HomeMy WebLinkAbout1996-08-22 - Resolution No. 96-110 0
RESOLUTION NO. 96-11
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING FISCAL YEAR 1996-97
DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO. 1
1993 REFUNDING 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.-1) 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 1996-97 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 1996-97 Bond Interest and Redemption requirement for YLWD
"1993" Refunding 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
$686,344 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 22nd day of August, 1996, by the following called vote:
Ayes: Beverage, Armstrong, Fox, Scanlin, and Korn
Noes:
None
Absent:
None
Abstain:
None
ATTEST:
Sec&t*, William I Robert,
Yorba Linda Water District el~
sident, IVLchae everage
4ar
OS
Yorba Linda Wa District
1
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION NO. 96-11
IMPROVEMENT DISTRICT NO. 1
FISCAL YEAR 1996-97 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. November, 1996:
• Refunding Bonds Interest $89,420
B. May, 1997:
• Refunding Bonds Principal 520,000
• Refunding Bonds Interest 89,420
C. Paying Agent Processing Fees 1.400
DIRECT EXPENDITURES DURING 1996-97 $ 700.240
II. RESERVE ACCUMULATION:
A. Reserves for November, 1997:
Refunding Bonds Interest $79,995
RESERVES FINANCED DURING 1996-97 $39.995
TOTAL 1995-96 FUNDING REQUIREMENT X780.235
III. REVENUE REQUIREMENT.
A. Reserves on hand as of July 1, 1996 $89,420
B. Interest Earnings on Debt Service Reserve 4,471
C. I.D. No. 1 Ad Valorem Tax Levy 486.344
TOTAL 1996-97 REVENUE REQUIREMENT $780,235