Resolution No. 3009-16 Drinkin Water STate Revolving Fund 1 RESOLUTION NO. 3009-16
2 A RESOLUTION BY THE BOARD OF DIRECTORS
3 OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
IN SUPPORT OF THE METER PROJECT APPLICATION TO
4 DRINKING WATER STATE REVOLVING FUND
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6 WHEREAS, the South Tahoe Public Utility District (District) desires to finance the
7 costs of constructing and/or reconstructing certain public facilities and improvements
8 relating to its water system, specifically the installation of residential water meters (the
9 Project);and
10 WHEREAS, the District intends to finance the construction and/or reconstruction of
11 the Project or portions of the Project with moneys (Project Funds) provided by the State
12 of California, acting by and through the State Water Resources Control Board (SWRCB);
13 and
14 WHEREAS, the SWRCB may fund the Project Funds with proceeds from the sale of
15 obligations the interest upon which is excluded from gross income for federal income
16 tax purposes (Obligations), and
17 WHEREAS, prior to either the issuance of the Obligations or the approval by the
SWRCB of the Project Funds the District desires to incur certain capital expenditures
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(the Expenditures) with respect to the Project from available moneys of the District;
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and
20 WHEREAS, the District has determined that those moneys to be advanced on and
21 after the date hereof to pay the Expenditures are available only for a temporary period
22 and it is necessary to reimburse the District for the Expenditures from the proceeds of the
23 Obligations.
24 NOW, THEREFORE, BE IT RESOLVED:
25 SECTION 1. The District hereby states its intention and reasonably expects to
26 reimburse Expenditures paid prior to the issuance of the Obligations or the
27 approval by the SWRCB of the Project Funds.
28 SECTION 2. The reasonably expected maximum principal amount of the
Project Funds is $2,032,745.
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Resolution No.3009-16
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1 SECTION 3. This resolution is being adopted no later than 60 days after the date
2 on which the District will expend moneys for the portion of the Project costs to be
reimbursed with Project Funds.
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SECTION 4. Each District expenditure will be of a type properly chargeable to
4 a capital account under general federal income tax principles.
5 SECTION 5. To the best of our knowledge, this District is not aware of the
6 previous adoption of official intents by the District that have been made as a
7 matter of course for the purpose of reimbursing expenditures and for which tax-
8 exempt obligations have not been issued.
9 SECTION 6. This resolution is adopted as official intent of the Agency in order to
10 comply with Treasury Regulation §1 .150-2 and any other regulations of the
11 Internal Revenue Service relating to the qualification for reimbursement of Project
12 costs.
SECTION 7. All the recitals in this Resolution are true and correct and this District
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so finds, determines and represents.
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15 WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
16 resolution was duly and regularly adopted and passed by the Board of Directors of the
17 South Tahoe Public Utility District at a regular meeting duly held on the 3rd day of March,
18 2016, by the following vote:
19 AYES: Cefalu, Jones, Vogelsang, Sheehan, Wallace
20 NOES: None
ABSENT: None
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23 �.._
24 Randy Vogelgesang, Board President
25 ATTEST:
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27
LThieen
28 Melonie Guttry, Clerk of the :oard
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