Resolution No. 3037-16 Plant Generator Nolan1
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RESOLUTION NO. 3037-16
A REIMBURSEMENT RESOLUTION BY THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT FOR THE
TREATMENT PLANT GENERATOR UPGRADES (Project)
WHEREAS, the South Tahoe Public Utility District ("District"} desires to finance
the costs of constructing and/or reconstructing certain public facilities and
improvements relating to its water and wastewater system, including certain
treatment facilities, pipelines and other infrastructure ("Project"}; and,
WHEREAS, the District intends to finance the construction and/or
reconstruction 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 (State Water Board}; and,
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 income tax purposes (the "Obligations"}, and,
WHEREAS, 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
expenditures (the "Expenditures"} with respect to the Project from available moneys of
the District; and,
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 Districtfor the Expenditures from the
proceeds of the Obligations.
THEREFORE, THE DISTRICT DOES HEREBY RESOLVE, ORDER AND
f DETERMINE AS FOLLOWS:
SECTION I. The District hereby states its intention and reasonably expects to
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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SECTION 2. The reasonably expected maximum principal amount of the Project
Funds is $4,000,000.
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
reimbursed with Project Funds.
SECTION 4. Each District expenditure will be of a type properly chargeable to a
capital account under general federal income tax principles.
SECTION 5. To the best of our knowledge, this District is not aware of the previous
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 been issued.
SECTION 6. This Resolution is adopted as official intent of the District in order to
comply with Treasury Regulation §1 .150-2 and any other regulations of the Internal
Revenue Service relating to the qualification for reimbursement of Project costs.
SECTION 7. All the recitals in this Resolution are true and correct and this District so
finds, determinesand represents.
WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
Resolution No.3037-16 was duly and regularly adopted and passed by the Board of
)irectors of the South Tahoe Public Utility District at a regular meeting held on the 21St
day of July, 2016, by the following vote:
AYES: Cefalu, Jones, Vogelgesang, Wallace
NOES: None
ABSENT: Sheehan
ATTEST:
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Melonie Guttry, Clerk of thel Board
South Tahoe Public Utility District
Resolution No. 3037-16
Page 2
July 21, 2016
Randy Vogelgesang, Board President
South Tahoe Public Utility District