Reso 0327-08/1969 RESOLUTION NO. 327
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SAN
MARCOS COUNTY WATER DISTRICT ESTIMATING THE MIN-
IMUM AMOUNT OF MONEY REQUIRED TO BE RAISED BY
TAXATION FOR THE FISCAL YEAR 1969-1970 TO PROVIDE
FOR TIIE PAYMENT OF INTEREST AND PRINCIPAL ON ITS
BONDED DEBT AND CLAIMS AGAINST THE DISTRICT AND
EXPENSES TO BE INCURRED BY THE DISTRICT
BE IT RFSOLVED by the Board of Djrectors of the San
Marcos County Water District as follows:
That Resolution NO. 326 is hereby recinded and
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 hereto-
fore 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 whole of Improvement District NO. 5
but only Improvement District NO. 5 and that said Improve-
ment District will be required to make payments of interest
and the principal on said bonded debt during the present
fiscal year, and
Resolution NO. 327, Page 2
WHEREAS, Improvement District NO. 6 has heretofore
incurred a bonded debt in the principal amount of
$1,200,000 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 ex-
penses 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 Distrlct 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, THEREFOPS, the Board Of Directors Of the San
Marcos County Water District states, finds, determines,
and orders that:
SECTION I:
That Resolution NO. 326 is hereby recinded.
SECTION II:
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 1969-70 are likely to be in-
adequate 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
Resolution NO. 327, Page 3
fiscal year.
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 1969-70 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 1969-70 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 III:
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 $128,500.
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 $29,000.
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 $69,500.
Resolution No. 327, Page 4
SECTION IV:
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
benefifed by incurring said bonded debt.
SECTION V:
A. That it is estimated that the minimum amount of
money required for the San Marcos County Water District
and Improvement District NO. 5 for all other expenses of,
and claims against the said District is nil.
B. That it is estimated that the minimum amount of
money required for Improvement District NO. 6 for all other
expneses of, and claims against the said District is $16,000.
SECTION VI:
That the statement required by 31701 of the Water Code
of the State of California be furnished to ~he Board of
Supervisors and the Auditor of the County of San Diego.
ADOPTED this 18th day of August, 1969.
/
President of the Board of Directors
of the San Marcos County Water District
ATTEST: