HomeMy WebLinkAbout1978-05-17; Municipal Water District; Resolution 372RESOLUTION NO. 372
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A RESOLUTION OF THE BOARD OF DIRECTORS
OF CARLSBAD MUNICIPAL WATER DISTRICT
AUT2IORIBING ISSUANCE OF NEGOTIABLE
PROMISSORY NOTE IN THE PRINCIPAL AMOUNT OF
$500,000.00 TO SOUTHWEST BANK IN ACCORDANCE V?ITH
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 con-
struct an extension of the TRI-AGENCIES PIPELINE for the construc-
tion of a water transmission line and appurtenances thereto within
the boundaries of CARLSBAD MUNICIPAL WATER DISTRICT; 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 negotiable promissory notes
in the principal sum of $500,000.00, in accordance with Section
71810 and 71811, Water Code of the State of California, to secure
some of the necessary funds for said extension; and
WHEREAS, the Board of Directors of the CARLSBAD MUNICIPAL
WATER DISTRICT has caused a notice inviting quotations on the
said negotiable promissory notes to be delivered to all financial
institutions located within the boundaries of CARLSBAD MUNICIPAL
WATER DISTRICT; and
GJHEREAS, 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 HEREBY RESOLVE AND ORDER AS FOLLOWS:
1. The quotation of SOUTHWEST BANK to loan to CARLSBAD
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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
the following terms and conditions:
Principal Amount: $ 500,000.00
Interest Rate: 5 3/4% per annum, on principal
balance remaining from time to
time .
Principal Payment: $50,000.00 or more on January
1, 1979, and on July 1, 1979, 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, 1979 and on July
1, 1979 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 be-
half of CARLSBAD MUNICIPAL WATER DISTRICT.
ADOPTED, SIGNED AND APPROVED this 17th day of May, 1978.
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President of CARLSBAD MUNICIPAL
WATER DISTRICT and of the Board
of Directors thereof.
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ATTEST :
RKLE
BAD MUNICIPAL
of the Board
of Directors thereof.
STATE OF CALIFORNIA 1
COUNTY OF SAN DIEGO 1 1 ss
I, FRED W. MAERKLE, 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 WATER DISTRICT at a regular meeting of
said Board held on the 17th day of May, 1978, and that it was so
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adopted by the following vote:
AYES : Directors: KELLY, MacLEOD,
MAERKLE
NOES : Directors: None
ABSTAIN : Directors: ENGELMANN, UHLINGER
ABSENT : Directors: None
Secretary /o CARLSBAD MUNICIPAL
of Directors thereof.
WATER DISTR I CT and of the Board
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