Reso 0961-04/1994 RESOLUTION NO. 961
RESOLUTION OF THE BOARD OF DIRECTORS OF
THE VALLECITOS WATER DISTRICT
TRANSFERRING SURPLUS FUNDS
UPON CLOSE OF ASSESSMENT DISTRICT 76-3
- WHEREAS, Assessment District 76-3 (Questhaven) was
partially funded by bonds issued January 8, 1979, under provisions
of the Improvement Bond Act of 1915, Division 10 of Streets and
Highway Code, in the amount of $1,213,380.14, with annual
assessments to be collected on benefitted lands through the 1998-99
tax year,
WHEREAS, additional advanced funds totalling $1,505,168
resulted from a joint agreement (Agreement) between San Marcos
County Water District, Olivenhain Municipal Water District, and
Carlsbad Municipal Water District, effective July 1, 1978.
WHEREAS, the Vallecitos Water District (District)
discontinued assessment collection after the 1992-93 year and all
outstanding bonds were called on January 2, 1994,
WHEREAS, there remains surplus funds of approximately
$430,000 plus doubtful assessments receivable of approximately
$35,000,
WHEREAS, the Agreement and Construction Audit (Audit)
dated June 30, 1982, outline a proportional refund on advanced
funds,
WHEREAS, Section 8784 of the Improvement Bond Act of
1915, specifies for the disposition of surplus funds,
NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors
of Vallecitos Water District as follows:
Surplus funds remaining in Assessment District 76-2 shall
be distributed in accordance with the Audit, with 10.95% to
Olivenhain MWD, 13.83% to Carlsbad MWD and the remaining balance
with the District. District share shall be transferred to the
Water Reserve Fund to be used for future capital replacement,
improvement or acquisition, as specified by the Board.
PASSED, APPROVED, AND ADOPTED by the Board of Directors
of the Vallecitos Water District at a regular meeting held on this
5th day of April, 1994, by the following roll call vote:
AYES: Cruz, Ferguson, Gregoryk, Mason, Newport
NOES:
ABSTAIN:
ABSENT:
ATTEST:
M D. Gr oryk, President William W. Rucker, Secretary
Board of Directors Board of Directors
Vallecitos Water District Vallecitos Water District