Resolution 3005-15 � RESOLUTION NO. 3005-15
2 A REIMBURSEMENT RESOLUTION BY THE BOARD OF DIRECTORS
3 OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
FOR THE TREATMENT PLANT GENERATOR UPGRADES (Project)
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5 WHEREAS, the South Tahoe Public Utility District (the "District") desires to finance
the costs of constructing and/or reconstructing certain public facilities and
g improvements relating to its water and wastewater system, including certain treatment
facilities, pipelines and other infrastructure (the"Project"); and,
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$ WHEREAS, the District intends to finance the construction and/or reconstruction of
the Project or porfions 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,
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11 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
12 income tax purposes (the"Obligations"), and,
13 WHEREAS, prior to either the issuance of the Obligations or the approval by the
14 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
15 the District; and,
16 WHEREAS, the District has determined that those moneys to be advanced on and
�7 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
18 Obligations.
�9 THEREFORE,THE DISTRICT DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
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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
22 Water Board of the Project Funds.
23 SECTION 2. The reasonably expected maximum principal amount of the Project
Funds is $3,730,384.
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25 SECTION 3. This resofution is being adopted no later than 60 days after the date on
which the District will expend moneys for the portion of the Project costs to be
26 reimbursed with Project Funds.
2� SECTION 4. Each District expenditure will be of a type properly chargeable to a
28 capital account under general federal income tax principles.
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� SECTION 5. To the best of our knowledge, this District is not aware of the previous
2 adoption of official intents by the District that have been made as a matter of course for
the purpose of reimbursing expenditures and for which tax-exempt obligations have not
3 been issued.
4 SECTION 6. This resolution is adopted as official intent of the District in order to comply
5 with Treasury Regulation §1.150-2 and any other regulations of the Internal Revenue
Service relating to the qualification for reimbursement of Project costs.
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� SECTION 7. All the recitals in this Resolution are true and correct and this District so
finds, determines and represents.
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WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
9 Resolution was duly and regularly adopted and passed by the Board of Directors of the
10 South Tahoe Public Utility District at a regular meeting duly held on the 5T" day of
November, 2015, by the following vote:
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12 AYES: Cefalu, Jones, Vogelgesang, Sheehan, Wallace
13 NOES: None
14 ABSENT: None
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�� Randy Vogelgesang, Board President
�$ ATTEST:
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2� Melonie Guttry, Clerk of Board
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30 Resolution No.3005-15
November 5,2015