Resolution 2420
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29072,18
JHHW:5RC:ce 11126/86
53799
RESOLUTION NO. 2420
A RESOLUTION SUPPLEMENTING ORDINANCE NO. 389 OF THE
SOUTH TAHOE PUBLIC UTILITIES DISTRICT
CERTIFICATES OF PARTICIPATION
(Tahoe Paradise Water System Acquisition)
RESOLVED, by the Board of Directors (the "Board") of the South Tahoe Public
Utilities District (the "District"), County of EI Dorado, State of California, that
WHEREAS, this Board has heretofore enacted Ordinance No. 389, providing for the
acquisition of public utility works and the execution of certain agreements in connection
therewith, including provisions for the issuance of Certificates of Participation by the
District in the principal amount of $760,000;
WHEREAS, under said agreements, when executed, the District may be deemed to
incur a funded indebtedness as contemplated by Section 16573 of the Public Utilities
Code of the State of California;
WHEREAS, under said Section 16573, the funded indebtedness of this District
cannot exceed 20% of the accrued valuation of all real and personal property situated
within the District; and,
WHEREAS, it is appropriate to supplement the aforesaid ordinance to p~ovide for a
determination under said Section 16573,
NOW, THERErnRE, IT IS FOUND, DETERMINED, AND ORDERED as follows:
1, F:or the fiscal year ending June 30, 1986, the principal amount of the funded
indebtedness of the District was $5,280,000.
2. The principal amount of the authorized Certificates of Participation referenced in
\.,- said ordinance is $760,000.
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3. The total funded indebtedness shall be deemed to be $6,040,000 ($5,280,000 +
$760,000).
4, The latest secured property tax roll of the County of EI Dorado for the lands in
the District total $1,613,704,547.00, Assuming that" assessed valuation" for the purposes
of Section 16573 is deemed to have the meaning ascribed by Section 135(a) of the
Revenue and Taxation Code of California, the "assessed valuation" is 25% of
$1,613,704,547.00 or $403,426,136,70.
5. Under Section 16573, the total funded indebtedness of the District may not
exceed 20% of $403,426,136,70 or $80,685,227.34. Accordingly, the total funded
indebtedness is proposed to be $6,040,000,00, which does not exceed the 20% limitation.
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ATTEST:
'rita~~
Clerk and ex officio Secretary of the
Board of Directors of the South Tahoe
Public Utility District
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PASSED AND ADOPTED at a duly held meeting of the Board of Directors of the
South Tahoe Public Utility District on December 4. 1986 , by the following
vote:
AYES: Directors Wynn, Mason, Olson
NOES: None
ABSENT: Directors Madden, Jones
he Board of Dir tors of the
oe Public Utility District
ATTEST:
r:lr cl ~~~
Clerk and ex offic 0 Secretary of the
Board of Directors of the South Tahoe
Public Utility District
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I hereby that the foregoing is a full, true and correct copy of Resolution No,
duly and regularly adopted by the Board of Directors of the South Tahoe Public Utility
District, EI Dorado County, California,
Clerk and ex officio Secretary of the
Board of Directors of the South Tahoe
Public Utility District
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