HomeMy WebLinkAbout1979-07-18; Municipal Water District; Resolution 386RESOLUTION NO. 386
A RESOLUTION OF THE BOARD OF DIRECTORS
OF CARLSBAD MUNICIPAL F7ATER DISTRICT
AUTHORIZING ISSUANCE OF NEGOTIABLE
PROMISSORY NOTE IN THE PRINCIPAL AMOUNT OF
$500,000.00 TO SOUTHWEST BANK IN ACCORDANCE WITH
SECTION 71810 AND 71811,
WATER CODE OF THE STATE OF CALIFORNIA
WHEREAS, the Board of Directors of the CARLSBAD MUNICIPAL
WATER DISTRICT has deemed it to the best interests of the CARLS-
BAD MUNICIPAL WATER DISTRICT and the inhabitants thereof to
participate with SAN MARCOS COUNTY WATER DISTRICT and OLIVENHAIN
MUNICIPAL WATER DISTRICT in the construction of a water transmis-
sion line and appurtenances thereto, commonly known as "SOUTH
AQUEDUCT CONNECTION" ; and
WHEREAS, the Board of Directors of the CARLSBAD MUNICIPAL -
WATER DISTRICT has deemed it to the best interests of the CARLS-
BAD MUNICIPAL WATER DISTRICT to issue a negotiable promissory
note in the principal sum of $500,000.00, in accordance with Sec-
tion 71810 and 71811, Water Code of the State of California, to
secure some of the necessary funds €or said construction; and
WHEREAS, SOUTHWEST BANK has submitted an acceptable quota-
tion to CARLSBAD MUNICIPAL WATER DISTRICT on said proposed nego-
tiable promissory note.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF CARLSBAD MUNICI-
PAL WATER DISTRICT DOES HEP&BY RESOLVE AND ORDER AS FOLLOW:
__ 1. The quotation of SOUTHWEST BANK to loan to CARLSBAD
MUNICIPAL WATER DISTRICT the principal sum of $500,000.00, by - issuing a negotiable promissory note, in accordance with Section
71810 and 71811, Water Code of the State of California, under
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the following terms and conditions:
Principal Amount: $500,000.00
Interest Rate: 6.25% per annum, on principal
balance remaining from time
to time.
Principal Payment: $50,000.00 or more on January
1, 1980, and on July 1, 1980,
and on the 1st day of January
and 1st day of July of each
calendar year thereafter until the principal sum has been paid in full.
Interest Payment: On January 1, 1980 and on July
1, 1980 and on the 1st day of January and 1st day of July of each calendar year thereafter until the total principal sum
has been paid in full.
is hereby accepted.
2. The payment of the sums due under said negotiable pro-
missory note shall be payable from revenues and taxes levied for
purposes of the District, other than the payment of principal and
-
interest on any bonded debt of the District or of an improvement
district therein, in accordance with Section 71810, Water Code of
the State of California.
3. The President and Secretary of the CARLSBAD MUNICIPAL
WATER DISTRICT and of the Board of Directors thereof are autho-
rized and hereby directed to execute any documents for and on
behalf of CARLSBAD MUNICIPAL WATER DISTRICT.
ADOPTED, SIGNED AND APPROVED this 18th day of July, 1979.
DONALD A. MacLEOD
President of CARLSBAD MUNICIPAL
WATER DISTRICT and of the Board
of Directors thereof.
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ATTEST :
!
Secrefyiry of ~ARLSBAD MUNICIPAL
WATER DISTRICT and of the Board of Directors thereof.
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
) ss.
I, MARGARET J. BONAS, Secretary of the Board of Directors
of CARLSBAD MUNICIPAL WATER DISTRICT, DO HEREBY CERTIFY that the
foregoing Resolution was duly adopted by the Board of Directors
of CARLSBAD MUNICIPAL FlATER DISTRICT at a regular meeting of
said Board held on the 18th day of July, 1979, and that it was
so adopted by the following vote:
AYES: Directors: BONAS, KELLY, MacLEOD,
MAERKLE
NOES : Directors: None
ABSTAIN : Directors: ENGELMANN
ABSENT : Directors: None
y of CA~~SBAD MUNICIPAL
WATER secre@ ISTRICT and of the Board
of Directors thereof.
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