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RESOLUTION 9100
<br />A RESOLUTION LEVYING TAXES FOR THE FISCAL YEAR
<br />COMMENCING JULY 1, 2009 AND ENDING JUNE 30, 2010
<br />FOR THE, PURPOSES OF THE METROPOLITAN WATER DISTRICT
<br />OF SOUTHERN CALIFORNIA
<br />The Board of Directors of The Metropolitan Water District of Southern California, after receiving, considering,
<br />and evaluating evidence and all material factors pertaining thereto, including budget requirements, water rates and
<br />revenues, and tax rates and revenues, finds, determines, and resolves:
<br />Section 1.
<br />FINDINGS
<br />Water Rates
<br />With full review of (1) evidence presented, and (2) all material factors and considerations, the Board of Directors
<br />has Mixed water rates to be effective for the fiscal year beginning July 1, 2009, which, in the debated, informed
<br />and considered discretion of the Board, are in compliance with Section 134 of the Metropolitan Water District
<br />Act, in that the Board, so far as practicable, has fixed such rates as will result in revenue which will pay the
<br />District's operating expenses, provide for maintenance and repairs, provide for payment of the purchase price or
<br />other charges for property or services or other rights acquired by the District, and provide for the payrrlent of the
<br />interest and principal of District bonds, notes and other evidences of indebtedness under the applicable provisions
<br />of the Metropolitan Water District Act authorizing debt issuance and retirement,
<br />Taxation
<br />In its informed discretion, based upon fill review of evidence presented and all material factors and
<br />considerations, including the budget, the Board of Directors finds and determines that the District's revenues for
<br />the said fiscal year fi-om water sales and sources other than ad valorem property taxes, after payment of the
<br />District's operation and maintenance expenses, the operation, maintenance, Dower, and replacement charges due
<br />tinder the District's State contract, revenue bond service, deposits to the revenue bond reserve fund, short term
<br />revenue certificate (commercial paper note) service, net costs of operating equipment, and net inventory costs
<br />during the fiscal year, as wel I as the maintenance of prudent reserves for unforeseen District expenditures or
<br />unforeseen reduction in District revenue, will be insufficient to provide for general obligation bond service and to
<br />pay the District's remaining contract obligations to the State of California for sale and delivery of water.
<br />Therefore, the Board finds and determines that it is necessary, and required by law, to levy taxes as provided in
<br />this Resolution and the exhibits attached, sufficient, when taken with other revenues available for the purpose, to
<br />meet all of the foregoing obligations and fin.anciai requirements, in the amounts and rates set forth in this
<br />Resolution anti the schedules attached and incorporated therein.
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