Reso 0348-07/1971 RESOLUTION NO. 348
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 1971-1972 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, 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 Improvement Dist-
rict 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 to provide
for the payment of interest and principal on the District's bonded
debt and claims against and expenses incurred by the District.
NOW, THEREFORE, the Board of Directors of the San Marcos
County Water District states, finds, determines, and orders that:
SECTION I:
A. That in the judgment of the Board of Directors of the
Resolution No. 348, Page 2
San Marcos County Water District the revenues of said District for the
fiscal year 1971-1972 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 judgment of the Board of Directors of the
San Marcos County Water District the revenues of said improvement
District No. 6 for the fiscal year 1971-1972 are likely to be inade-
quate 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 as it becomes due is $125,000.00.
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 $85,640.00.
SECTION III:
A. That the whole San Marcos County Water District was
benefitted by incurring said bonded debt.
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.
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
Resolution No. 348, Page 3
Code of the State of California be furnished to the Board of Supervisors
and the Auditor of the County of San Diego.
ADOPTED this 19th day of July 1971~
Preside t of the Board o~irectors
of San ~arcos County Water District
ATTEST: