Reso 0309-08/1968 RESOLUTION NO. 309
RESOLUTION OF THE BOARD OF DIRECTORS OF TtIE
SAN MARCOS COUNTY WATER DISTRICT ESTIMATING
THE MINIMUM AMOUNT OF MONEY REQUIRED TO BE
RAISED BY TAXATION FOR THE FISCAL YEAR 1968-
1969 TO PROVIDE FOR THE PAYMENT OF INTEREST
AND PRINCIPAL ON ITS BONDED DEBT AND CLAIMS
AGAINST THE DISTRICT AND EXPENSES TO BE IN-
CURRED BY THE DISTRICT
BE IT RESOLVED by the Board of Directors of the
San Marcos County Water District as follows:
WHEREAS, the Board of Directors of the San Marcos
County Water District is required to furnish the Board of
Supervisors of the County of San Diego and the County
Auditor of said County, with a Statement containing the
information, facts and estimates required by Section 31701
of the Water Code of the State Of California,
WHEREAS, San Marcos County Water District has heretofore
incurred a bonded debt in the principal amount of $2,248,000
for the benefit of the whole district and the district will
be required to make payments of interest and the principal
on said bonded debt during the present fiscal year and
WHEREAS, Improvement District NO. 5 heretofore has incurred
a bonded debt in the principal amount of $600,000 for the
benefit of the whose of Improvement District No. 5 but only
Improvement District NO. 5 and that said Improvement District
will be required to make payments of interest and the principal
on said bonded debt during the present fiscal year, and
Resolution No. 309, Page 2
WHEREAS, Improvement District No. 6 has heretofore
incurred a bonded debt in the principal amount of $1,000,000
for the benefit of the whole of Improvement District NO. 6 but
only Improvement District No. 6 and that said Improvement
District will be required to make payments of interest and
the principal on said bonded debt during the present fiscal
year, and
WHEREAS, this Board of Directors has heretofore caused
a study to be made of the revenues which will be received by
San Marcos during this fiscal year, the expenses that will be
incurred and the claims which will have to be paid during said
period, and it is apparent that it is going to be necessary to
levy taxes on all of the taxable property within the District to
provide for the payment of interest and principal on the District's
bonded debt and claims against and expenses incurred by the
District.
NOW, THEREFORE, the Board of Directors of the San Marcos
County Water District states, finds, determines, and orders that:
SECTION I:
A. That in the judgment of the Board of Directors of the
San Marcos County Water District the revenues of said District
for the fiscal year 1968-69 are likely to be inadequate to pay
the interest and principal on its bonded debt, the expense
of the District and claims against the District that will be
incurred and fall due during this fiscal year.
Resolution NO. 309, Paqe 3
B. That in the judgment of the Board of Directors of the
San Marcos County Water District the revenues of said Improvement
District No. 5 for the fiscal year 1968-69 are likely to be
inadequate to pay the interest and principal on its bonded
debt, the expenses of Improvement District No. 5 and claims
against Improvement District No. 5 that will be incurred and
fall due during this fiscal year.
C. That in the judgment of the Board of Directors of the
San Marcos County Water District the revenues of said improvement
District No. 6 for the fiscal year 1968-69 are likely to be
inadequate to pay the interest and principal on its bonded debt,
the expenses of Improvement District NO. 6 and claims against
Improvement District No. 6 that will be incurred and fall due
during this fiscal year.
SECTION II:
A. That it is estimated that the minimum amount of money
required for the payment of interest and principal on the
bonded debt of the San Marcos County Water District as it
becomes due is $125,000.
B. That it is estimated that the minimum amount of money
required for the payment of interest and principal On the
bonded debt of Improvement District No. 5 as it becomes due
is $28,400.
C. That it is estimated that the minimum amount of money
required for the payment of interest and principal on the
bonded debt of Improvement District No. 6 as it becomes due
is $61,800.
Resolution NO. 309, Page 4
SECTION III:
A. That the whole San Marcos County Water District
was benefited by incurring said bonded debt.
B. That the whole Improvement District NO. 5 was
benefited by incurring said bonded debt.
C. That the whole Improvement District No. 6 was
benefited by incurring said bonded debt.
SECTION IV:
That it is estimated that the minimum amount of money
required for the San Marcos County Water District and Improvement
Districts NO. 5 and No. 6 for all other expenses of, and claims
against the said District is nil.
SECTION V:
That the statement required by 31701 of the Water Code
of the State of California be furnished to the Board of
Supervisors and the Auditor of the County of San Diego on or
before the 10th of August, 1968.
ATTEST:
Secretar of the San Marcos County
' ' d the Board of