Resolution No. 1891 A __ ; - _ .,
1 RESOLUTION NO. 1891
2 A RESOLUTION OF THE SOUTH TAHOE PUBLIC UTILITY
DISTRICT AUTHORIZING THE EXECUTION OF CONTRACT
3 BETWEEN EL DORADO COUNTY WATER AGENCY AND SOUTH
TAHOE PUBLIC UTILITY DISTRICT
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5 BE IT RESOLVED by the Board of Directors of the South
6 Tahoe Public Utility District, County of El Dorado, State of
7 California, as follows:
8 1. The President of the Board is hereby authorized to
9 execute a contract between El Dorado County Water Agency and
10 South Tahoe Public Utility District, a copy of which is attached
11 hereto and made a part hereof.
12 2. The Clerk of the South Tahoe Public Utility District
13 is hereby directed to attest to said President's signature and
14 affix thereto the corporate seal of said District.
15 PASSED AND ADOPTED by the Board of Directors of the
16 South Tahoe Public Utility District at its duly held regular
17 meeting on the 20th day of June, 1974, by the following vote:
18 AYES: Directors - Wakeman, Kortes, Fesler, Hegarty and Ream
19 NOES: None
20 ABSENT: None
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22 4— %l/a , A ��A- -A
• • ' n, T .V∎ r, 'resi•ent o e
23 Board of Directors of South Tahoe
Public Utility District
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25 i1m, 26
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South Tahoe Public Utility Dist -
29 rict and Ex- Officio Secretary of
the Board of Directors thereof.
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JOHN C. WEIDMAN
ATTORNEY. AT LAW
25 MAIN STREET
ilkiwZRVILLE, GA 95667
TELLMIONE
622 -596O
44E
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CONTRACT BETWEEN
EL DORADO COUNTY WATER AGENCY
AND
SOUTH TAHOE PUBLIC UTILITY DISTRICT
THIS CONTRACT entered into this 19fhday of June,
1974, by and between EL DORADO COUNTY WATER AGENCY, herein-
after referred to as "AGENCY", and the SOUTH TAHOE PUBLIC
UTILITY DISTRICT, hereinafter referred to as "DISTRICT".
WITNESSETH
WHEREAS, DISTRICT has entered into a contract
dated February 4, 1974, for the purchase of TAHOE SOUTHSIDE
WATER UTILITY, hereinafter referred to as "SOUTHSIDE", which
owns and operates a water supply and domestic and fire pro-
tection water system within the boundaries of DISTRICT, which
contract is subject to all orders and approvals of the PUBLIC
UTILITIES COlaISSION OF CALIFORNIA, hereinafter referred to
as 'COMMISSION", and which said orders and approvals are now
being reouested; and
WHEREAS, AGENCY has determined that DISTRICT is
the desirable local agency to provide a public water supply
and distribution system in the service area of DISTRICT; and
WHEREAS, DISTRICT requires a contract with AGENCY
4 6, for interim financing necessary to acquire the water supply
of SOUTHSIDE and'develop a water supply in the service area
of SOUTHSIDE and .in the service area of DISTRICT; and
WHEREAS, AGENCY has determined it would be in the
best public interest to contract with DISTRICT to provide
DISTRICT with interim financing necessary to acquire the watcr
supply of SOUTHSIDE and develop a water supply in the service
area of SOUTHSIDE and in the service area of DISTRICT; and
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WHEREAS, AGENCY has determined that said contract
for interim financing should provide for an interest free
loan to DISTRICT payable within five (5) years from the
effective date of this contract;
NOW, THEREFORE, IT IS MUTUALLY AGREED by and between
the parties as follows:
1. AGENCY will loan DISTRICT the 51/M of Ninety-Five
Thousand Dollars (*95, 000.00) when this contract bebomes
effective.
2. DISTRICT shall repay said loan in annual install-
ments, as follows:
. a. *5,000.00 one year after this contract
becomes effective;
b. $10,000.00 two years after this contract
becomes effective;
c. $20,000.00 three year after this contract
become effective;
d. $30,000.00 four years after this contract
becomes effective;
e. $30,000.00 five years after this contract
becomes effective.
3. DISTRICT shall use the loan proceeds of *95,000.00
to acquire the water supply of SOUTHSIDE and develop a water
supply in the service area of SOUTHSIDE and in the service
460 area of DISTRICT, and for no other purposes.
4. The obligation of DISTRICT to pay the amounts
specified in Agreement 2 above is a special obligation payable
solely from the revenues from the operation of SOUTHSIDE, .
subject to the following conditions:
2.
460,
411.
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461,
a. After revenues received by DISTRICT from
the operation of SOUTHSIDE are sufficient to meet the piede:0
of revenues for repayment of the contract ibr sale and pur-
chase of SOUTHSIDE, a more particularly provided in said
contract, and the necessary and reasonable maintenance,
operation and administration costs of the SOUTHSIDE water
system, which costs shall include the reasonable expenses of
management, operation, repair and other expenses necessary
to maintain and preserve the SOUTHSIDE system in good repair
and working order, a31 of the next revennen ere pledgeel by
DISTRICT to the payment of the obligation specified in Agree-
C ie ment 2 until the revenues are sufficient to meet the next
annual payment due AGENCY by DISTRICT.
b. DISTRICT agrees that it will at all time
during the term of this contract establish, maintain and
collect for the services, facilities and water of SOUTHSIDE
furnished to its customers, charges sufficient to provide
revenues to meet the pledge of revenues for the repayment
of the contract for sale and purchase of SOUTHSIDE, to
provide revenues for the necessary and reasonable maintenance,
operation and administration costs of the SOUTHSIDE water
system, and to provide revenues for the payment of the
obligation specified in Agreement 2 herein.
c. No recourse shall be had for payment of
4 6, the amount specified in Agreement 2 or any part thereof
against the General Fund of DISTRICT, nor shall its credit
or taxing power be deemed to be pledged thereto, and the
right to compel the exercise of the taxing power of the
DISTRICT or the forfeiture of any of its property for the
payment of said amounts shall not exist.
3.
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5. DISTRICT agrees to perform all of the terms
and conditions of its agreement for the purchase of SOUTHSIDE.
6. This agreement shall be effective upon the
necessary orders and approvals of the COISIISSION for the
fulfillment of the terms of the agreement of DISTRICT for
the purchase of SOUTHSIDE and when DISTRICT has financial
need for said loan for the purposes provided in Agreement 3
and requests and receives said loan funds.
EL DORADO COUNTY WATER AGENCY
By /r
W. P. WALKER, airman
ATTEST: Carl A. Kelly, County Clerk
Secretary to the Agency
Secretary beaignate
SOUTH TAHOE PUBLIC UTILITY DISTRICT
By
?resident of the 177ATTZT
- 4boe Directors
ATTEST:
Clerk
4.
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1 CERTIFICATE
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3 I hereby certify that the foregoing is a full, true
4 and correct copy of Resolution No. 1891 , duly and regularly
5 adopted by the Board of Directors of the South Tahoe Public
6 Utility District, El Dorado County, California.
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10 i it 1 c % �� _ �..a.�:. .1.4g
_ ,
er an. x-
11 Officio Secretary of the Board
South Tahoe Public Utility District
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JOHN C. WEIDMAN
ATTORNEY. AT LAW
326 MAIN STREET
PLA" '7VIU-E. CA 95667
ELEPNONL
22 -5260