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HomeMy WebLinkAbout1994-05-23 - Resolution No. 94-10• • RESOLUTION NO. 94-10 RESOLUTION OF THE BOARD OF DIRECTORS OF THE YORBA LINDA WATER DISTRICT ADOPTING FISCAL YEAR 1994-95 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 (YLWD I.D.4) 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.-1; 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, on October 14, 1993 the Yorba Linda Water District issued and sold "1993" Refunding Bonds to provide for the redemption of all outstanding bonds of the 1978 Water Bonds, Series A and B, of Improvement District No. 1; 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 "1993" Refunding Bonds 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 $511,516 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 0 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: 0 President, Carl T. Scanlin Yorba Linda Water District Yorba A~ k, iii/am J. Robertson Water District EXHIBIT "A" TO YORBA LINDA WATER DISTRICT RESOLUTION NO. 94-10 IMPROVEMENT DISTRICT NO. 1 FISCAL YEAR 1994-95 DEBT SERVICE FORECAST L DIRECT EXPENDITURES: A. November, 1994 • Refunding Bonds Interest $107,273 B. May, 1995 • Refunding Bonds Principal 485,000 • Refunding Bonds Interest 107,273 C. Paying Agent Processing Fees 7.500 DIRECT EXPENDITURES DURING 1994-95 $ 27.046 II. RESERVE ACCUMULATION: A. Reserves for November, 1995: Refunding Bonds Interest $98,483 B. Reserves for Principal, May 1996: 175,000 RESERVES FINANCED DURING 1994-95 1273.483 TOTAL 1994-95 FUNDING REQUIREMENT $980.529 III. REVENUE REQUIREMENT: A. Reserves on hand as of July 1, 1994 $455,353 B. Interest Earnings on Debt Service Reserve 13,660 C. I.D. No. 1 Ad Valorem Tax Levy 511.516 TOTAL 1994-95 REVENUE REQUIREMENT $980.529