Attachment A
Resolution No. VWD 26-015
RESOLUTION NO. VWD 26-015
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
VICTORVILLE WATER DISTRICT, APPROVING THE FULL
EARLY REDEMPTION OF THE OUTSTANDING BALDY
MESA WATER DISTRICT PARITY CERTIFICATES OF
PARTICIPATION (WATER SYSTEM IMPROVEMENT
PROJECT), SERIES 2006
WHEREAS, on March 1, 2006, the Baldy Mesa Water District issued $13,070,000 in Parity Certificates of Participation (the “Certificates”) to finance water system improvements within the Baldy Mesa Water District service area; and WHEREAS, on August 15, 2007, the former Victor Valley Water District and Baldy Mesa Water District were consolidated to create what is now the Victorville Water District (the “District”), and all liabilities, including the debt obligations of the former Victor Valley Water District and Baldy Mesa Water District, were assumed by the District and the City effective July 1, 2007; and
WHEREAS, pursuant to the Trust Agreement, the Certificates may be optionally prepaid in full prior to their stated maturity, without a redemption premium or penalty, at a prepayment price equal to the outstanding principal amount plus accrued interest through the redemption date; and
WHEREAS, as of August 1, 2026, the outstanding principal amount of the Certificates is $6,305,000; and
WHEREAS, the District desires to fully redeem the outstanding Certificates prior to their stated maturity in the principal amount of $6,305,000, together with accrued interest through the redemption date; and
WHEREAS, the General Manager, or their designee, requires authorization to execute the required instruction letter to the Trustee and to take all other necessary actions to effectuate the full redemption.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE VICTORVILLE
WATER DISTRICT DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. The Board of Directors hereby approves the full early redemption of the outstanding Baldy Mesa Water District Parity Certificates of Participation (Water System Improvement Project), Series 2006, in the outstanding principal amount of $6,305,000, together with accrued interest through the redemption date, in accordance with the applicable Trust Agreement.
Section 2. The General Manager, or their designee, is hereby authorized to execute the required instruction letter to the Trustee directing the full early redemption of the outstanding Certificates and specifying the applicable redemption date, redemption amount, and Certificates to be redeemed.
Section 3. The General Manager, or their designee, is hereby authorized to take all other necessary actions and execute all documents necessary or appropriate to effectuate the full early redemption of the outstanding Certificates, including arranging for the transfer of the required funds to the Trustee.
Section 4. The City Clerk shall certify as to the adoption of this Resolution.
Section 5. This Resolution shall take effect immediately upon its adoption.