Resolution 2835-07
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RESOLUTION NO. 2835-07
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SOUTH TAHOE
PUBLIC UTILITY DISTRICT AUTHORIZING AND DIRECTING THE
EXECUTION OF AN INSTALLMENT SALE FINANCING OF PUBLIC CAPITAL
IMPROVEMENTS WITH=PUBLIC PROPERTY FINANCING CORPORATION
OF CALIFORNIA, AND RELATED DOCUMENTS
RESOL VED, by the Board of Directors of the South Tahoe Public Utility District (the
"District"):
WHEREAS, the District wishes to finance various capital projects, including
improvements to the District's sewer collection system, pump stations, wastewater treatment
plant, and recycled water system. The total cost of the sewer capital projects includes the costs
for construction, engineering and planning documents (the "Project"); and
WHEREAS, such financing is in the public interest and for the public benefit, and the
District wishes to approve, authorize and direct the execution of the hereinafter defined
Installment Sale Agreement and certain other financing documents in connection therewith;
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WHEREAS, the Installment Sale Payments to be paid by the District under the
Installment Sale Agreement will be assigned to Union Bank of California, N.A. (the "Bank") in
consideration of the Bank's funding of the Construction Fund under the Installment Sale
Agreement referenced below, the proceeds of which will be applied to the acquisition and
construction of the Project; and
WHEREAS, the documents below specified have been filed with the District, and the
members of the Board of Directors, with the aid of its staff, have reviewed said documents;
NOW, THEREFORE, it is hereby DECLARED AND ORDERED as follows:
1. The below-enumerated documents are hereby approved, and the Board President, the
Vice President, the General Manager and the Chief Financial Officer, are hereby separately
authorized and directed to execute said documents, with such changes, insertions and
omissions as may be approved by such officials, and the Clerk of the Board is hereby authorized
and directed to attest to such official's signature:
(a) an installment sale agreement relating to the sale and purchase of the Project,
between Public Property Financing Corporation of California, as seller, and the District, as
purchaser (the "Installment Sale Agreement"), so long as the stated term of the Installment Sale
Agreement does not extend beyond twenty (20) years (except in the case of default), so long as
the interest rate on the Installment Sale Payments does not exceed 4.199%, and so long as the
principal amount of the Installment Sale Agreement does not exceed $10,000,000;
(b) an Alternative Dispute Resolution Agreement, by and between the District and the
Bank; and
(c) that document entitled" Authorization To Obtain Credit, Grant Security, Guarantee
or Subordinate."
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2. The Board President, the Vice President, the General Manager, the Chief Financial
Officer and all other appropriate officials of the District are hereby authorized and directed to
execute such other agreements, documents and certificates as may be necessary to effect the
purposes of this resolution and the financing herein authorized.
3. This Resolution shall take effect upon its adoption by this Board of Directors.
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PASSED AND ADOPTED by the Board of Directors of South Tahoe Public Utility
District at a duly held regular meeting on the 2nd day of August, 2007, by the following roll call
vote:
AYES:
Directors Jones, Wallace, Schafer, Mosbacher
NOES:
None
Director Farrell
ABSENT:
Member
Eric Schafer, resi t, Board of Directors
South Tahoe Public Utility District
ATTEST:
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