HomeMy WebLinkAbout1991-06-27 - Resolution No. 91-18RESOLUTION NO. 91-18
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1991-92 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 1991-92 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 1991-92 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.
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PASSED AND ADOPTED this 27th day of June, 1991 by the following called vote:
Ayes: 5 - M. Roy Knauft, Arthur Korn, Paul Armstrong, Sterling Fox and
Noes: 0 Carl Scanlin
Absent: 0
Abstain: 0
ATTEST:
Secretary
Yorba Linda Water District
President
Yorba Linda Water District
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 91-18
1959 WATERWORKS BONDS
FISCAL YEAR 1991-92 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. September, 1991:
• Series "A" Interest
• Series "B" Principal
• Series "B" Interest
B. March, 1992:
• Series "A" Principal
• Series "A" Interest
• Series "B" Interest
C. Paying Agent Processing Fee
DIRECT EXPENDITURES DURING 1991-92
11. RESERVE ACCUMULATION:
Reserves for September, 1992:
• Series "A" Interest
• Series "B" Principal
• Series "B" Interest
RESERVES FINANCED DURING 1991-92
TOTAL 1991-92 FUNDING REQUIREMENT
III. REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1991
B. Interest earnings on Debt Service Reserve
C. West area Ad Valorem Tax Levy
TOTAL 1991-92 REVENUE REQUIREMENT
$8,615
10,000
1,000
85,000
8,615
800
340
114,370
6,533
10,000
800
17.333
$131,703
$19,615
1,422
110.666
$131.703