HomeMy WebLinkAbout1994-05-23 - Resolution No. 94-090 0
RESOLUTION NO. 94-09
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1994-95 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 1994-95 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 1994-95 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
$113,435 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 23rd day of May, 1994 by the following called vote:
Ayes: 4 - Carl Scanlin, Arthur Korn, Paul Armstrong, Sterling Fox
Noes: 0
Absent: 1 - Michael Beverage
Abstain: p
President, Carl T. Scanlin
Yorba Linda Water District
Yorba Linda Water District
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 94-09
1959 WATERWORKS BONDS
FISCAL YEAR 1994-95 DEBT SERVICE FORECAST
DIRECT EXPENDITURES:
A. September, 1994:
• Series "A" Interest $2,000
• Series "B" Principal 10,000
• Series "B" Interest 400
B . March, 1995:
• Series "A" Principal 100,000
• Series "A" Interest 2,000
• Series "B" Interest 200
C. Paying Agent Processing Fee 1.410
DIRECT EXPENDITURES DURING 1994-95 $116.010
II. RESERVE ACCUMULATION:
Reserves for September, 1995:
• Series "B" Principal $ 10,000
• Series "B" Interest 200
RESERVES FINANCED DURING 1994-95 $10.200
TOTAL 1994-95 FUNDING REQUIREMENT $126.210
III. REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1994 $12,400
B. Interest earnings on Debt Service Reserve 375
C. Western Service Area Ad Valorem Tax Levy 113,435
TOTAL 1994-95 REVENUE REQUIREMENT $126.210