HomeMy WebLinkAbout1992-06-11 - Resolution No. 92-130 0
RESOLUTION NO. 92-13
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1992-93 DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO. 1
SERIES "A" AND "B" GENERAL OBLIGATION 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 1992-93 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 1992-93 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
$761,336 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 11th day of June, 1992 by the following called vote:
Ayes: 5 - Paul Armstrong, Sterling Fox, M. Roy Knauft, Arthur Korn and
Noes: 0 Carl Scanlin
Absent: 0
Abstain: 0 /
President, Paul R. Armstrong
Yorba Linda Water District
ATTEST:
Secretary, Wit tnY R
Yorba Linda Water District
EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 92-13
IMPROVEMENT DISTRICT NO. 1
FISCAL YEAR 1992-93 DEBT SERVICE FORECAST
I. DIRECT EXPENDITURES:
A.
September, 1992:
• Series "A" Principal
$90,000
• Series "A" Interest
53,143
B.
November 1992:
• Series "B" Interest
158,379
C.
March, 1993:
• Series "A" Interest
50,330
D.
May, 1993:
• Series "B" Principal
260,000
• Series "B" Interest
158,379
E.
Paying Agent Processing Fees
2,380
F.
Refund of Lease Revenues
2.049
DIRECT EXPENDITURES DURING 1992-93 $774.660
II. RESERVE ACCUMULATION:
A. Reserves for September, 1993
• Series "A" Principal $100,000
• Series "A" Interest 50,330
B. Reserves for November, 1993:
• Series "B" Interest J49.929
RESERVES FINANCED DURING 1992-93 $2Q0.259
TOTAL 1992-93 FUNDING REQUIREMENT $1.074.919
III. REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1992 $301,522
B. Interest Earnings on Debt Service Reserve 12,061
C. I.D. No. 1 Ad Valorem Tax Levy 761.336
TOTAL 1992-93 REVENUE REQUIREMENT $1.074.919