HomeMy WebLinkAbout1993-06-24 - Resolution No. 93-180 0
RESOLUTION NO. 93-18
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1993-94 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
(YL)VD 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 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
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
$761,729 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:S - Sterling Fox, Carl Scanlin, Paul Armstrong, Micahel Beverage and
Noes: 0 Arthur Korn.
Absent: 0
Abstain: 0
President, Sterling L. Fox
Yorba Linda Water District
Secretary, William J. Robertson
Yorba Linda Water District
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 93-18
IMPROVEMENT DISTRICT NO. 1
FISCAL YEAR 1993-94 DEBT SERVICE FORECAST
I. DIRECT EXPENDITURES:
A.
September, 1993:
• Series "A" Principal
$100,000
• Series "A" Interest
50,330
B.
November 1993:
• Series "B" Interest
149,929
C.
March, 1994:
• Series "A" Interest
47,180
D.
May, 1994:
• Series "B" Principal
280,000
• Series "B" Interest
149,929
E.
Paying Agent Processing Fees
1-880
DIRECT EXPENDITURES DURING 1993-94
$ 279.248
II. RESERVE ACCUMULATION:
A. Reserves for September, 1994:
• Series "A" Principal $105,000
• Series "A" Interest 47,180
B . Reserves for November, 1994:
• Series "B" Interest 140.829
RESERVES FINANCED DURING 1993-94 $293.009
TOTAL 1993-94 FUNDING REQUIREMENT $1.072.257
III. REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1993 $300,259
B. Interest Earnings on Debt Service Reserve 10,269
C. I.D. No. 1 Ad Valorem Tax Levy 761.729
TOTAL 1993-94 REVENUE REQUIREMENT $1.072.257