Resolution No. 3172-21 Approving ISA Waterline Replacement 1 RESOLUTION NO. 3172-21
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INSTALLMENT SALE AGREEMENT RESOLUTION OF THE BOARD OF DIRECTORS
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OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
4 FOR THE WATERLINE REPLACEMENT PROGRAM PROJECT
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6 WHEREAS, the South Tahoe Public Utility District (the"District") desires to finance
7 the costs of the Waterline Replacement Program Project (the "Project");
8 WHEREAS, the District intends to finance the construction and/or reconstruction
9 of the Project or portions of the Project with funds provided by the State of California,
10 acting by and through the State Water Resources Control Board (the "State Water
11 Board") through the execution of an agreement currently entitled "Construction
12 Installment Sale Agreement, Waterline Replacement Program Project, DWSRF Project
No. 0910002-029C" by and between the District and the State Water Board;
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WHEREAS, the Board of Directors has duly considered the Installment Sale
14 Agreement and the transaction represented thereby, and wishes at this time to
15 approve this transaction in the public interests of the District;
16 THEREFORE, BE IT RESOLVED by the Board of Directors of the South Tahoe Public
17 Utility District, as follows:
18 The District is hereby authorized to issue indebtedness for the District in
19 accordance with the Installment Sale Agreement. The Board of Directors hereby
20 approves the Installment Sale Agreement in substantially the form on file with the
21 Secretary of the Board, and authorizes the General Manager or the Chief Financial
22 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
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executing the Installment Sale Agreement, the General Manager or the Chief Financial
24 Officer, after consultation with counsel, provided that (a) the principal amount
25 represented thereby may not exceed $9,000,000, and (b) the annual interest rate
26 represented thereby may not exceed 1.5%.
27 All actions heretofore taken by the officers of the District with respect to the
28 execution of the Installment Sale Agreement are hereby approved, confirmed and
29 ratified. Each officer of the District is hereby authorized and directed to do any and all
30 things and take any and all actions and execute any and all certificates, agreements
and other documents, which they, or any of them, may deem necessary or advisable in
1 order to consummate the lawful execution and performance of the Installment Sale
2 Agreement in accordance with this resolution. All actions previously taken by the
officers of the District in furtherance of this resolution are hereby ratified and confirmed.
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WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
4 Resolution No. 3172-21 was duly adopted and passed by the Board of Directors of the
5 South Tahoe Public Utility District at a regularly scheduled meeting held on the 20th day
6 of May, 2021, by the following vote:
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8 AYES: Cefalu, Romsos. Peterson, Sheehan, Exline
g NOES: None
10 ABSENT: None
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Kelly Sheehan, Board President
12 South Tahoe Public Utility District
13 ATTEST:
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16 Melonie Guttry, C#erk of the oard
South Tahoe Public Utility District
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Resolution No.3172-21
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May 20,2021
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