Reso 0373-07/1973 RESOLUTION NO. 373
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SAN
MARCOS COUNTY WATER DISTRICT ESTIMATING THE
MINIMUM AMOUNT OF MONEY REQUIRED TO BE RAISED
BY TAXATION FOR THE FISCAL YEAR 1973-1974 TO
PROVIDE FOR THE PAYMENT OF INTEREST AND PRINCIPAL
ON ITS BONDED DEBT AND CLAIMS AGAINST THE DIST-
RICT AND EXPENSES TO BE INCURRED BY THE DISTRICT
BE IT RESOLVED by the Board of Directors of the San Marcos
County Water District as follows:
WHEREAS, the Board of Directors of the San Marcos County
Water District is required to furnish the Board of Supervisors of
the County of San Diego and the County Auditor of said County, with
a statement containing the information, facts and estimates required
by Section 31701 of the Water Code of the State of California, and
WHEREAS, San Marcos County Water District has heretofore
incurred a bonded debt in the principal amount of $2,248,000.00
for the benefit of the whole district and the district will be
required to make payments of interest and the principal on said
bonded debt during the present fiscal year, excepting therefrom
Improvement District "A", and
WHEREAS, Improvement District No. 6 has heretofore incurred
a bonded debt in the principal amount of $1,200,000.00 for the
benefit of the whole of Improvement District No. 6, but only Improve-
ment District 6, and that said Improvement District will be required
to make payments of interest and the principal on said bonded debt
during the present fiscal year, and
WHEREAS, this Board of Directors has heretofore caused a
study to be made of the revenues which will be received by San Marcos
County Water District during this fiscal year, the expenses that will
be incurred and the claims which will have to be paid during said
period, and it is apparent that it is going to be necessary to levy
taxes on all of the taxable property within the District, excepting
therefrom Improvement District "A", to provide for the payment of
interest and principal on the District's bonded debt and claims
against and expenses incurred by the District.
Resolution No. 373
NOW, THEREFORE, the Board of Directors of the San Marcos
County Water District states, finds, determines, and orders that:
Section 1:
A. That in the judgement of the Board of Directors of the
San Marcos County Water District the revenues of said District for the
Fiscal Year 1973-1974 are likely to be inadequate to pay the interest
and principal on its bonded debt, the expense of the District and claims
against the District that will be incurred and fall due during this
fiscal year.
B. That in the judgement of the Board of Directors of the
San Marcos County Water District the revenues of said Improvement
District No. 6 for the fiscal year 1973-1974 are likely to be inadequate
to pay the interest and principal on its bonded debt, the expenses of
improvement District No. 6 and claims against Improvement District No.
6 that will be incurred and fall due during this fiscal year.
SECTION II:
A. That it is estimated that the minimum amount of money
required for the payment of interest and principal on the bonded debt
of the San Marcos County Water District, excepting therefrom Improvement
District "A", as it becomes due is $126,000.00.
B. That it is estimated that the minimum amount of money
required for the payment of interest and principal on the bonded debt
of Improvement District No. 6 as it becomes due is $83,825.00.
SECTION III:
A. That the whole San Marcos County Water District was
benefitted by incurring said bonded debt, excepting therefrom Improve-
ment District "A".
B. That the whole Improvement District No. 6 was benefitted
by incurring said bonded debt.
SECTION IV:
A. That it is estimated that the minimum amount of money
required for the San Marcos County Water District for all other
expenses of, and claims against the said District is nil.
Resolution No. 373
B. That it is estimated that the minimum amount of money
required for Improvement District No. 6 for all other expenses of, and
claims against the said District is $16,075.00.
SECTION V:
That the statement required by Section 31701 of the Water
Code of the State of California be furnished to the Board of Super-
visors and the Auditor of the County of San Diego.
ADOPTED this 16th day of July, 1973, by the following roll
call vote:
AYES: Directors: Dutton, Vanderbeck, Dow, Mahr and
Blanchard
NOES: Directors: None
ABSTAIN: Directors: None
ABSENT: Directors: None
San Marcos County Water District
ATTEST: