Reso 0960-04/1994 RESOLUTION NO. 960
RESOLUTION OF THE BOARD OF DIRECTORS OF
THE VALLECITOS WATER DISTRICT
TRANSFERRING SURPLUS FUNDS
UPON CLOSE OF ASSESSMENT DISTRICT 76-2
WHEREAS, Assessment District 76-2 (Mt. Whitney) was
funded by bonds issued June 30, 1981, under provisions of the
Improvement Bond Act of 1915, Division 10 of Streets and Highway
Code, in the amount of $5,579,759.34, with annual assessments to be
collected on benefitted lands through the 1995-96 tax year,
WHEREAS, the Vallecitos Water 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
$230,000 plus doubtful assessments receivable of approximately
$100,000,
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 and assessments receivable from Assessment
District 76-2 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:
Michael D. Gregoryk, President
Board of Directors
Vallecitos Water District
ATTEST:
William W. Rucker, Secretary
Board of Directors
Vallecitos Water District