Resolution 3001-15 1 RESOLUTION NO. 3001-15
2 A REIMBURSEMENT RESOLUTION BY THE BOARD OF DIRECTORS
3 OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
4 FOR THE AERATION BASIN 2 (Project)
5 WHEREAS, the South Tahoe Public Utility District (the "District") desires to finance
6 the costs of constr�cting and/or reconstructing certain public facilities and
improvements relating to its water and wastewater system, including certain
7 treatment facilities, pipelines and other infrastructure (the "Project"); and,
$ WHEREAS, the District intends to finance the construction and/or reconstruction
g of the Project or portions of the Project with moneys ("Project Funds") provided by the
State of California, acting by and through the State Water Resources Control Board
10 (State Water Board); and,
11 yyHEREAS, the State Water Board may fund the Project Funds with proceeds from
�2 the sale of obligations the interest upon which is excluded from gross income for federal
income tax purposes (the"Obligations"), and,
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14 �NHEREAS, 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
15 expenditures (the"Expenditures") with respect to the Project from available moneys of
16 the District; and,
�7 WHEREAS, the District has determined that those moneys to be advanced on and
after the date hereof to pay the Expenditures are available only for a temporary period
�$ and it is necessary to reimburse the District for the Expenditures from the proceeds of the
�9 Obligations.
20 THEREFORE,THE DISTRICT DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
2� SECTION 1. The District hereby states its intention and reasonably expects to
22 reimburse Expenditures paid prior to the issuance of the Obligations or the approval
by the State Water Board of the Project Funds.
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24 SECTION 2. The reasonably expected maximum principal amount of the Project
Funds is $1.8M
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26 SECTION 3. This Resolution is being adopted no later than 60 days after the date on
which the District will expend moneys for the portion of the Project costs to be
27 reimbursed with Project Funds.
28 SECTION 4. Each District expenditure will be of a type properly chargeable to a
29 capital account under general federal income tax principles.
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� SECTION 5. To the best of our knowledge, this District is not aware of the previous
2 adoption of official intents by the District that have been made as a matter of course
for the purpose of reimbursing expenditures and for which tax-exempt obligations have
3 not been issued.
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SECTION 6. This Resolution is adopted as official intent of the District in order to
5 comply with Treasury Regulation §1.150-2 and any other reg�lations of the Internal
Revenue Service relating to the qualification for reimbursement of Project costs.
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7 SECTION 7. All the recitals in this Resolution are true and correct and this District so
finds, determines and represents.
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WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
9 Resolution was duly and regularly adopted and passed by the Board of Directors of the
10 South Tahoe Public Utility District at a regular meeting duly held on the 17th day of
September, 2015, by the following vote:
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�2 AYES:
Cefalu, Jones, Vogelgesang, Sheehan, Wallace
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NOES: None
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15 ABSENT: None
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�7 Randy Vogelgesang, Board President
�$ ATTEST:
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2� Melonie Guttry, Clerk of the Board
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