Resolution 2975-15 � RESOLUTION NO. 2975-15
2 A REIMBURSEMENT RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SOUTH TAHOE PUBLIC UTILITY DISTRICT
3
4
WHEREAS, the South Tahoe Public Utility District ("District") desires to finance the
5 costs of constructing and/or reconstructing certain public facilities and improvements
relating to its water system, including certain treatment facilities, pipelines and other
6 infrastructure ("Project"); and
7
WHEREAS, the District intends to finance the construction and/or reconstruction of
8 the Project or portions of the Project with moneys ("Project Funds") provided by the State
9 of California, acting by and through the State Water Resources Control Board (State
Water Board); and
10
WHEREAS, the State Water Board may fund the Project Funds with proceeds from
11 the sale of obligations the interest upon which is excluded from gross income for federal
�2 income tax purposes (the"Obligations"); and
13 WHEREAS., prior to either the issuance of the Obligations or the approval by the
State Water Board of the Project Funds the District desires to incur certain capital
14 expenditures (the"Expenditures") with respect to the Project from available moneys of
15 the District; and
16 WHEREAS, the District has determined that those moneys be advanced on and
after the date hereof to pay the Expenditures are available only for a temporary period
�7 and it is necessary to reimburse the District for the Expenditures from the proceeds of the
�$ Obligations.
1'9 NOW,THEREfORE, BE IT RESOLVED AND ORDERED:
20 SECTION 1. 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
23 SECTION 2. The reasonably expected maximum principal amount of the Project
Funds is $18,921,500.
24
SECTION 3. This resolution is being adopted no later than 60 days after the date on
25 which the District will expend moneys for the portion of the Project costs to be
� reimbursed with Project Funds.
27 SECTION 4. Each District expenditure will be of a type properly chargeable to a
capital account under genera► federal income tax principles.
28
29 SECTION 5. To the best of our knowledge, this District is not aware of the previous
adoption of official intents by the District that have been made as a matter of course
30
� for the purpose of reimbursing expenditures and for which tax-exempt obligations have
not been issued.
2
SECTION 6. This resolution is adopted as official intent of the District in order to comply
3 with Treasury Regulation §1.l 50-2 and any other regulations of the Internal Revenue
4 Service relating to the qualification for reimbursement of Project costs.
5 SECTION 7. All the recitals in this Resolution are true and correct and this District so
finds, determines and represents.
6
� WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
Resolution was duly adopted and passed by the Board of Directors of the South Tahoe
8 Public Utility District at a regularly scheduled meeting held on the 7t" day of May, 2015,
9 by the following vote:
10
11 AYES: Cefalu, Vogelgesang, Sheehan, Wallace
12 None
NOES:
13
ABSENT: Jones
14
15
16
�7 Randy Vogelgesang, Board President
South Tahoe Public Utility District
18
�9 ATTEST:
20
.
21
22 Melonie Guttry, Clerk of the Board
23
24
25
26
27
28
29
Resolution No.2975-15
30 May 7,20�s
Page 2