HomeMy WebLinkAbout1993-06-24 - Resolution No. 93-17•
RESOLUTION NO. 93-17
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RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1993-94 DEBT SERVICE REQUIREMENTS FOR
WATERWORKS - ELECTION 1959
SERIES "A" AND "B" GENERAL OBLIGATION 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 1993-94 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 1993-94 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
$111,988 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 24th day of June, 1993 by the following called vote:
Ayes: 5 - Sterling Fox, Carl Scanlin, Paul Armstrong, Michael Beverage and
Noes: o Arthur Korn.
Absent: o
Abstain: o
President, Sterling L!Fox
Yorba Linda Water District
ATTEST:
Yorba
-vr,CV~Iui x
illiam J. Robertson
Water District
0
0
EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 93-17
1959 WATERWORKS BONDS
FISCAL YEAR 1993-94 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. September, 1993:
• Series "A" Interest
$4,328
• Series "B" Principal
10,000
• Series "B" Interest
600
B . March, 1994:
• Series "A" Principal
95,000
• Series "A" Interest
4,328
• Series "B" Interest
400
C. Paying Agent Processing Fee
52
DIRECT EXPENDITURES DURING 1993-94
$115.176
II. RESERVE ACCUMULATION:
Reserves for September, 1994:
• Series "A" Interest $ 2,000
• Series "B" Principal 10,000
• Series "B" Interest 400
RESERVES FINANCED DURING 1993-94 $12.400
TOTAL 1993-94 FUNDING REQUIREMENT $127.576
III. REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1993 $15,128
B. Interest earnings on Debt Service Reserve 460
C. Western Service Area Ad Valorem Tax Levy 111.988
TOTAL 1993-94 REVENUE REQUIREMENT $127.576