Resolution 2918-12 APPLICATION/AUTHORIZATION/REIMBURSEMENT/DEDICATED SOURCE OF
REVENUE RESOLUTION
NO.2918-12
® APPLICATION/AUTHORIZED REPRESENTATIVE RESOLUTION
BE IT RESOLVED by the South Tahoe Public Utility District(STPUD) Board of
Directors that the General Manager, Assistant General Manager/Engineer, and/or the
Chief Financial Officer is hereby authorized and directed to sign and file, for and on
behalf of the STPUD, a Financial Assistance Application for a financing agreement from
the State Water Resources Control Board for the planning, design, and construction of
the following sewer project:
Diamond Valley Ranch Wastewater Irrigation Improvements
BE IT RESOLVED that the STPUD hereby agrees and further does authorize the
aforementioned representative or his/her designee to certify that the Agency has and will
comply with all applicable state and federal statutory and regulatory requirements related
to any financing or financial assistance received from the State Water Resources Control
Board; and
BE IT FURTHER RESOLVED that the GM, Assistant GM/Enq. or CFO or his/her
designee of the STPUD is hereby authorized to negotiate and execute a financial
assistance agreement from the State Water Resources Control Board and any
amendments or change orders thereto and certify financing agreement disbursements
on behalf of the STPUD.
REIMBURSEMENT RESOLUTION
WHEREAS, the STPUD (the "Agency")desires to finance the costs of constructing
and/or reconstructing certain public facilities and improvements relating to its water and
wastewater system, including certain treatment facilities, pipelines and other
infrastructure (the "Project"); and
WHEREAS, the Agency intends to finance the construction and/or reconstruction of
the Project or portions of the Project with moneys ("Project Funds") provided by the
State of California, acting by and through the State Water Resources Control Board
(State Water Board); and
WHEREAS, the State Water Board may fund the Project Funds with proceeds from
the sale of obligations the interest upon which is excluded from gross income for federal
income tax purposes (the "Obligations"), and
WHEREAS, prior to either the issuance of the Obligations or the approval by the
State Water Board of the Project Funds the Agency desires to incur certain capital
expenditures (the "Expenditures")with respect to the Project from available moneys of
the Agency; and
WHEREAS, the Agency has determined that those moneys to be advanced on and
after the date hereof to pay the Expenditures are available only for a temporary period
and it is necessary to reimburse the Agency for the Expenditures from the proceeds of
the Obligations.
NOW, THEREFORE, THE AGENCY DOES HEREBY RESOLVE, ORDER AND
DETERMINE AS FOLLOWS:
SECTION 1. The Agency hereby states its intention and reasonably expects to
reimburse Expenditures paid prior to the issuance of the Obligations or the approval by
the State Water Board of the Project Funds.
Resolution No.2918-12
Dated 10-04-12
Page 2
SECTION 2. The reasonably expected maximum principal amount of the
Project Funds is $10 Million Dollars.
SECTION 3. This resolution is being adopted no later than 60 days after the
date on which the Agency will expend moneys for the portion of the Project costs to be
reimbursed with Project Funds.
SECTION 4. Each Agency expenditure will be of a type properly chargeable to
a capital account under general federal income tax principles.
SECTION 5. To the best of our knowledge, this Agency is not aware of the
previous adoption of official intents by the Agency that have been made as a matter of
course for the purpose of reimbursing expenditures and for which tax-exempt obligations
have not been issued.
SECTION 6. This resolution is adopted as official intent of the Agency in order
to comply with Treasury Regulation §1.150-2 and any other regulations of the Internal
Revenue Service relating to the qualification for reimbursement of Project costs.
SECTION 7. All the recitals in this Resolution are true and correct and this
Agency so finds, determines and represents.
DEDICATED SOURCE OF REVENUE RESOLUTION
The STPUD hereby pledges and dedicates the following fund and revenues to pay
any and all Clean Water State Revolving fund financing agreement(s) on Project No. C-
06-5611-110: sewer enterprise fund and sewer revenues (including all sewer charges.)
So long as this financing agreement is outstanding, STPUD's pledge hereunder shall
constitute a lien in favor of the State Water Resources Control Board on the foregoing
fund(s)and revenue(s)without any further action necessary. So long as the financing
agreement is/are outstanding, the STPUD commits to maintaining the fund(s)and
revenue(s)at levels sufficient to meet its obligations under the financing agreement.
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 4th day of October,
2012, by the following vote:
AYES: Cefalu, Jones, Vogelgesang, Sheehan, Schafer
NOES: None
ABSENT: None
Eric Schafer, ar resident
South Tahoe P blic Utility District
ATTEST:
_
Kathy Sharp, Cle 'the :card
C
CERTIFICATION
I do hereby certify that the foregoing is a full, true, and correct copy of a
resolution duly and regularly adopted at a meeting of the STPUD Board of
Directors held on October 4, 2012.
Kathy Sh y 8,-Clerk of th: :oard
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