
A. Reserves for September, 1991
• Series "A" Principal 85,000
• Series "A" Interest 55,778
B. Reserves for November, 1991:
• Series "B" Interest 166.219
RESERVES FINANCED DURING 1990-91 306.997
TOTAL 1990-91 FUNDING REQUIREMENT $1.078.711
III. REVENUE REQUIREMENT:
A. Reserves on hand as of June 30, 1990 $306,997
B. Interest Earnings on Debt Service Reserve 24,989
C. I.D. No. 1 Ad Valorem Tax Levy 746.725,
TOTAL 1990-91 REVENUE REQUIREMENT $1,078,711