HomeMy WebLinkAbout1995-06-11 - Resolution No. 95-11•
RESOLUTION NO. 95-11
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING FISCAL YEAR 1995-96
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 1995-96 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 1995-96 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 $0
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 22nd day of June, 1995, by the following called vote:
Ayes: 5- Arthur C. Korn, Michael Beverage, Sterling Fox, Paul Armstrong, Sarl
Noes: canlin
Absent: 0-
Abstain: o-
President, Arthur C. orn
Yorba Linda Wate istrict
ATTEi2
illi Secre n
Yo rba Linda Water District
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 95-11
1959 WATERWORKS BONDS
FISCAL YEAR 1995-96 DEBT SERVICE FORECAST
DIRECT EXPENDITURES:
A. September, 1995:
• Series "B" Principal 10,000
• Series "B" Interest 200
B. Paying Agent Processing fee 225
DIRECT EXPENDITURES DURING 1995-96 $10.425
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TOTAL 1995-96 FUNDING REQUIREMENT $10.425
II. REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1995 $10,200
B. Interest earnings on Debt Service Reserve 225
C. Western Service Area Ad Valorem Tax Levy 0
TOTAL 1995-96 REVENUE REQUIREMENT $10.425