Reso 0585-03/1981 RESOLUTION NO. 585
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
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 DIVISIONS OF BONDS OF SAID DIS-
TRICT DESIGNATED "IMPROVEMENT BOND, SAN
MARCOS COUNTY WATER DISTRICT, COUNTY OF SAN
DIEGO, STATE OF CALIFORNIA, ASSESSMENT DIS-
TRICT NO. 76-2 (MT. WHITNEY)"
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. 76-2 (Mt. Whitney); and
WHEREAS, this Board of Directors proposes to issue and sell bonds
for San Marcos County Water District Assessment District No. 76-2
(Mt. Whitney) in the total principal amount not to exceed $5,579,759.34,
said bonds being designated "IMPROVEMENT BOND, SAN MARCOS COUNTY WATER
DISTRICT, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ASSESSMENT DISTRICT
NO. 76-2 (MT. WHITNEY)";
NOW, THEREFORE, the Board of Directors of the San Marcos County
Water District DOES HEREBY FIND, DETERMINE, RESOLVE, AND ORDER as
follows:
SECTION 1. 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. 76-2 (Mt. Whitney)"
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;
Resolution No. 585
(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. 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. 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 bonds.
ADOPTED, SIGNED AND APPROVED this 16th day of March, 1981, by the
following roll call vote:
AYES: DIRECTORS: Holm, Mason, Waller, Mahr, Ferguson
NOES: DIRECTORS: None
ABSTAIN: DIRECTORS: None
ABSENT: DI RE CTORS: None
Sa?s~a~cos County Water District
ATTEST:
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EXHIBIT "A"
STATE OF CALIFORNIA )
) ss. AFFIDAVIT OF SECRETARY
COUNTY OF SAN DIEGO )
I, JAMES F. McKAY, Secretary of the San Marcos County Water Dis-
trict of San Diego County, California, do hereby certify as follows:
1. The principal and interest on bonds of the District designated
"IMPROVEMENT BOND, SAN MARCOS COUNTY WATER DISTRICT, COUNTY OF SAN DIEGO,
STATE OF CALIFORNIA, ASSESSMENT DISTRICT NO. 76-2 (MT. WHITNEY)" are
payable from special assessments levied on the land and improvements
located within said Assessment District.
2. The assessed value of the land and improvements within said
Assessment District, as shown on the last equalized assessment roll of
San Diego County for the fiscal year 1980-1981, is $2,928,274.00; and the
assessed value of the land and improvements located within the San Marcos
County Water District as shown on said roll is $177,942,741.00.
3. The outstanding indebtedness of the District is $8,013,933.00;
and said Assessment District's share of said outstanding indebtedness,
such share being in the proportion that the assessed value of the land
and improvements within said Assessment District bears to the assessed
value of the land and improvements within the San Marcos County Water
District, is $131,879.00.
4. There are no outstanding bonds heretofore issued for said
Assessment District; and,
5. 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;
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Exhibit "A"
(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.
I hereby certify under penalty of perjury that the foregoing is true
and correct.
DATED: March 16, 1981.
(SEAL)
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