HomeMy WebLinkAbout1991-06-27 - Resolution No. 91-19so
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RESOLUTION NO. 91-19
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1991-92 DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO. I 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.-l; 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 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
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 $746,007
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 voted:
Ayes: 5 - M. Roy Knauft, Jr., Arthur Korn, Paul Armstrong, Sterling Fox
Noes: 0 and Carl Scanlin
Absent: 0
Abstain: 0
President
Yorba Linda Water District
ATTEST:
S c etary
Yorba Linda Water District
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 91-19
IMPROVEMENT DISTRICT NO. 1
FISCAL YEAR 1991-92 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A.
September, 1991:
• Series "A" Principal
• Series "A" Interest
B.
November 1991:
• Series "B" Interest
C.
March, 1992:
• Series "A" Interest
D.
May, 1992:
• Series "B" Principal
• Series "B" Interest
E.
Paying Agent Processing Fees
DIRECT EXPENDITURES DURING 1991-92
II. RESERVE ACCUMULATION:
A. Reserves for September, 1992:
• Series "A" Principal
• Series "A" Interest
B . Reserves for November, 1992:
• 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. I.D. No. 1 Ad Valorem Tax Levy
TOTAL 1991-92 REVENUE REQUIREMENT
$85,000
58,778
166,219
53,143
245,000
166,219
2,380
773,739
90,000
53,143
158,379
301,522
$1.075.261
$306,997
22,257
746,007
$1.075.261