HomeMy WebLinkAbout1997-06-26 - Resolution No. 97-090 0
RESOLUTION NO. 97-09
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING FISCAL YEAR 1997-98
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 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 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 $1,721,727 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 26th day of June, 1997, by the following called vote:
Ayes:
Noes:
Absent:
Abstain:
A
Armstrong, Fox, Scanlin, and Beverage
Korn
None
None
Sf
Y
try, i iam J. Rom
Linda Water District
President, Paul R. Armstrong
Yorba Linda Water District
0
[1
C]
EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION 97-09
IMPROVEMENT DISTRICT NO.2
FISCAL YEAR 1997-98 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. November-97
Series "A" Interest
Refunding Bonds Interest
Series "C" Interest
B. May-98
Series "A" Principal
Series "A" Interest
Refunding Bonds Principal
Refunding Bonds Interest
Series "C" Principal
Series "C" Interest
C. Paying Agent Processing Fees
DIRECT EXPENDITURES DURING 1997-98
1
II. RESERVE ACCUMULATION
Reserves for November 1998
Series "A" Interest
Refunding Bonds Interest
Series "C" Interest
RESERVES FINANCED DURING 1997-98
III. BOND DEBT SERVICE RESERVES:
A. Refunding Bonds
B. Series "C" Bonds
DEBT SERVICE RESERVES FINANCED DURING 1997 98
TOTAL 1997-98 FUNDING REQUIREMENT
IV. REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1997
B. Interest Earnings on Debt Service Reserve
C. I.D. No. 2 Ad Valorem Tax Levy
$17,410
224,014
175,431
55,000
17,410
725,000
224,014
230,000
175,431
2,900
$1,846,610
$15,513
198,457
167,669
$381,639
$598,767
600,000
$1,198,767
$3,427,016
$1,615,622
89,667
1,721,727
TOTAL 1997-98 REVENUE REQUIREMENT $3,427,016