Resolution No. 3061 Inter Fund Loan1
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RESOLUTION NO. 3061-17
A RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
APPROVING A $3 MILLION LOAN FROM THE SEWER ENTERPRISE
FUND TO THE WATER ENTERPRISE FUND
WHEREAS, on May 18, 2017, the Board of Directors of the South Tahoe Public
Utility District adopted the Fiscal Year 2016/17 Water and Sewer Enterprise Fund
Budgets; and
WHEREAS, the adopted Fiscal Year 2016/17 Water and Sewer Enterprise Fund
Budgets include a transfer of $3 million from the Sewer Fund to the Water Fund to
provide bridge funding to assist with the financing of water meter installations; and
WHEREAS, the District's long-term financial forecast includes a $3 million
repayment of principle, from the Water Fund to the Sewer Fund in Fiscal Year 2021,
due by June 30, 2021; and
WHEREAS, on the same date as repayment of principle, an interest payment is
payable at a rate equal to the California Local Agency Investment Fund (LAIF) account
rate on the date of principle repayment. Interest at this rate accumulates for the entire
time the loan is outstanding; and
NOW, THEREFORE BE IT RESOLVED, by the Board of Directors of the South
Tahoe Public Utility District that:
A loan from the Sewer Fund to the Water Fund in the amount of $3 million is
I approved.
WE THE UNDERSIGNED, do hereby certify that the above and foregoing
resolution was duly and regularly adopted and passed by the Board of Directors of the
South Tahoe Public Utility District at a regular meeting duly held on the 1St day of June
2017, by the following vote:
AYES: JONES, VOGELGESANG, SHEEHAN, WALLACE
NOES: NONE
ABSENT: CEFALU
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ATTEST:
Melonie Guttry, Clerk of the Mard
Clerk of the Board
Resolution No. 3061-17
Page 2
June 1, 2017
Randy Vogelgesang, Board President
South Tahoe Public Utility District