HomeMy WebLinkAbout1999-06-24 - Resolution No. 99-06RESOLUTION NO. 99-06
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING FISCAL YEAR 1999-00
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, on September 17, 1998, the Yorba Linda Water District issued and sold "Refunding
Bonds for Improvement District No. 2, Series 1998" in the face amount of $10,105,000
to provide for the advance refunding of previous bonds; 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 1999-00 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 1999-2000 Bond interest and Redemption requirement for YLWD I.D.-2 S
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 $1,616,088 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 24th day of June, 1999, by the following called vote:
Ayes: Korn, Abramowitz, Armstrong, Barbre and Beverage
Noes: None
Absent: None
Abstain: None
President, Arthur C.
Yorba Linda Water District
Yorba Linda Water District
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EXHIBIT "A" TO
YORBA LINDA WATER DISTRICT
RESOLUTION 99-06
IMPROVEMENT DISTRICT NO.2
FISCAL YEAR 1999-2000 DEBT SERVICE FORECAST
1. DIRECT EXPENDITURES:
A. November-99
Refunding Bonds Interest $158,025
B. May-2000
Refunding Bonds Principal 1,325,000
Refunding Bonds Interest 158,025
C. Paving Agent Processing Fees 4.200
DIRECT EXPENDITURES DURING 1999-2000 $1,846,610
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H. RESERVE ACCUMULATION
Reserves for November 2000
Refunding Bonds Interest 135,500
RESERVES FINANCED DURING 1999-2000 $135,500
BOND DEBT SERVICE RESERVES:
TOTAL 1999-2000 FUNDING REQUIREMENT $1.780.750
IV. REVENUE REQUIREMENT:
A. Reserves on hand as of July 1, 1999 $158,025
B. Interest Earnings on Debt Service Reserve 6,637
C. I.D. No. 2 Ad Valorem Tax Levy 1,616,088
TOTAL 1999-2000 REVENUE REQUIREMENT $1.780.750