Resolution 2856-09
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RESOLUTION NO. 2856-09
A RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
APPROVING A LENDING OF THE MTBE RESERVE FUND
TO THE WATER FUND
WHEREAS, current waterline replacement prices have decreased significantly
from the prior year, and the District is in the position to move forward with certain
waterline projects if funding were available; and
WHEREAS, the Board of Directors has adopted Ordinance 515-09 amending
Ordinance 482-02 Section 3.6.3 "Use of MTBE Funds", which will allow for a short term
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lending of the MTBE Funds to the Water Fund; and
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WHEREAS, the requested lending amount and repayment term will not affect the
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timeline or cash reserve available for the scheduled MTBE projects; and
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NOW, THEREFORE, BE IT RESOLVED, the Board of Directors of the South
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Tahoe Public Utility District authorizes a loan from the MTBE Reserve Fund to the
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Water Fund up to $1,100,000 for certain waterline replacement projects. The loan will
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be repaid during Fiscal Year 2010/11 upon the District's receipt of a $15,000,000
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borrowing currently scheduled for the second half of Fiscal Year 2010/11, or earlier.
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on the remaining MTBE Contamination Fund balance.
Interest will accrue on the borrowed balance at a rate equal to the interest rate earned
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This Resolution shall be effective upon the effective date of Amending
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WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
Resolution was duly adopted and passed by the Board of Directors of the South Tahoe
Public Utility District at a regularly scheduled meeting held on the 5th day of
March, 2009 by the following vote:
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AYES:
Directors Mosbacher, Rise, Claudio, Jones, Schafer
NOES:
None
None
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