HomeMy WebLinkAboutCC RES 83-097....
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3 RESOLUTION NU. 83-97
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN,
5' CREATING A DEBT SERVICE SURCHARGE FUND.
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7~~ WHEREAS, it has been determined that it would be a cost benefit to the
customers of the Tustin Water Service to provide debt service reserves for
g existing water service bonds, including the 1983 lease revenue Series A bonds,,
from a surcharge as opposed to refinancing said bonds and adjusting the water
9 usage charges; and
10 WHEREAS, from time to time Tustin Water Service has had to enter into short
term borrowings in order to meet the ongoing opertaional needs of the water
11; service;
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12 ~ NOW, THEREFORE, THE City Council of the City of Tustin does hereby resolve as
follows:
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1. The Finance Director is authorized to create a new fund to be called
14 the Debt Surcharge Fund.
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2. All revenues generated from water rate surcharges will be accounted
16 for in this fund. I,
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3. All interest generated by idle cash in this fund will accrue directly)
to the fund authorized.
4. Expenditures made from this fund shall include principal and interests
payments on assumed bond liabilities; semi-annual lease payments to
the City of Tustin Water Corporation; annual developer advance
refunds; and other debt of the water enterprise as approved by the
City Council. '~
PASSED AND ADOPTED at a regular meeting of the City Council of the City of II
Tustin, California, held on the 21st day of November, 1983. ',
Ronald B. Hoesterey, .M or
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Mary E. n,
City Cler
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STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF TUSTIN
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MARY E. WYNN, City Clerk and ex-officio Clerk of the City Council of the City of
Tustin, California, does hereby certify that the whole number of the members of
the City Council of the City of Tustin is five; that the above and foregoing
Resolution No. 83-97 was duly and regularly introduced, passed and adopted at a
regular meeting o~ tFie Ci ty Council held on the 21st day of November, 1983, by the
following vote:
AYES COUNCILPERSONS: Edgar, Greinke, Hoesterey, Kennedy, Saltarelli
NOES COUNCILPERSONS: None
ABSENT: COUNCILPERSONS: None
MARY E. WYNN, ity Clerk
City of Tusti Californ a