Reso 0496-12/1978 RESOLUTION NO. 496
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, DISTRICTS 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. 76-1"
WHEREAS, the District Securities Investigation Law of
1965 (Governement Code Sections 58750-58761) is applicable
to the issueance of bonds for San Marcos County Water District
Assessment District No. 76-1; and
WHEREAS, this Board of Directors proposes to issue and
sell bonds for San Marcos County Water District Assessment
District No. 76-1 in the total principal amount of $898,400 said
bonds being designated "IMPROVEMENT BOND, SAN MARCOS COUNTY WATER
DISTRICT, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ASSESSMENT
DISTRICT NO. 76-1",
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 de-
signated "Improvement Bond, San Marcos County Water District,
County of San Diego, State of California, Assessment District
No. 76-1" are not subject to prior investigation, report and
approval by the Office of the Sate 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 proporation 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;
Resolution No. 496
(b) An amount equal to the unpaid principal amount of all bonds
heretofore issued for said Assessment District: and,
(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.
PASSED AND ADOPTED 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:
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
I, JAMES F. McKAY, Secretary of the San Marcos County Water District,
California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted
by the Board of Directors of said District at a meeting of said Board of
Directors held on the 4th day of December, 1978, and that it was so adopted
by the following vote:
AYES: DIRECTORS: Keebaugh, Ferguson, Mahr, Blanchard
NOES: DIRECTORS: None
ABSENT: DIRECTORS: None
One Vacancy
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