Resolution No. 3078-18 Reimbursement Keller Heavenly1
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RESOLUTION NO. 3078-18
A REIMBURSEMENT RESOLUTION BY THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT FOR THE
KELLER HEAVENLY WATER SYSTEM IMPROVEMENTS PROJECT
WHEREAS, the South Tahoe Public Utility District (the "Agency") 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 (the "Project"); and
WHEREAS, the Agency 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 Agency desires to incur certain capital
expenditures (the "Expenditures") with respect to the Project from available moneys of
the Agency; and
WHEREAS, the Agency 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 Agency for the Expenditures from the
proceeds of the Obligations.
NOW, THEREFORE, THE AGENCY DOES HEREBY RESOLVE, ORDER AND DETERMINE AS
FOLLOWS:
SECTION 1. The Agency 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.
SECTION 2. The reasonably expected maximum principal amount of the Project
Funds is $6,000,000.
SECTION_ 3. This resolution is being adopted no later than 60 days after the date on
which the Agency will expend moneys for the portion of the Project costs to be
reimbursed with Project Funds.
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SECTION 4. Each Agency 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 Agency is not aware of the previous
adoption of official intents by the Agency 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 Agency 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 Agency so
finds, determines and represents.
WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
Resolution No. 3078-18 was duly and regularly adopted and passed by the Board of
Directors of the South Tahoe Public Utility District at a regular meeting held on the 18th
day of January, 2018, by the following vote:
AYES: CEFALU, JONES, VOGELGESANG, WALLACE
NOES: NONE
ABSENT: SHEEHAN
ATTEST:
r
Melonie Guttry, CI rk of th oard
South Tahoe Public Utility District
Resolution No. 3078-18
January 18, 2018
Page 2
Randy Vogelgesang, Board President
South Tahoe Public Utility District