Resolution 2972-15 � This Resotution�s adopted as official intent of the District in order to comply with
Treasury Regulation §1.150-2 and any other regulations of the Internal Revenue Service
�I 2 relating to the qualification for reimbursement of Project costs.
3 All the recitals in this Resolution are true and correct and the District so finds,
i4 determines and represents.
�� 5 WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
� Resolution No. 2972-15 was duly adopted and passed by the Board of Directors of the
6 South Tahoe Public Utility District at a regularly scheduled meeting held on the Sfh day of
7 February, 2015, by the following vote:
$ AYES: Cefalu Jones, Vogelgesang, Sheehan, Wallace
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NOES:
None
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ABSENT: None
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Randy Vogelgesang, Board President
11 South Tahoe Public Utility District
�2 ATTEST:
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15 Melonie Guttry, Clerk of the Board
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Resolution No.2972-15
Februarv 5.2015
� � RESOLUTION NO. 2972-15
2 REIMBURSEMENT RESOLUTION OF THE BOARD OF DIRECTORS
i OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
I 3 FOR THE DIAMOND VALLEY IRRIGATION IMPROVEMENT PROJECT
4
'� 5 WHEREAS, the South Tahoe Public Utility District (the "District") desires to finance
the costs of Diamond Valley Ranch Irrigation Improvements Project (the "Project");
6
7 WHEREAS, the District intends to finance the construction and/or reconstruction
of the Project or portions of the Project with moneys ("Project Funds") provided by the
' 8 State of California, acting by and through the State Water Resources Control Board
(State Water Board);
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10 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
11 income tax purposes (the "Obligations");
�2 WHEREAS, prior to either the issuance of the Obligations or the approval by the
13 State Water Board of the Project Funds the District desires to incur certain capital
expenditures (the "Expenditures") with respect to the Project from available moneys of
14 the District; and,
15 WHEREAS, the District has determined that those moneys to be advanced on
16 and after the date hereof to pay the Expenditures are availabie only for a temporary
period and it is necessary to reimburse the District for the Expenditures from the
17 proceeds of the Obiigations.
�$ THEREFORE, BE IT RESOLVED by the Board of Directors of the South Tahoe Public
�g Utility District (the "Entity"), as follows:
20 The District hereby states its intention and reasonably expects to reimburse
2� Expenditures paid prior to the issuance of the Obligations or the approval by the State
Water Board of the Project Funds.
22
The reasonably expected maximum principal amount of the Project Funds is
23 $7,500,000.
24 This resolution is being adopted no later than 60 days after the date on which the
� 25 District will expend moneys for the construction portion of the Project costs to be
reimbursed with Project Funds.
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27 Each expenditure of the District will be of a type properly chargeable to a
capital account under general federal income tax principles.
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i 29 To our knowledge, the District is not aware of the previous adoption of official
intents by the District that have been made as a matter of course for the purpose of
30 reimbursing expenditures and for which tax-exempt obligations have not been issued.
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Resolution No.2972-15
I� Februarv 5,2015
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