Resolution 2337 3
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RESOLUTION NO. 2337
A RESOLUTION DETERMINING THAT THE ISSUANCE
OF DISTRICT BONDS IS NOT SUBJECT TO PRIOR
INVESTIGATION, REPORT AND APPROVAL BY THE
OFFICE OF THE STATE TREASURER, DISTRICTS
SECURITIES DIVISION
SOUTH TAHOE PUBLIC UTILITY DISTRICT
SUPPLEMENTAL ASSESSMENT DISTRICT 1971-1A
RESOLVED, by the Board of Directors of the South Tahoe Public Utility
District, County of E1 Dorado, California, as follows:
1. The South Tahoe Public Utility District, herein called "District",
is a public utilities district formed pursuant to the provisions of the Public
Utility District Act (Division 7 of the Public Utilities Code of the State of
California).
2. This Board proposes to issue on or after June 19, 1984, subdistrict
bonds in the approximate amount of $239,317.06 for said Assessment District.
The bonds for said special assessment district will be designated "South Tahoe
Public Utility District Improvement Bonds, Supplemental Assessment District
1971-1A, Series 1984-1A". The amount of the bonds to be issued will not
exceed the amount set forth above and may be somewhat less than said amount by
reason of cash payments made by the owners of property prior to issuance of
the bonds. Such bonds are to be issued by District under the Improvement Bond
Act of 1915. Said special assessment district comprises less than the entire
territory of District.
3. Section 58753 of the District Securities Investigation Law of 1965
(Chapter 2.5, Division 2, Title 6 of the Government Code of the State of
California) provides, in part, that the issuance of subdistrict bonds shall be
subject to prior investigation, report and approval by the State Treasurer,
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Districts Securities Division, whenever the sum of the following amounts shall
exceed 200 percent of the market value of land and improvements within the
subdistrict as shown on the last equalized county assessment roll:
(1) An amount equal to the subdistrict's share of any outstanding
District indebtedness, such share being in the proportion that the
market value of land and improvements within the territory of such
subdistrict bears to the market value of land and improvements
within the entire territory of the District;
(2) An amount equal to the unpaid principal amount of all subdistrict
bonds theretofore issued for said subdistrict;
(3) The principal amount of the proposed bonds.
The sum of the amounts specified at (1), (2) and (3) above with respect to the
subdistrict described in paragraph 2 hereof does not exceed 200 percent of the
market value of land and improvements within said subdistrict as shown on the
last equalized county assessment roll. (See Exhibit "A" attached hereto and
made a part hereof.)
4. This Board hereby determines that the issuance of the subdistrict
bonds set forth in paragraph 2 hereof is not subject to prior investigation,
report and approval by the State Treasurer.
5. The Clerk and Ex-officio Secretary of this District is directed to
file a certified copy of this resolution with the State Treasurer at least
fourteen (14) days prior to date of the issuance of the bonds.
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U President
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ATTEST:
s
Clerk and ex off cio Secretary
I hereby certify that the foregoing is a full, true and correct copy of
Resolution No. 2337 duly and regularly adopted by the Board of Directors of
the South Tahoe Public Utility District, E1 Dorado County, California, at a
meeting thereof duly held on the 17th day of May 1984, by the
following vote:
AYES, and in favor thereof, Directors: Madden, Wynn, Olson, Mason
NOES, Directors: None
ABSENT, Directors: Jones
Clerk and ex officio Secretary
South Tahoe Public Utility District
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A. Market value of land and improvements (1983-84 roll):
Within subdistrict $ 5,454,498
Within District 1,384,477,440
Proportion that subdistrict market value bears to
District market value: 5,454,498 if 1,384,477,440 = 0.0039
B. (1) District's outstanding indebtedness:
General obligation bonds $2,665,000
Sewer revenue bonds 1,240,000
Existing State loans for sewer 456,647
Accrued interest on State loan (a)
For Sewer Fund 212,470
Total $4,574,117
Subdistrict's share: 0.0039 x 4,574,117 = $ 17,839
(2) Unpaid principal amount of prior
issued subdistrict bonds 1,416,000
,r (3) Principal amount of proposed bonds 239,317
Total of (1), (2) and (3) $ 1,673,156
C. Percentage of subdistrict market value represented by
sum of (1), (2) and (3): 1,673,156 z 5,454,498 = 30.7%
*(a) long-term payoff permitted
SOUTH TAHOE PUBLIC UTILITY DISTRICT
EXHIBIT A