Loading...
HomeMy WebLinkAbout1993-09-20 - Resolution No. 93-230 RESOLUTION NO. 93-23 RESOLUTION OF THE BOARD OF DIRECTORS OF YORBA LINDA WATER DISTRICT AUTHORIZING THE SALE OF APPROXIMATELY $6,170,000 PRINCIPAL AMOUNT OF IMPROVEMENT DISTRICT BONDS NO. 1 OF THE YORBA LINDA WATER DISTRICT AND APPROVING CERTAIN DOCUMENTS IN CONNECTION THEREWITH WHEREAS, Yorba Linda Water District , a county water district organized and existing under the laws of the State of California (the "District"), is authorized pursuant to Articles 9 and 11, Division 2, Title 5 of the Government Code of the State of California to refund the District's Improvement District No. 1 Water Bonds Series A and Series B Bonds (the "Refunded Bonds"); and WHEREAS, the District wishes to cause the sale, execution and delivery of approximately $6,170,000 (the exact amount to be determined on or before the sale date of the Bonds based on the amount needed to refund the Refunded Bonds), in principal amount of bonds to be designated "Yorba Linda Water District, Improvement District No. 1 Refunding Bonds" (the Bonds") said Bonds to be secured by ad valorem taxes to be levied in Improvement District No. 1; and WHEREAS, a preliminary official statement with respect to the Bonds (the "Preliminary Official Statement"), has been prepared by Bartle Wells Associates; and WHEREAS, there then has been presented to this Board of Directors copies of the Preliminary Official Statement and certain other documents relating to the foregoing; NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of Yorba Linda Water District DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS: SECTION 1. The foregoing recitals, and each of them, are true and correct. SECTION 2. That sealed bids for the sale of Bonds in the amount of approximately $6,170,000 be received by this Board of Directors on Thursday, October 14, 1993 at the offices of Bartle Wells Associates, 1636 Bush Street, San Francisco, California 94109, up to the hour of 10:00 a.m. Pacific Time. SECTION 3. Stradling, Yocca, Carlson & Rauth, Bond Counsel, is authorized and directed to publish a notice inviting such sealed bids, in substantially the form set forth in Exhibit A hereof, by one insertion in THE BOND BUYER, a newspaper of general circulation, circulated within the State of California, said publication to be at least fifteen (15) days prior to the date of the opening of the bids stated in said notice. SECTION 4. The preparation and distribution of the Preliminary Official Statement in substantially the form presented at this meeting, with such changes, insertions and omissions as may be approved by the General Manager of the District is hereby approved. The General Manager of the District is hereby authorized to sign a certificate pursuant to Rule 15c2-12 promulgated under the Securities Exchange Act of 1934 relating to the Preliminary Official Statement. The General Manager of the District is further authorized and directed to approve, execute and deliver the final Official Statement with respect to the Bonds, which final Official Statement shall be s • in the form of the Preliminary Official Statement with such changes, insertions and omissions as may be approved by the General Manager of the District, such approval to be conclusively evidenced by the execution and delivery thereof. Bartle Wells Associates is hereby authorized to distribute copies of the Preliminary Official Statement, together with the notice inviting bids, in substantially the form set forth in Exhibit B hereof, to persons who may be interested in the initial purchase of Bonds and is directed to deliver copies of the final Official Statement to all actual initial purchasers of the Bonds. SECTION 5. Bank of America National Trust and Savings Association is appointed Paying Agent, with the powers and duties of said office as shall be set forth in the Resolution of Issuance of the Bonds to be adopted by the Board of Directors on October 14, 1993. SECTION 6. The District hereby determines that the Bonds are are qualified tax-exempt obligations pursuant to Section 265(b) of the Code and finds that the reasonable anticipated amount of qualified tax-exempt obligations which will be issued by the District and all of its subordinate entities during the 1993 calendar year will not exceed $10,000,000. SECTION 7. The General Manager of the District is hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents necessary or proper for carrying out the sale of the Bonds contemplated by this Resolution. SECTION 8. This Resolution shall take effect from and after its date of adoption. PASSED AND ADOPTED this 20th day of September, 1993 by the following called vote: AYES: 5 - Sterling Fox, Carl Scanlin, Paul Armstrong, Michael Beverage NOES: O and Arthur Korn. ABSENT: O ABSTAIN: 0 h I4X Sterling L. Fox, President Yorba Linda Water District A Wiltiam J. Robertson, Secretary, Yorba Linda Water District a 0 EXHIBIT A NOTICE OF INVITING BIDS $6,170,000 YORBA LINDA WATER DISTRICT IMPROVEMENT DISTRICT NO. 1 REFUNDING BONDS YORBA LINDA, CALIFORNIA Project: Improvement District No. 1 Refunding Bonds are being issue to refund Improvement District No. 1 1978 Water Bonds, Series A and Series B Bonds Bonds Dated: October 15, 1993 Maturities: Serial Bonds Maturing May 1 in each of the years 1994 to 2004 inclusive Interest Payable: May 1 and November 1 of each year, beginning May 1, 1994 Legal Opinion: Stradling, Yocca, Carlson & Rauth, a Professional Corporation BIDS ARE TO BE RECEIVED ON OR BEFORE THURSDAY THE 14TH OF OCTOBER, 1993 at 10:00 A.M., PACIFIC TIME AT THE OFFICES OF: BARTLE