Resolution 2943-14 � RESOLUTION NO. 2943-14
2 REIMBURSEMENT RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
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WHEREAS, the South Tahoe Public Utility District (the "Agency") desires to
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finance the costs of constructing and/or reconstructing certain public facilities and
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improvements relating to its water and wastewater system, including certain
7 treatment facilities, pipelines and other infrastructure (the"Project"); and
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9 WHEREAS, the Agency intends to finance the construction and/or
10 reconstruction of the Project or portions of the Project with monies ("Project Funds")
11 provided by the State of California, acting by and through the State Water Resources
12 Control Board (State Water Board); and,
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14 WHEREAS, the State Water Board may fund the Project Funds with proceeds from
the sale of obligafions the interest upon which is excluded from gross income for federal
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income tax purposes (the "Obligations"); and,
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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
�9 expenditures (the"Expenditures") with respect to the Project from available monies of
20 the Agency; and,
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22 WHEREAS, the Agency has determined that those monies to be advanced on
23 and after the date hereof to pay the expenditures are available only for a temporary
24 period and it is necessary to reimburse the Agency for the Expenditures from the
25 proceeds of the Obligations.
26 NOW, THEREFORE BE IT RESOLVED:
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SECTION 1. The Agency hereby states its intention and reasonably expects
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to reimburse Expenditures paid prior to the issuance of the Obligations or the
29 approval by the State Water Board of the Project Funds.
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� SECTION 2. The reasonably expected maximum principal amount of the
2 Project Funds is $7,500,000.
SECTION 3. This Resolution is being adopted no later than 60 days after the
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date on which the Agency will expend moneys for the portion of the Project costs to be
4 reimbursed with Project Funds.
5 SEC�ION 4. Each Agency expenditure will be of a type properiy chargeable
6 to a capital account under general federal income tax principles.
7 SECTION 5. To the best of our knowledge, this Agency is not aware of the
8 previous adoption of official intents by the Agency that have been made as a matter
9 of course for the purpose of reimbursing expenditures and for which tax-exempt
10 obligations have not been issued.
11 SECTION 6. This Resolution is adopted as official intent of the Agency in order to
�2 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.
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SECTION 7. All the recitals in this Resolution are true and correct and this
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Agency so finds, determines and represents.
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17 WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
18 Resolution was duly and regularly adopted and passed by the Board of Directors of the
�9 South Tahoe Public Utility District at a regular meeting duly held on the 3rd day of April,
20 2014, by the following vote:
21 AYES: Cefalu, Jones, Vogelgesang, Sheehan, Schafer
NOES: None
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23 ABSENT: None
24 Eric Schafer, P esi nt of the Board
South Tahoe Public Utility District
25 ATTEST:
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28 Melonie Guttry, Clerk of t Board
29 South Tahoe Public Utility District
30 Resolution No.2943-14
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