Resolution No. 3073-17 Installment Sale Agrement Waterline Replacement1
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RESOLUTION NO. 3073-17
INSTALLMENT SALE AGREEMENT RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
FOR THE WATERLINE REPLACEMENT PROGRAM
WHEREAS, the South Tahoe Public Utility District (the "District") desires to finance
the costs of the Waterline Replacement Program (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, Waterline Replacement Program, Project No. 0910002-027C 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 $4,000,000, and (b) the annual interest rate represented thereby may not
exceed 1.7%.
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
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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. 3073-17 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 21st day
of December, 2017, by the following vote:
AYES: CEFALU, JONES, VOGELGESANG, SHEEHAN, WALLACE
NOES: NONE
ABSENT: NONE
ATTEST:
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Melonie Guttry, Clerk of the Board
South Tahoe Public Utility District
Resolution No. 373
December 21, 217
Page 2
Randy Vogelgesang, Board President
South Tahoe Public Utility District