WELLS ASSOCIATES 1636 BUSH STREET SAN FRANCISCO, CA 94109 For further information, please contact the following BARTLE WELLS ASSOCIATES (415) 775-3113 PusL:6447_1 1141 B2608.3 EXHIBIT B YORBA LINDA WATER DISTRICT • OFFICIAL NOTICE INVITING BIDS $6,170,000 IMPROVEMENT DISTRICT NO. 1 REFUNDING BONDS NOTICE IS HEREBY GIVEN that sealed bids will be received by the Yorba Linda Water District (the "District") for the purchase of $6,170,000 principal amount of the District's Improvement District No. 1 Refunding Bonds (the "Bonds"), more particularly described below, at the place and up to the time below specified: Time: 10:00 a.m. Pacific Time October 14, 1993 Place: At the offices of Bartle Wells Associates 1636 Bush Street San Francisco, CA 94109 415/775-3113 Mailed Sealed Bids Addressed to: Yorba Linda Water District c/o Bartle Wells Associates 1636 Bush Street San Francisco, CA 94109 Faxed Bids: 415/775-4123, provided a signed original bid form is received by Bartle Wells Associates prior to the bid opening. Neither the District nor Bartle Wells Associates is responsible for any problem in receipt of bids by fax. Opening of Bids and Award of Bonds: The bids will be opened at 10:00 a.m. Pacific Time on October 14, 1993, at the above-stated location, and will be presented at the Board meeting of the Yorba Linda Water District to be held on that day. Late bids will be returned unopened. Denomination: The Bonds will be issued in denominations of $5,000 or integral multiple of $5,000, as specified by the successful bidder. Date: The Bonds will be dated October 15, 1993. Interest Payment: Interest will be paid on May 1 and November 1 of each year, beginning May 1, 1994. Maturities: The Bonds will mature as follows: a 0 Due Date Principal Amount 1994 $330,000 1995 485,000 1996 500,000 1997 520,000 1998 540,000 1999 565,000 2000 590,000 2001 615,000 2002 640,000 2003 675,000 2004 710,000 Prepayment: Optional Prepayment. The Bonds are not subject to Optional Prepayment. Payment: The Bonds will be issued as fully registered bonds and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"). DTC will act as securities depository for the Bonds. Individual purchases of the bonds will be made in book-entry form only, in principal amounts of $5,000, or any integral multiple thereof. Payment of principal of, redemption price, if applicable, and interest on the Bonds are to be made to purchasers by DTC through the DTC participants (as such term is used in the official statement). Purchasers will not receive physical delivery of Bonds purchased by them. Purpose of Issue: Proceed of the Bonds will be used to refund Improvement District No. 1 1978 Water Bonds, Series A and Series B Bonds. Security: The Bonds are general obligations of the Improvement District and (unless otherwise provided from revenues) the Board has power and is obligated to cause the County of Orange to levy ad valorem taxes for the payment of the Bonds and the interest thereon upon all property within the Improvement District subject to taxation by the District, without limitation as to rate or amount. Paying Agent: Bank of America National Trust and Savings Association, Los Angeles, California, as Paying Agent. Tax-Exempt Status: The legal opinion of Stradling, Yocca, Carlson & Rauth, a Professional Corporation, Newport Beach, California, with respect to the validity of the Bonds and that interest on the Bonds is excludable from gross income for federal income tax purposes and from present State of California personal income taxes, will be furnished to the successful bidder. A copy of the legal opinion will be printed on or attached to each Bond. PueL:6638_11141 B2608.3 0 • TERMS OF SALE Interest Rate: Bidders must specify the rate or rates of interest per annum, and the same rate or rates may be repeated as often as desired; provided, however: (i) Interest rate may not exceed twelve percent (12%) per annum. (ii) Each interest rate specified must be in a multiple of 1/20 or 1/8 of 1 percent. (iii) No Bond shall bear more than one rate of interest. (iv) Each Bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid. (v) All Bonds of the same maturity shall bear the same rate of interest. (vi) The interest rate on any maturity shall not be less than the interest rate on any prior maturity, Basis of Award: The Bonds will be awarded on the basis of the lowest net interest cost including premium or discount offered on the bids. No bid for less than ninety-eight and one- half percent (98.5%) of par, and accrued interest (which interest shall be computed on a 360-day year, 30-day month basis ) will be accepted. The lowest net interest cost will be determined by computing the total amount of interest payable on the Bonds from October 15, 1993, to their respective maturity dates calculated solely on the basis of the Bonds offered in this Notice, and deducting from such total the amount of the premium offered, or adding to such total the amount of the discount offered, if any. In the event two or more bids setting forth identical interest rates, premium, if any, and discount are received, the District reserves the right to exercise its own discretion and judgment in making the award and may award the Bonds on a pro rata basis in such denominations as the District shall determine. Right of Rejection: The District reserves the right, in its discretion, to reject any and all bids and to waive any irregularity or informality in any bid. Prompt Award: The District will take action awarding the Bonds or rejecting all bids not later than 48 hours after the expiration of the time herein