Resolution 2974-15i
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1 RESOLUTION NO. 2974-15
2 A PLEDGED REVENUE AND FUNDS RESOLUTION OF THE BOARD OF DIRECTORS
3 OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT(DISTRICT) AUTHORIZING
THE GENERAL MANAGER (GM), ASSISTANT GENERAL MANAGER (AGM)
4 OR CHIEF FINANCIAL OFFICER (CFO) TO SIGN FINANCING AGREEMENT,
5 AMENDMENTS, AND CERTIFICATIONS FOR FUNDING UNDER THE DRINKING
WATER STATE REVOLVING FUND (DWSRF); AUTHORIZING GM, AGM AND/OR
C CFO TO APPROVE CLAIMS FOR REIMBURSEMENT; AUTHORIZING GM, AGM
AND/OR CFO TO EXECUTE BUDGET AND EXPENDITURE SUMMARY; AUTHORIZING
7 THE GM AND/OR THE AGM TO SIGN THE FINAL RELEASE FORM AND THE GM
$ AND/OR AGM TO SIGN THE CERTIFICATION OF PROJECT COMPLETION;
AND PLEDGING AND DEDICATING NET WATER REVENUES FOR PAYMENT
9 OF DWSRF FINANCING.
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11 WHEREAS, South Tahoe Public Utility District seeks financing from the State Water
Resources Control Board for a project commonly known as Meter Installation
12 ("Project"); and,
13 WHEREAS, the South Tahoe Public Utility District Board of Directors approved the
14 application to SWRCB for a meter installation project in the amount of$18,921,500;
15 NOW, THEREFORE BE IT RESOLVED AND ORDERED, that the GM, AGM and/or CFO
16 is hereby authorized and directed to sign and file, for and on behalf of the DISTRICT, a
financial assistance application for a financing agreement from the State Water
�7 Resources Control Board for the Project; and,
18 The GM, AGM and/or CFO or designee is hereby authorized to sign the DWSRF
�9 program financing agreement for the Project and any amendments thereto, and
provide the assurances, certifications and commitments required therefor; and,
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The GM, AGM and/or CFO or their designee is hereby authorized to represent
2� the DISTR�CT in carrying out the DISTRICT's responsibilities under the financing
22 agreement, including approving and submitting disbursement requests (including
Claims for Reimbursement) or other required documentation, compliance with
23 applicable state and federal laws, and making any other necessary certifications; and,
24 The DISTRICT does hereby dedicate and pledge its net water revenues and its
25 water enterprise fund to payment of the DWSRF financing for the Project. The DISTRICT
commits to collecting such revenues and maintaining such fund(s) throughout the term
26 of such financing and until the DISTRICT has satisfied its repayment obligation
thereunder unless modification or change is approved in writing by the State Water
27 Resources Control Board. So long as the financing agreement(s) are outstanding, the
28 DISTRICT 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
29 necessary. So long as the financing agreement(s) are outstanding, the DISTRICT
commits to maintaining the fund(s) and revenue(s) at levels sufficient to meet its
30 obligations under the financing agreement�s). If for any reason, the said source of
revenues proves insufficient to satisfy the debt service of the DWSRF obligation, sufficient
� funds shall be raised through increased water rates, user charges, or assessments or any
other legal means available to meet the DWSRF obligation and to operate and
2 maintain the project.; and,
3 The authority granted hereunder shall be deemed retroactive. All acts
4 authorized hereunder and performed prior to the date of this Resolution No. 2974-15 are
hereby ratified and affirmed. The State Water Resources Control Board is authorized to
5 rely upon this Resolution No. 2974-15 until written notice to the contrary, executed by
each of the undersigned, is received by the State Water Resources Control Board. The
6 State Water Resources Control Board shall be entitled to act in reliance upon the
7 matters contained herein, notwithstanding anything to the contrary contained in the
formation documents of the South Tahoe Public Utility District or in any other document.
8
WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
9 Resolution No. 2974-15 was duly adopted and passed by the Board of Directors of the
10 South Tahoe Public Utility District at a regularly scheduled meeting held on the 7th day of
May, 2015, by the following vote:
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12 AYES: Vogelgesang, Sheehan, Wallace
Cefalu,
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NOES: None
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15 ABSENT: Jones
16
andy Vogelgesang, Board President
17 South Tahoe Public Utility District
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ATTEST:
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22 Melonie G�tty, Clerk of t e Board
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