HomeMy WebLinkAboutRes - 1993.76 - General Obligation Bonds Imo,
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RESOLUTION 1993.76
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE EAST VALLEY WATER
DISTRICT TO TRANSFER FUNDS - MATURED SEWER BONDS
WHEREAS, the East Valley Water District has issued general obligation bonds,
known as Sewer Revenue Bonds of 1958 Division No. 1, to finance construction of certain
sewer projects, dated January 1, 1958 with principal and interest maturing from 1963 to
1990 inclusive, and;
WHEREAS, at January 1, 1993 all of the interest and principal due under those
bonds has matured and is payable by the East Valley Water District to the holders of
those bonds; and;
WHEREAS, bondholders have failed to present their coupons for payment of
interest and principal in the amount of$7,517.50; and
WHEREAS, it is in the best interest of the East Valley Water District to transfer the
funds previously accummulated to pay the interest and principal on these bonds; and
WHEREAS, East Valley Water District will indemnify and guarantee from its
general funds the obligations which have previously been funded by restricted debt
service funds;
NOW THEREFORE BE IT RESOLVED, that the Board of Directors of the East
Valley Water District does hereby authorize the officers of the East Valley Water District
to transfer funds from the 1958 sewer bond debt service fund to the general funds of the
District in the amount of$7,517.50;
And, it is further resolved that the East Valley District hereby agrees to indemnify
and guarantee to the bondholders of the 1958 sewer bond, full and complete payment of
any bonds presented to the District within four years of this resolution.
The foregoing resolution was duly adopted at a meeting of the Board of Directors of
the East Valley Water District by motion made, duly seconded and carried unanimously
on April 12, 1993.
AYES: Directors: Disch, Stoops, Sturgeon,Douglas, Lightfoot
NOES: None
ABSENT: None
EAS ALLEY WATER DISTRICT
- m 4-*/4 RI-. - - ,
Gle n R. Lightfoot, President
ATTE : -
Sandra Shepherd, Secretary