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Resolution No. 3068-17 Meter Phases 3-51 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 RESOLUTION NO. 3068-17 INSTALLMENT SALE AGREEMENT RESOLUTION OF THE BOARD OF DIRECTORS OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT FOR WATER METER INSTALLATION PHASES 3 - 5 PROJECT WHEREAS, the South Tahoe Public Utility District (the "District") desires to finance the costs of the Water Meter Installation Phases 3 - 5 Project (the "Project"); WHEREAS, the District intends to finance the construction and/or reconstruction of the Project or portions of the Project with funds provided by the State of California, acting by and through the State Water Resources Control Board (the "State Water Board") through the execution of an agreement entitled "Construction Installment Sale Agreement, Water Meter Installation Phases 3 - 5" ("Installment Sale Agreement") by and between the District and the State Water Board; WHEREAS, the Board of Directors has duly considered the Installment Sale Agreement and the transaction represented thereby, and wishes at this time to approve this transaction in the public interests of the District; NOW, THEREFORE BE IT RESOLVED by the Board of Directors of the South Tahoe Public Utility District, as follows: The District is hereby authorized to issue indebtedness for the District in accordance with the Installment Sale Agreement. The Board of Directors hereby approves the Installment Sale Agreement in substantially the form on file with the Secretary of the Board, and authorizes the General Manager, the Assistant General Manager or the Chief Financial Officer or their designee to execute the Installment Sale Agreement in such form, together with such additions or changes as are approved by the member of the Board executing the Installment Sale Agreement, after consultation with counsel, provided that (a) the principal amount represented thereby may not exceed $14,500,000, and (b) the annual interest rate represented thereby may not exceed 1.8%. All actions heretofore taken by the officers of the District with respect to the execution of the Installment Sale Agreement are hereby approved, confirmed and ratified. Each officer of the District is hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful execution and performance of the Installment Sale Agreement in accordance with this resolution. WE, THE UNDERSIGNED, do hereby certify that the above and foregoing Resolution No. 3068-17 was duly adopted and passed by the Board of Directors of the South Tahoe Public Utility District at a regularly scheduled meeting held on the 5th day of October, 2017, by the following vote: AYES: JONES, VOGELGESANG, SHEEHAN, WALLACE NOES: NONE ABSENT: CEFALU ATTEST: r, "the Mclonie Guttry, Clerk card South Tahoe Public Utility District Resolution No. 3068-17 October 5, 2017 Page 2 Randy Vogelgesang, Board President South Tahoe Public Utility District