Resolution 2976-15 � RESOLUTION NO. 2976-15
2 INSTALLMENT SALE AGREEMENT RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
3 FOR THE DIAMOND VALLEY IRRIGATION IMPROVEMENT PROJECT
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5 WHEREAS, the South Tahoe Public Utility District (the "District") desires to finance
the costs of Diamond Valley Ranch Irrigation Improvements Project (the "Project");
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7 WHEREAS, the District intends to finance the construction and/or reconstruction
of the Project or portions of the Project with funds provided by the State of California,
8 acting by and through the State Water Resources Control Board (the "State Water
Board") t�hrough the execution of an agreement entitled "Installment Sale Agreement,
9 Publicly Owned Treatment Works (POTW) Construction Financing, Diamond Valley
10 Ranch Irrigation Improvements" by and between the District and the State Water
Board;
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WHEREAS, the Board of Directors has duly considered the Installment Sale
12 Agreement and the transaction represented thereby, and wishes at this time to
13 approve this transaction in the public interests of the District;
14 THEREFORE, BE IT RESOLVED by the Board of Directors of the South Tahoe Public
15 Utility District, as follows:
16 The District is hereby authorized to issue indebtedness for the District in
accordance with the Installment Sale Agreement. The Board of Directors hereby
17 approves the Installment Sale Agreement in substantially the form on file with the
�$ Secretary of the Board, and authorizes the General Manager, the Assistant General
Manager or the Chief Financial Officer or their designee to execute the Installment Sale
�g Agreement in such form, together with such additions or changes as are approved by
the member of the Board executing the Installment Sale Agreement, after consultation
20 with counsei, provided that (a) the principal amount represented thereby may not
2� exceed $7,500,000, and (b) the annual interest rate represented thereby may not
exceed 2.0�.
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All actions heretofore taken by the officers of the District with respect to the
23 execution of the Installment Sale Agreement are hereby approved, confirmed and
24 ratified. Each officer of the District is hereby authorized and directed to do any and all
things and take any and all actions and execute any and all certificates, agreements
25 and other documents, which they, or any of them, may deem necessary or advisable in
order to consummate the lawful execution and performance of the Instaliment Sale
26 Agreement in accordance with this resolution.
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� WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
2 Resolution No. 2976-15 was d�ly adopted and passed by the Board of Directors of the
South Tahoe Public Utility District at a regularly scheduled meeting heid on the 7th day
3 of May, 2015, by the following vote:
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5 AYES: Cefalu, Vogelgesang, Sheehan, Wallace
6 NOES:
None
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ABSENT: Jones
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10 Randy Vogelgesang, Board President
South Tahoe Public Utility District
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ATTEST:
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14 Melonie Guttry, Clerk of th oard
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