Resolution 2592
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RESOLUTION NO. 2592
A RESOLUTION OF THE BOARD OF DIRECTORS OF
SOUTH TAHOE PUBLIC UTILITY DISTRICT
2
3
4
5
DECLARATION OF OFFICIAlJ INTENT OF
SOUTH TAHOE PUBLIC UTILITY DISTRICT
TO REIMBURSE CERTAIN CAPITAL EXPENDITURES
FROM PROCEEDS OF TAXABLE OR TAX-EXEMPT INDEBTEDNESS
6 WHEREAS, the South Tahoe Public Utility District (the
7 "District") intends to construct water improvements as listed in
8 Exhibit A hereto (the "Project");
9 WHEREAS, the District expects to pay certain capital
10 expenditures in connection with the Project prior to the issuance
1] of taxable or tax-exempt indebtedness to be used to finance such
12 d'
expen ltures;
13
14
15
WHEREAS, the District is authorized to incur or issue
debt obligations to finance costs of the Project;
WHEREAS, the District anticipates it will issue debt
16 obligations for the purpose of financing costs of the Project on a
17 long-term basis; and
18
WHEREAS, Section 1.150-2 of the Treasury Regulations
19 requires the District to declare its reasonable official intent to
20 reimburse prior expenditures for the Project with proceeds of a
2] taxable or tax-exempt borrowing;
22 NOW, THEREFORE, BE IT RESOLVED by the Board of Directors
23 of the South Tahoe Public Utility District as follows:
24
Section 1. The Board of Directors of the District finds
25 and determines that the foregoing recitals are true and correct.
26
27
Section 2. This Resolution is adopted by the Board of
Directors of the District solely for purpose of establishing
28 compliance with the requirements of Section 1.150-2 of the Treasury
~
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Resolution No. 2592 - Page 2
Regulations. The Resolution does not bind the District to make any
2 expenditures, incur any indebtedness, or proceed with the Project.
3 Section 3. The Board of Directors expects the District
4 will pay certain capital expenditures in connection with the
5 Project prior to the issuance of taxable or tax-exempt indebtedness
6 for the Project. The reimbursement of such Project expenditures is
7 consistent with the District's established budgetary and financial
8 circumstances. As of the date hereof, the Board of Directors of
9 the District reasonably expects that such Project expenditures
]0 listed in Exhibit A hereto shall be paid from the District's funds
11 listed. No portion of such funds or any other fund of the District
12 or of any related person has been theretofore budgeted to be used
13 to pay the costs of the Project (or any portion thereof). The
14 Board of Directors of t?e District does not expect that moneys in
15 the District's Water Capital Outlay Fund and Sewer Capital Outlay
16 Fund temporarily used to pay such proj ect expenditures will be
17 permanently available for the Project. Other than proceeds of
18 taxable or tax-exempt indebtedness to be issued for the Project,
19 there are no funds or sources of moneys that have been, or
20 reasonably are expected to be, allocated, reserved, or otherwise
21 made available on a long-term basis pursuant to the District's
22 budget to pay costs of the Project.
23 Section 4. Project expenditures that are to be reim-
24 bursed to the District shall not have been paid from proceeds of
25 any other tax-exempt indebtedness.
26 Section 5. The Board of Directors of the District hereby
27 declare the District's official intent to use proceeds of taxable
28 or tax-exempt indebtedness in a principal amount not to exceed
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18
19
20
Resolution No. 2592 - Page 3
$12,000,000 to reimburse itself for future Project expenditures.
2
The Board of Directors of the District reasonably expects that such
3 indebtedness will be secured by and payable from the Water Enter-
4 prise Fund revenues.
5
Section 6. This Resolution shall be continuously avail-
6 able for inspection by the general public during normal business
7 hours at the offices of the District, located at 1275 Meadow Crest
8 Drive, Sou'th Lake Tahoe, California.
9
Section 7. This Resolution shall take effect from and
10 after its adoption.
1] PASSED, APPROVED, AND ADOPTED at a duly held Regular
12 Meeting of the Board of Directors of the South Tahoe Public Utility
13 District on the 5th day of May, 1994 by the following vote:
14
15
AYES: Directors Wallace, Strohm, Jones, Mosbacher, Mason
NOES: None
16 ABSENT: None
17 ABSTAIN: None
~Ldt1Q~
DUANE WALLACE, PRESIDENT OF THE BOARD
SOUTH TAHOE PUBLIC UTILITY DISTRICT
21 ATTEST:'
KATHY
22 SOUTH
23
24
25
26
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