HomeMy WebLinkAbout1997-06-26 - Resolution No. 97-080 0
RESOLUTION NO. 97-08
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING FISCAL YEAR 1997-98
DEBT SERVICE REQUIREMENT FOR
IMPROVEMENT DISTRICT NO. 1
"1993" REFUNDING GENERAL OBLIGATION 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.-I; 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 1997-98 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 1997-98 Bond Interest and Redemption requirement for YLWD "1993"
Refunding Bonds 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 $687,163 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.
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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 26th day of June, 1997, by the following called vote:
Ayes: Armstrong, Fox, Scanlin, Korn, and Beverage
Noes: None
Absent: None
Abstain: None
President, Paul R. Armstrong /
Yorba Linda Water District
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Yorba Linda Water District
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YORBA LINDA WATER DISTRICT
RESOLUTION 97-08
IMPROVEMENT DISTRICT NO. I
FISCAL YEAR 1997-98 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. November-97
Refunding Bonds Interest $79,995
B. May-98
Refunding Bonds Principal 540,000
Refunding Bonds Interest 79,995
C. Paying Agent Processing Fees 1,400
DIRECT EXPENDITURES DURING 1997-98 $701,390
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II. RESERVE ACCUMULATION
Reserves for November 1998
Refunding Bonds Interest 70,208
RESERVES FINANCED DURING 1997-98 $70,208
TOTAL 1997-98 FUNDING REQUIREMENT $771,598
IV. REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1997 $79,995
B. Interest Earnings on Debt Service Reserve 4,440
C. I.D. No. I Ad Valorem Tax Levy 687,163
TOTAL 1997-98 REVENUE REQUIREMENT $771,598