Reso 0495-12/1978 AGENDA ITEM 1-1 (a)
RESOLUTION NO. 495
RESOLUTION OF THE BOARD OF DIRECTORS
OF SAN MARCOS COUNTY WATER DISTRICT'
DECLARING ITS INTENTION OT ORDER FORE-
CLOSURE BY ACTION IN THE EVENT OF
ASSESSMENT DELINQUENCIES IN ASSESSMENT
DISTRICT NO. 76-1 AND ASSESSMENT DIS-
TRICT NO. 76-3
WHEREAS, the San Marcos County Water District has heretofore formed
its Assessment District No. 76-1 and Assessment District No. 76-3, has
ordered the acquisition and construction of certain improvements in said
assessment districts, has confirmed assessments upon the various sub-
divisions of lands located within said assessment districts to pay for such
improvements, and proposes to sell bonds pursuant to the Improvement Bond
Act of 1915 in respect of the assessments remaining unpaid; and
WHEREAS, the passage of Proposition 13 has made it less likely that,
in future years, the District will have surplus funds in its treasury with
which to make payment of the amount of any delinquent assessment and has also
eliminated the power and obligation of the District to levy a special tax in
the amount necessary to make payment of any such delinquent assessments in
the absence of available surplus funds for such purpose; and
WHEREAS, beacause of the said effects of Proposition 13, delinquencies
in the payment of assessments could substantially delay the payment by the
District of bond principal and interest to bondholders, and the District wishes
to minimize any such delay; and
WHEREAS, the District is authorized by the Improvement Bond Act of
1915, as a cumulative remedy, if any assessment or installment thereof or
any interest thereon is not paid when due, to order that the same be collected
by an action brought in the Superior Court to foreclose the lien thereof,
and the District wishes to express its intention to pursue said cumulative
remedy,
NOW, THEREFORE, the Board of Directors of the San Marcos County Water
District HEREBY DOES RESOLVE that it will order, and cause to be commenced
within one hundred twenty (120) days following the date of delinquency, and
thereafter to be diligently prosecuted, judicial foreclosure proceedings
upon any and all of said unpaid assessments, installments thereof, and/or
interest thereon, which become delinquent.
ADOPTED, SIGNED AND APPROVED this 4th day of December, 1978.
President, Marcos County Water
Dis
(SEAL)
ATTEST:
~a~County Water
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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 is a full, true and correct
copy of Resolution No. 495 of the Board of Directors of said District,
and that the same has not been amended or repealed.
DATED: December 5 , 1978.
(SEAL)
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