HomeMy WebLinkAbout1996-08-22 - Resolution No. 96-12• •
RESOLUTION NO. 96-12
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING FISCAL YEAR 1996-97
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 1996-97 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
$1,737,731 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 August, 1996, by the following called vote:
Ayes: Beverage, Armstrong, Fox, Scanlin, and Korn
Noes: None
Absent: None
Abstain: None
ATTEST:
Secretar' ,
Yorba Linda Water District
President, N ichi6l J. Beverage
Yorba Linda Water District
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION 96-12
IMPROVEMENT DISTRICT NO. 2
FISCAL YEAR 1996-97 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. November, 1996:
• Series "A" Interest $19,307
• Refunding Bonds Interest 247,984
• Series "C" Interest 182,687
B. May, 1997:
• Series "A" Principal 55,000
• Series "A" Interest 19,308
• Refunding Bonds Principal 680,000
• Refunding Bonds Interest 247,984
• Series "C" Principle 215,000
• Series "C" Interest 182,687
C. Paying Agent Processing Fees 3135
DIRECT EXPENDITURES DURING 1996-97
II. RESERVE ACCUMULATION:
Reserves for November, 1997
• Series "A" Interest $17,410
• Refunding Bonds Interest 224,014
• Series "C" Interest 175,431
RESERVES FINANCED DURING 1996-97 $416.855
III. BOND DEBT SERVICE RESERVES:
A. Refunding Bonds $598,767
B. Series "C" Bonds 00.ON
DEBT SERVICE RESERVES FINANCED DURING 1996-97 $1.198.767
TOTAL 1995-96 FUNDING REQUIREMENT §3.468.914
IV. REVENUE REQUIREMENT.
A. Reserves on hand as of July 1, 1995 $1,648,746
B. Interest Earnings on Debt Service Reserve 82,437
C. I.D. No. 2 Ad Valorem Tax Levy 1.737.731
TOTAL 1995-96 REVENUE REQUIREMENT _$3 468.914