HomeMy WebLinkAbout1994-05-23 - Resolution No. 94-11• •
RESOLUTION NO. 94-11
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
YORBA LINDA WATER DISTRICT ADOPTING
FISCAL YEAR 1994-95 DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO. 2 SERIES "A",
1987 REFUNDING AND SERIES "C" GENERAL OBLIGATION
BONDS
WHEREAS, on June 13, 1978 the Yorba Linda Water District obtained voter
authorization for the establishment of Yorba Linda Water District
Improvement District No. 2 (I.D.-2) and for the issuance of
$41,660,000 in general obligation bonds to pay for water production,
storage and transmission facilities to serve I.D.-2; and,
WHEREAS, on April 26, 1979 the Yorba Linda Water District issued and sold
Series "A" I.D.-2 Water Bonds in the face amount of $1,005,000; and
WHEREAS, on May 1, 1984 the Yorba Linda Water District issued and sold Series
"B" I.D.-2 Water Bonds in the face amount $10,000,000; and,
WHEREAS, on February 1, 1987 the Yorba Linda Water District issued and sold
"1987 Refunding Bonds" to provide for the advance refunding of
$9,795,000 principal amount of outstanding 1979 Series "B" Bonds in
the face amount of $11,915,000; and,
WHEREAS, on March 8, 1990, the Yorba Linda Water District issued and sold
Series "C" I.D.-2 Water Bonds in the face amount of $6,000,000; 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 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 I.D.-2 Series "A", Refunding Bonds and Series "C" 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
$1,682,241 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.
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
1 Yorba Linda Water District
S&Vd{afy, WilliWj' Robertson
Yorba Linda Water District
• •
EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 94-11
IMPROVEMENT DISTRICT NO. 2
FISCAL YEAR 1994-95 DEBT SERVICE FORECAST
DIRECT EXPENDITURES:
A. November, 1994:
• Series "A" Interest
$22,563
• Refunding Bonds Interest
288,931
• Series "C" Interest
200,969
B . May, 1995
• Series "A" Principal
45,000
• Series "A" Interest
22,563
• Refunding Bonds Principal
605,000
• Refunding Bonds Interest
288,931
• Series "C" Principle
180,000
• Series "C" Interest
200,969
C. Paying Agent Processing Fees
8.650
DIRECT EXPENDITURES DURING 1994-95
$1.863.576
II. RESERVE ACCUMULATION:
Reserves for November, 1995
• Series "A" Interest $21,033
• Refunding Bonds Interest 269,269
• Series "C" Interest 192.194
RESERVES FINANCED DURING 1994-95 $482.496
III. BOND DEBT SERVICE RESERVES:
A. Refunding Bonds $598,767
B. Series "C" Bonds 600.000
DEBT SERVICE RESERVES FINANCED DURING 1994-95 $1.198.7U
TOTAL 1994-95 FUNDING REQUIREMENT $3.544.839
IV REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1994 $1,808,348
B. Interest Earnings on Debt Service Reserve 54,250
C. I.D. No. 2 Ad Valorem Tax Levy 1.682.241
TOTAL 1994-95 REVENUE REQUIREMENT $3.544.839