Resolution No. 3024-16 Pledging Revenues and Funds 1 RESOLUTION NO. 3024-16
2 A RESOLUTION BY THE BOARD OF DIRECTORS
3 OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
4 PLEDGING REVENUES AND FUND(s)
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6 WHEREAS, the South Tahoe Public Utility District has adopted Drinking Water State
7 Revolving Fund resolutions regarding intent, authority and procedure;
8 NOW, THEREFORE BE IT RESOLVED:
g 1. The South Tahoe Public Utility District (the "Entity") hereby dedicates and pledges
10 Water Enterprise Fund/Water Service Charge Net Revenues to payment of any and all
11 Drinking Water State Revolving Fund Financing for Waterline Replacement Program,
12 referred to as the "Project".
13 2. The Entity commits to collecting such revenues and maintaining such fund(s)
14 throughout the term of such financing and until the Entity has satisfied its repayment
15 obligation thereunder unless modification or change is approved in writing by the State
16 Water Resources Control Board.
17 3. So long as the financing agreement(s) are outstanding, the Entity's pledge hereunder
18 shall constitute a lien in favor of the State Water Resources Control Board on the
19 foregoing fund(s) and revenue(s) without any further action necessary.
20 4. So long as the financing agreement(s) are outstanding, the Entity commits to
21 maintaining the fund(s) and revenue(s) at levels sufficient to meet its obligations under
22 the financing agreement(s).
23 WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
24 Resolution No. 3024-16 was duly and regularly adopted and passed by the Board of
25 Directors of the South Tahoe Public Utility District at a regular meeting held on the 5th
26 day of May, 2016, by the following vote:
27 AYES: Cefalu, Vogelgesang, Sheehan, Wallace
28 NOES: None
29 ABSENT: Jones
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2 Randy Vogelgesang, Board President
3 South Tahoe Public Utility District
ATTEST:
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6 7nden:a
Melonie Guttry, Clerk of t e Board
7 South Tahoe Public Utility District
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29 Resolution No.3024-16
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30 May 5,2016