Resolution 2963-14 1 RESOLUTION NO. 2963-14
2 A REIMBURSEMENT RESOLUTION
3 BY THE BOARD OF DIRECTORS OF THE
SOUTH TAHOE PUBLIC UTILITY DISTRICT
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5 WHEREAS, the South Tahoe Public Utility District (the "Agency") desires to finance
6 the costs of constructing and/or reconstructing certain public facilities and
improvements relating to its water and wastewater system, including certain treatment
7 facilities, pipelines and other infrastructure (the "Project"); and,
$ WHEREAS, the Agency intends to finance the construction and/or reconstruction
9 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
10 (State Water Board); and,
11 WHEREAS, the State Water Board may fund the Project Funds with proceeds from
�2 the sale of obligations the interest upon which is excluded from gross income for federal
income tax purposes (the "Obligations"), and,
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WHEREAS, prior to either the issuance of the Obligations or the approval by the
14 State Water Board of the Project Funds the Agency desires to incur certain capital
15 expenditures (the "Expenditures") with respect to the Project from available moneys of
the Agency; and,
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17 WHEREAS, the Agency has determined that those moneys to be advanced on
and after the date hereof to pay the Expendit�res are available only for a temporary
�g period and it is necessary to reimburse the Agency for the Expenditures from the
proceeds of the Obligations;
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20 NOW,THEREFORE BE IT RESOLVED, that the Agency does hereby resolve, order
and determine as follows:
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SECTION 1. The Agency hereby states its intention and reasonably expects to
22 reimburse Expenditures paid prior to the issuance of the Obligations or the
23 approval by the State Water Board of the Project Funds.
24 SECTION 2. The reasonably expected maximum principal amount of the
Project Funds is $3,682,250.
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26 SECTION 3. This resolution is being adopted no later than 60 days after the date
on which the Agency will expend moneys for the portion of the Project costs to
27 be reimbursed with Project Funds.
28 SECTION 4. Each Agency expenditure will be of a type properly chargeable to
� 29 a capital account under general federal income tax principles.
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� SECTION 5. To the best of our knowledge, this Agency is not aware of the
previous adoption of official intents by the Agency that have been made as a
2 matter of course for the purpose of reimbursing expenditures and for which tax-
exempt obligations have not been issued.
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4 SECTION 6. This resolution is adopted as official intent of the Agency in order to
comply with Treasury Regulation §1.150-2 and any other regulations of the
5 Internal Revenue Service relating to the qualification for reimbursement of Project
costs.
6
� SECTION 7. All the recitals in this Resolution are true and correct and this
Agency so finds, determines and represents.
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9 WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
10 resolution was duly and regularly adopted and passed by the Board of Directors of the
South Tahoe Public Utility District at a regular meeting duly held on the 16'h day of
11 October, 2014, by the following vote:
�2 AYES:
Cefalu, Jones, Vogelgesang, Schafer
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NOES: None
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15 ABSENT: Sheehan
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17 Eric Schafer, oar resident
�$ ATTEST:
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20 �
2� Melonie Guttry, Clerk of the oard
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30 Resolution No.2963-14
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