HomeMy WebLinkAbout1991-06-27 - Resolution No. 91-20M
RESOLUTION NO. 91-20
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1991-92 DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO. 2 SERIES "A",
1987 REFUNDING AND SERIES "C" GENERAL OBLIGATION BONDS
AND SET PRECISE TAX RATE
WHEREAS, on June 13, 1978 the Yorba Linda Water District obtained voter authorization for
the establishment of Yorba Linda Water District Improvement District No. 2
(I.D.-2) and for the issuance of $41,660,000 in general obligation bonds to pay
for water production, storage and transmission facilities to serve I.D.-2; and,
WHEREAS, on April 26, 1979 the Yorba Linda Water District issued and sold Series "A"
I.D.-2 Water Bonds in the face amount of $1,005,000; and
WHEREAS, on May 1, 1984 the Yorba Linda Water District issued and sold Series "B" I.D.-2
Water Bonds in the face amount $10,000,000; and,
WHEREAS, on February 1, 1987 the Yorba Linda Water District issued and sold "1987
Refunding Bonds" to provide for the advance refunding of $9,795,000 principal
amount of outstanding 1979 Series "B" Bonds in the face amount of
$11,915,000; and,
WHEREAS, on March 8, 1990, the Yorba Linda Water District issued and sold Series "C"
I.D.-2 Water Bonds in the face amount of $6,000,000; 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 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.-2 Series "A", Refunding Bonds and Series "C" General Obligation Bonds, as
shown on Exhibit "A" attached hereto, and by this reference incorporated herein, is
hereby approved and adopted.
Section 2. Pursuant to the authority of Water Code Section 31701, the Board of Directors
hereby finds and determines that revenues of the District are inadequate to pay the
interest and principal of Series "A", Refunding Bonds and Series "C" General
Obligation Bonds. The estimated minimum amount of money required to be raised
by taxes for the payment of principal and interest of Series "A", Refunding Bonds
and Series "C" General Obligation Bonds is $1,752,676.
Section 3. Pursuant to Water Code Section 31701.3 the Board of Directors hereby fixes
Improvement District No. 2 ad valorem property tax rates at precisely $0.2000 per
one hundred dollars of assessed value. The County of Orange Auditor-Controller
shall enter the rate of levy fixed herein on the assessment roll for all tax rate areas in
YLWD I.D.-2.
so
M
Section 4. The Board of Directors hereby certifies that the tax rate specified in Section 3 herein is
to make interest and principal before July 1, 1978 and that said rate is levied in
accordance with Section 31702.4 of the Water Code, and Section 93 (a) and Section
97.65 of the Revenue and Taxation Code.
Section 5. 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 27th day of June, 1991 by the following called vote:
Ayes: 5 - M. Roy Knauft, Jr., Arthur Korn, Paul Armstrong, Sterling Fox
Noes: 0 and Carl Scanlin
Absent: 0
Abstain: n
G
President
Yorba Linda Water District
ATTEST:
Secretary
Yorba Linda Water District
N
so
EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 91-20
IMPROVEMENT DISTRICT NO.2
FISCAL YEAR 1991-92 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. November, 1991:
• Series "A" Interest
$26,464
• Refunding Bonds Interest
337,156
• Series "C" Interest
223,881
B . May, 1992
• Series "A" Principal
35,000
• Series "A" Interest
26,464
• Refunding Bonds Principal
505,000
• Refunding Bonds Interest
337,156
• Series "C" Principle
145,000
• Series "C" Interest
223,881
C. Engineers Report re: Stand-by Charges
6,000
D. Paying Agent Processing Fees
5.780
DIRECT EXPENDITURES DURING 1991-92
1,871,782
II. RESERVE ACCUMULATION:
A. Reserves for November, 1992:
• Series "A" Interest 25,283
• Refunding Bonds Interest 322,638
• Series "C" Interest 216,813
B . Arbitrage Rebate Reserve 97.118
RESERVES FINANCED DURING 1991-92 661,852
III. BOND DEBT SERVICE RESERVES:
A. Refunding Bonds 598,767
B. Series "C" Bonds 600.000
DEBT SERVICE RESERVES FINANCED DURING 1991-92 1,198,767
TOTAL 1990-91 FUNDING REQUIREMENT $3.732.401
IV. REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1991 $1,834,436
B. Interest Earnings on Debt Service Reserve 132,997
C. Lease Revenues 12,292
D. I.D. 2 Ad Valorem Tax Levy 1,711,178
E. Stand-by Charge Levy 41,498
TOTAL 1991-92 REVENUE REQUIREMENT $3.732.401