Resolution Number CVWD 96-7-16-1RESOLUTION 96-7-16-1
A RESOLUTION OF THE BOARD OF DIRECTORS
OF THE CAPISTRANO VALLEY WATER DISTRICT
ADOPTING A BUDGET FOR THE REDEMPTION OF
1972 GENERAL OBLIGATION BONDS FOR FISCAL YEAR 1996-97
WHEREAS, the Capistrano Valley Water District has heretofore issued 1972
General Obligation Bonds in the sum of $700,000.00; and,
WHEREAS, a specific tax rate is desired for voter approved indebtedness tax
rates authorized by Revenue and Taxation Code Section 93(a); and,
WHEREAS, the amount of money required to be raised during the current fiscal
year for bond interest and redemption for the 1972 General Obligation Bonds is the
sum of $50,294.00; and,
WHEREAS, the tax rate necessary to raise the aforesaid sum of money will be
calculated by the Orange County Assessor, in accordance with Sections 93(a) and
97.65 of the Revenue and Taxation Code.
NOW, THEREFORE, BE IT RESOLVED that the Orange County Assessor be and
is hereby authorized and directed to calculate the tax rate in accordance with
Sections 93(a) and 97.65 of the Revenue and Taxation Code, for the redemption of
the aforesaid 1972 General Obligation Bonds for the fiscal year 1999-97 and to enter
such rate on the records of the Orange County Assessor and the Capistrano Valley
Water District.
BE IT FURTHER RESOLVED that the Clerk of the Board shall be and is hereby
authorized and directed to forward a copy of this resolution to the Orange County
Auditor -Controller.
PASSED, APPROVED AND ADOPTED this 16th day of July, 1996 by the
following vote:
AYES:
NOES:
ABSENT:
ATTEST:
Clerk of a Board
Directors Campbell, Hart, Swerdlin and Chairman Jones
None
Director Nash
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Gil Jones, Chairman
967161
wilet:loi• = >>
July 16, 1996
TO: Honorable Board of Directors
FROM: Ray A. Auerbach, General Manager
SUBJECT: Resolutions Adopting Debt Service Budgets for FY 1996-97
The long term debts of the District are the General Obligation bonds issued for the
construction of water facilities consisting of reservoirs, pipelines, and appurtenances
throughout our system.
Each year it is necessary to adopt a budget for each of the bond issues to raise
sufficient funds for making the required principle and interest payments. The budgets
so adopted are submitted to the Orange County Auditor -Controller who sets the
appropriate tax rate. Accordingly, the attached Resolutions have been prepared.
The debt service budgets will generate sufficient revenue to make the required
principle and interest payments.
1. Approve the attached Resolutions 96-7-16-1 and 96-7-16-2 adopting
budgets for the redemption of General Obligation bonds.
2. Request additional information from staff.
By motion, approve the attached Resolutions 96-7-16-1 and 96-7-16-2 adopting
budgets for the redemption of General Obligation bonds.
Respectfully s itted,
'F,
Ray A. Auerbach
General Manager
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GENOBLGAES