prescribed for the receipt of bids, unless such time of award is waived by the successful bidder. Delivery and Payment: It is estimated that delivery of the Bonds will be made to the successful bidder by November 1, 1993. Payment of the purchase prices (less the amount of the bid check mentioned below) must be made in funds immediately available to the District. The cost of printing the Bonds will be borne by the District. Right of Cancellation: The successful bidder shall have the right at its option to withdraw its bid if the District shall fail to issue the Bonds and tender the same for delivery within sixty (60) days from the date of sale thereof, and in such event, the successful bidder shall be entitled to the return of the deposit accompanying his bid. Form of Bid: The bids must be for all of the bonds and for not less than ninety-eight and one- half percent (98.5%) of the principal amount thereof plus accrued interest to the date of delivery. Each bid, together with the bid check, must be enclosed in a sealed envelope addressed to the Yorba Linda Water District, c/o Bartle Wells Associates, 1636 Bush Street, San Francisco, California 94109, and endorsed "Bid for Yorba Linda Water District Improvement District No. 1 PUBL:6638_1 1141 B2608.3 6 0 Refunding Bonds." Each bid must be in accordance with the term and conditions set forth herein. Telefax Bid: Bidders may submit their bid by telefax providing that the good faith deposit (described below) and an original signed bid form and envelope endorsed as stated above has been received by the District's financial advisor, Bartle Wells Associates, before 10:00 a.m. on the date of sale. Neither the District nor Bartle Wells Associates take any responsibility for any difficulties in receiving fax transmittals prior to the deadline for receipt of bids. The fax number to be used for this purpose is 415/775-4123. Good Faith Deposit: Each bid must be accompanied by a good faith deposit, surety bond (SureBid), a certified check or cashier's check for $50,000 payable to the order of the Yorba Linda Water District to secure the District from any loss resulting from the failure of the bidder to comply with the terms of its bid. Checks of the unsuccessful bidders will be returned by the District promptly after the date fixed for the receipt of bids. No interest will be paid on the good faith deposit made by any bidder. The good faith deposit of the successful bidder will, immediately upon acceptance of its bid, become the property of the District, and may be cashed by the District. The amount of the good faith deposit will be credited upon the purchase price of the Bonds at the time of delivery thereof. If the purchase price is not paid in full upon tender of the Bonds, the successful bidder shall have no right to the Bonds or to the recovery of its good faith deposit, or to any allowance or credit by reason of such deposit, unless it shall appear that the Bonds would not be validly issued if delivered to the purchaser in the form and manner proposed, and in the event of such nonpayment the District reserves any and all rights it may have to recover the agreed purchase price of the Bonds and in addition any damages suffered by it. Estimate of Net Interest Cost: Bidders are requested (but not required) to supply an estimate of the total net interest cost on the basis of their respective bids, which shall be considered as informative only and not binding on either the bidder or the District. CUSIP Numbers: It is anticipated that CUSIP numbers will be printed on the Bonds, but neither the failure to print such number on any Bonds nor any error with respect thereto shall constitute cause for a failure or refusal by the successful bidder to accept delivery of and pay for the Bonds. All expense in relation to the assigning and the printing of CUSIP numbers on the Bonds shall be paid for by the District. California Debt Advisory Commission Fee: All bidders are advised that, pursuant to Section 8856 of the California Government Code, it will be the responsibility of the successful bidder to pay the statutory fee to the California Debt Advisory Commission. Certificate: At the time of delivery of the Bonds, the purchase will receive a certificate signed by an officer of the District, confirming to the purchaser that, to the best of the knowledge of said officer the Official Statement, as of the date of sale of the Bonds and as of the date of delivery thereof, did not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. PUBL:6638_1 1141132608-3 4 s 0 Information Available: Requests for information concerning the District or the Bonds should be addressed to the District's financial advisor: Bartle Wells Associates, 1636 Bush Street, San Francisco, California 94109, Telephone 415/775-3113, Telefax 415/775-4123. Official Statement.: The District has certified that the preliminary Official Statement is deemed final within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. The District will provide to the successful bidder within seven (7) business days of award of the Bonds such number of printed copies of the official statement for this issue as requested. Up to 50 copies of the official statement will be furnished to the successful bidder at the District's expense. Additional copies will be printed at the expense of the bidder. Bank Qualified: The District has designated the Bonds to be qualified tax-exempt obligations pursuant to Section 265(b)(3)(b)(ii) of the Internal Revenue Code of 1986. Dated: September 20, 1993 /s/ William J. Robertson General Manager of the Yorba Linda Water District 5