Reso 0497-12/1978 RESOLUTION NO. 497
RESOLUTION OF THE BOARD OF DIRECTORS
OF SAN MARCOS COUNTY WATER DISTRICT
FINDING THAT THE DISTRICT SECURITIES
INVESTIGATION LAW OF 1965 DOES NOT
REQUIRE APPROVAL BY THE OFFICE OF THE
STATE TREASURER, DISTRICT SECURITIES
DIVISION, OF BONDS OF SAID DISTRICT
DESIGNATED "IMPROVEMENT BOND, SAN
MARCOS COUNTY WATER DISTRICT, COUNTY
OF SAN DIEGO, STATE OF CALIFORNIA,
ASSESSMENT DISTRICT NO. 76-3"
WHEREAS, the District Securities Investigation Law of 1965
(Government Code Sections 58750-58761) is applicable to the
issuance of bonds for San Marcos County Water District Assessment
District No. 76-3; and
WHEREAS, this Board of Directors proposes to issue and sell
bonds for San Marcos County Water District Assessment said bonds
being designated "IMPROVEMENT BOND, SAN MARCOS COUNTY WATER DISTRICT,
COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ASSESSMENT DISTRICT NO. 76-3",
NOW THEREFORE, the Board of Directors of the San Marcos County
Water District DOES HEREBY FIND, DETERMINE, RESOLVE, AND ORDER as
follows:
SECTION 1. That the issuance and sale of said bonds designated
"Improvement Bond, San Marcos County Water District, County of San Diego,
State of California, Assessment District No. 76-3" are not subject to
prior investigation, report and approval by the Office of the State
Treasurer, Districts Securities Division, for the reason that the sum
of the following amounts does not exceed 200% of the assessed value of
land and improvements within said Assessment District as shown on the
last equalized assessment roll of the County of San Diego:
(a) An amount equal to the said Assessment District's share of
any outstanding District indebtedness, such share being in the
proportion that the assessed value of land and improvements within the
territory of said Assessment District bears to the assessed value of
land and improvements within the entire territory of the District;
(b) An amount equal to the unpaid principal amount of all bonds
heretofore issued for said Assessment District; and,
Resolution No. 497
(c) The principal amount of the proposed bonds.
SECTION 2. That said findings are hereby made on the basis of an
affidavit of the Secretary of said District attached hereto as Exhibit "A"
and incorporated herein by this reference as though set forth at length.
SECTION 3. That the Secretary of this Board is hereby authorized
and directed to file a certified copy of this resolution with said
Districts Securities Division at least fourteen (14) days prior to the
proposed date of sale of said notes.
ADOPTED, SIGNED AND APPROVED by the Board of Directors of the San
Marcos County Water District this 4th day of December, 1978, by the following
roll call vote:
AYES: Directors: Keebaugh, Ferguson, Mahr, Blanchard
NOES: Directors: None
ABSTAIN: Directors: None
ABSENT: Directors: None - One Vacancy
ATTEST: