HomeMy WebLinkAbout1998-08-13 - Resolution No. 98-090 0
RESOLUTION NO. 98-09
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING FISCAL YEAR 1998-99
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.-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 1998-99 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 1998-99 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
$692,896 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 13th day of August, 1998, by the following called vote:
Ayes: Fox, Scanlin, Armstrong, Beverage, and Korn
Noes: None
Absent: None
Abstain: None
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7,
President, Sterling L. Fox
Yorba Linda Water District
ATTEST:
Secretary, illiam son
Yorba Linda Water District
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"A''
YORBA LINDA WATER DISTRICT
RESOLUTION 98-09
IMPROVEMENT DISTRICT NO. I
FISCAL YEAR 1998-99 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. November 1998
Refunding Bonds Interest $70,207
B. May-1999
Refunding Bonds Principal 565,000
Refunding Bonds Interest 70,208
C. Paying Agent Processing Fees 1,443
DIRECT EXPENDITURES DURING 1998-99 $706,858
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II. RESERVE ACCUMULATION
Reserves for November 1999
Refunding Bonds Interest 59,755
RESERVES FINANCED DURING 1998-99 $59,755
TOTAL 1998-99 FUNDING REQUIREMENT $766.613
IV. REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1998 $70,207
B. Interest Earnings on Debt Service Reserve 3,510
C. I.D. No. 1 Ad Valorem Tax Levy 692,896
TOTAL 1998-99 REVENUE REQUIREMENT $766,613
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION 98-10
IMPROVEMENT DISTRICT NO. 2
FISCAL YEAR 1998-99 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. November-1998
Series "A" Interest
Refunding Bonds Interest
Series "C" Interest
B. May-1999
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 1998-99
II. RESERVE ACCUMULATION
Reserves for November 1999
Series "A" Interest
Refunding Bonds Interest
Series "C" Interest
RESERVES FINANCED DURING 1998-99
III. BOND DEBT SERVICE RESERVES:
A. Refunding Bonds
B. Series "C" Bonds
DEBT SERVICE RESERVES FINANCED DURING 1998-99
TOTAL 1998-99 FUNDING REQUIREMENT
IV. REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1998
B. Interest Earnings on Debt Service Reserve
C. I.D. No. 2 Ad Valorem Tax Levy
TOTAL 1998-99 REVENUE REQUIREMENT,
Resolutions
$15,513
198,457
167,669
60,000
15,512
785,000
198,458
250,000
167,669
3.335
$1,861,613
$13,443
170,786
159,169
$343,398
$598,767
600,000
$1,198,767
$3.403.778
$1,580,406
79,020
1,744,352
$3.403.778