HomeMy WebLinkAbout1992-06-11 - Resolution No. 92-14RESOLUTION NO. 92-14
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1992-93 DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO. 2 SERIES "A",
1987 REFUNDING AND SERIES "C" GENERAL OBLIGATION BONDS
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 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.-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. The District elects to have the County of Orange Auditor-Controller collect
$1,792,110 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.
0 •
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
Presi /en~t,ul R. Armstrong
Yorba Linda Water District
ATTEST:
Yorba Linda Water District
0 0
EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 92-14
IMPROVEMENT DISTRICT NO. 2
FISCAL YEAR 1992-93 DEBT SERVICE FORECAST
I. DIRECT EXPENDITURES:
A. November, 1992:
• Series "A" Interest
$25,283
• Refunding Bonds Interest
322,638
• Series "C" Interest
216,813
B. May, 1993
• Series "A" Principal
40,000
• Series "A" Interest
25,283
• Refunding Bonds Principal
535,000
• Refunding Bonds Interest
322,638
• Series "C" Principal
155,000
• Series "C" Interest
216,813
C. Paying Agent Processing Fees
5.56Q
DIRECT EXPENDITURES DURING 1992-93
$1.865.028
II. RESERVE ACCUMULATION:
A. Reserves for November, 1993:
• Series "A" Interest
$ 23,923
• Refunding Bonds Interest
306,588
• Series "C" Interest
209,256
B. Arbitrage Rebate Reserve
97,118
RESERVES FINANCED DURING 1992-93 $636.9Bj
III. BOND DEBT SERVICE RESERVES:
A. Refunding Bonds $598,767
B. Series "C" Bonds 60Q,QQQ
DEBT SERVICE RESERVES FINANCED DURING 1992-93 $1.198.7
TOTAL 1992-93 FUNDING REQUIREMENT $ 700.680.
IV REVENUE REQUIREMENT
A. Reserves on hand as of July 1, 1992 $1,860,619
B. Interest Earnings on Debt Service Reserve 47,951
C. I.D. 2 Ad Valorem Tax Levy 1.792.110
TOTAL 1992-93 REVENUE REQUIREMENT 3.700.680