Resolution No. 3021-16 Reimburesement Meter Installation Pahses 3-5 1 RESOLUTION NO. 3021-16
2 A RESOLUTION BY THE BOARD OF DIRECTORS
3 OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
4 REIMBURSMENT METER INSTALLATIONS PHASES 3-5
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6 WHEREAS, the South Tahoe Public Utility District (the "Agency") desires to
7 finance the costs of constructing and/or reconstructing certain public facilities and
8 improvements relating to its water and wastewater system, including certain
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treatment facilities, pipelines and other infrastructure (the"Project");and
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WHEREAS, the Agency intends to finance the construction and/or
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12 reconstruction of the Project or portions of the Project with moneys ("Project Funds")
13 provided by the State of California, acting by and through the State Water Resources
14 Control Board (State Water Board); and
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WHEREAS, the State Water Board may fund the Project Funds with proceeds from
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17 the sale of obligations the interest upon which is excluded from gross income for federal
18 income tax purposes (the"Obligations"), and
19 WHEREAS, prior to either the issuance of the Obligations or the approval by the
20 State Water Board of the Project Funds the Agency desires to incur certain capital
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expenditures (the "Expenditures") with respect to the Project from available moneys of
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23 the Agency; and
24 WHEREAS, the Agency has determined that those moneys to be advanced on
25 and after the date hereof to pay the Expenditures are available only for a temporary
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period and it is necessary to reimburse the Agency for the Expenditures from the
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proceeds of the Obligations.
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29 NOW, THEREFORE, THE AGENCY DOES HEREBY RESOLVE, ORDER AND DETERMINE AS
30 FOLLOWS:
1 SECTION 1. The Agency hereby states its intention and reasonably expects to
2 reimburse Expenditures paid prior to the issuance of the Obligations or the approval by
3 the State Water Board of the Project Funds.
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SECTION 2. The reasonably expected maximum principal amount of the Project
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6 Funds is $14,010,534
7 SECTION 3. This resolution is being adopted no later than 60 days after the date on
8 which the Agency will expend moneys for the portion of the Project costs to be
9 reimbursed with Project Funds.
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SECTION 4. Each Agency expenditure will be of a type properly chargeable to a
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12 capital account under general federal income tax principles.
13 SECTION 5. To the best of our knowledge, this Agency is not aware of the previous
14 adoption of official intents by the Agency that have been made as a matter of course
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for the purpose of reimbursing expenditures and for which tax-exempt obligations have
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17 not been issued.
18 SECTION 6. This resolution is adopted as official intent of the Agency in order to
19 comply with Treasury Regulation §1.150-2 and any other regulations of the Internal
20 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 Agency so
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23 finds, determines and represents.
24 WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
25 Resolution No. 3021-16 was duly and regularly adopted and passed by the Board of
26 Directors of the South Tahoe Public Utility District at a regular meeting held on the 5th
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day of May 2016, by the following vote:
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29 Resolution No.3021-16
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30 May 5,2016
1 AYES: Cefalu, Vogelgesang, Sheehan, Wallace
2 NOES: None
3 ABSENT: Jones
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6 Randy Vogelgesang, Board President
7 South Tahoe Public Utility District
ATTEST:
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Melonie Guttry, Clerk of the :oard
11 South Tahoe Public Utility District
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29 Resolution No.3021-16
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30 May 5,2016