Reso 0719-03/1985 RESOLUTION NO. 719
RESOLUTION OF THE BOARD OF DIRECTORS
DETERMINING THAT ISSUANCE OF SUBSIDIARY
BONDS IS NOT SUBJECT TO PRIOR INVESTIGATION,
REPORT AND APPROVAL BY THE STATE TREASURER
WHEREAS, the Board of Directors of the San Marcos County Water
District, California, has instituted proceedings pursuant to the Municipal
Improvement Act of 1913", being Division 12 of the Streets and Highways Code
of the State of California, for the construction of certain public
improvements, together witb appurtenances and acquisition where necessary, in
a sp.e.cial assessment district, with bonds to be issued pursuant to the
provlsxons of the "Improvement Bond Act of 1915", being Division 10 of said
Code: said special assessment district known and designated as
ASSESSMENT DISTRICT NO. 83-1
(MYRTLE AVENUE SEWERS)
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, at this time this Board is desirous of making a
determination that any sub-district bonds issued to finance the Assessment
District will not be subject to any prior investigation, report and approval
by the State ]Yeasurer as required by the '~istricts' Securities Investigation
Law of 1965", commencing with Section 58750 of the Government Code of the
State of California.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1: That the above recitals are true and correct.
SECTION 2: That the issuance of the proposed subdistrict bonds
to finance the works of improvement for said
Assessment District is not subject to any prior
investigation, report and approval by the California
State Treasurer, pursuant to Section 58753 of the
Goverrment Cede of the State of California, for the
following reason:
A. The sum of the following amounts listed below
(1), (2) and (3) does not exceed 200% of the
assessed value of the land and improvements
within the Assessment District as shown on the
last equalized County Assessment Roll as
adjusted (assessed value of land and
~mprovements is $779,117.00):
(1) The subdistrict's share of outstanding
District indebtedness is $1,645.00, such
share bei that proportion which the
assessed value of land within the territory
Resolution No. 719
Page 2
of such subdistrict bears to the assessed
value of land within the entire territory
of the District:
(2) The unpaid principal amount of all
subdistrict bonds heretofore issued for
said subdistrict is $ -0-:
(3) The principal amount of the proposed bonds
is $213,322.00.
SECTION 3: That the Secretary is hereby directed to transmit and
file a certified copy of this Resolution with the
California State Treasurer prior to the proposed date
for the issuance of all of said subdistrict bonds,
and to pay any required fees.
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the Board of
Directors of the San Marcos County Water District held this 18th day of March,
1985, by the following roll call vote:
AYES: Directors: Mason, Newport, Mahr, Ferguson, Rutherford
NOES: Directors: None
ABSTAIN: Directors: None
ABSENT: Directors: None
William W. Rucker, Secretary
Board of Directors
SanMarcos County Water District