Resolution 2623
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RESOLUTION NO. 2623
A RESOLUTION OF THE BOARD OF DIRECTORS OF
SOUTH TAHOE PUBLIC UTILITY DISTRICT
DECLARATION OF OFFICIAL INTENT OF
SOUTH TAHOE PUBLIC UTILITY DISTRICT
TO REIMBURSE CERTAIN CAPITAL EXPENDITURES
FOR PROCEEDS OF TAXABLE OR TAX-EXEMPT INDEBTEDNESS
WHEREAS, the South Tahoe Public Utility District (the "District") intends
to construct the Wastewater Export Pipeline replacement (the "Project);
WHEREAS, the District expects to pay certain capital expenditures in
connection with the Project prior to the issuance of taxable or tax-exempt
indebtedness to be used to finance such expenditures;
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 obligations for the
purpose of financing costs of the Project on a long-term basis; and
WHEREAS, Section 1.150-2 of the Treasury Regulations requires the
District to declare its reasonable official intent to reimburse prior expenditures for the
Project with proceeds of a taxable or tax-exempt borrowing; ,
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
South Tahoe Public Utility District as follows:
Section 1. The Board of Directors of the District finds and determines
that the foregoing recitals are true and correct.
Section 2. This Resolution is adopted by the Board of Directors of the
District solely for the purpose of establishing compliance with the requirements of
Section 1.150-2 of the Treasury Regulations. This Resolution does not bind the
District to make any expenditures, incur any indebtedness, or proceed with the
Project.
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Resolution No. 2623
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Section 3. The Board of Directors expects the District will pay certain
3 capital expenditures in connection with the Project prior to the issuance of taxable or
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tax-exempt indebtedness for the Project. The reimbursement of such Project
expenditures is consistent with the District's established budgetary and financial
circumstances. As of the date hereof, the Board of Directors of the District
reasonably e?<pects that such Project expenditures shall be paid from the District's
funds. The Board of Directors of the District does not expect that the District's Sewer
Capital Outlay Fund moneys, temporarily used to pay such Prbject expenditures, will
I) be permanently available for the Project. Proceeds of taxable or tax-exempt
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indebtedness will need to be issued for the Project since there are insufficient funds
or sources of moneys that have been, or reasonably are expected to be, allocated,
reserved, or otherwise made available on a long-term basis pursuant to the District's
budget to pay costs of the Project.
Section 4. Project expenditures that are to' be reimbursed to the District
shall not have been paid from proceeds of any other tax-exempt indebtedness.
Section 5. The Board of Directors of the District hereby declares the
District's official intent to use proceeds of taxable or tax-exempt indebtedness in a
principal amount not to exceed $30,000,000 to reimburse itself for future Project
expenditures. The Board of Directors of the District reasonably expects that such
indebtedness will be secured by and payable from the Sewer Enterprise Fund
revenues.
Section 6. This Resolution shall be continuously available for inspection
by, the general public during normal business hours at the offices of the District,
located at 1275 Meadow Crest Drive, South Lake Tahoe, California.
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Resolution No. 2623
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Section 7. This Resolution shall take effect from and after its adoption.
PASSED AND ADOPTED at a duly held Regular Meeting of the Board of
Directors of the South Tahoe Public Utility District on the 3rd day of August, 1995
by the following vote:
AYES: Directors Strohm, Mason, Wallace, Jones,
Mosbacher
NOES: NODe
ABSENT: None
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DUANE WALLACE, PRESIDENT OF THE BOARD
SOUTH TAHOE PUBLIC UTILITY DISTRICT
P, CLERK OF OARD
E PUBLIC UTILITY DISTRICT
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