HomeMy WebLinkAbout1995-06-22 - Resolution No. 95-130 0
RESOLUTION NO. 95-13
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING FISCAL YEAR 1995-96
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 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
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
$1,740,153 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
Ayes: 5-
Noes: 0-
Absent:
Abstain:
AND ADOPTED this 22nd day of June, 1995, by the following called vote:
Arthur C. Korn, Michael Beverage, Sterling Fox, Paul Armstrong, Cgcanlin
0-
0-
President, Arthur C. Koffi
Yorba Linda Water &rict
J
1
EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION 95-13
IMPROVEMENT DISTRICT NO. 2
FISCAL YEAR 1995-96 DEBT SERVICE FORECAST
DIRECT EXPENDITURES:
A. November, 1995:
• Series "A" Interest
$21,033
• Refunding Bonds Interest
269,269
• Series "C" Interest
192,194
B . May, 1996:
• Series "A" Principal
50,000
• Series "A" Interest
21,033
• Refunding Bonds Principal
645,000
• Refunding Bonds Interest
269,269
• Series "C" Principle
195,000
• Series "C" Interest
192,194
C. Paying Agent Processing Fees
3.335
DIRECT EXPENDITURES DURING 1995-96 $1.858.327
II. RESERVE ACCUMULATION:
Reserves for November, 1996
• Series "A" Interest $19,307
• Refunding Bonds Interest 247,984
• Series "C" Interest 182.688
RESERVES FINANCED DURING 1995-96 $449.979
III. BOND DEBT SERVICE RESERVES:
A. Refunding Bonds $598,767
B. Series "C" Bonds 600.000
DEBT SERVICE RESERVES FINANCED DURING 1995-96 $1.198.767
TOTAL 1995-96 FUNDING REQUIREMENT $3.507.073
IV REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1995 $1,681,263
B. Interest Earnings on Debt Service Reserve 85,657
C. I.D. No. 2 Ad Valorem Tax Levy 1.740.153
TOTAL 1995-96 REVENUE REQUIREMENT $3.507.073