Resolution No. 3187-21 Reimbursement Nolan 1 RESOLUTION NO. 3187-21
2 A RESOLUTION BY THE BOARD OF DIRECTORS
3 OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
4 REIMBURSEMENT RESOLUTION FOR THE WATERLINE UPGRADE
AND IMPROVEMENT PROJECT
5
6 WHEREAS, the South Tahoe Public Utility District (the "Agency") desires to
7 finance the costs of constructing and/or reconstructing certain public facilities and
8 improvements relating to its water and wastewater system, including certain
9 treatment facilities,pipelines and other infrastructure (the"Project"); and
10 WHEREAS, the Agency intends to finance the construction and/or
reconstruction of the Project or portions of the Project with moneys ('Project Funds")
11
provided by the State of California, acting by and through the State Water Resources
12 Control Board (State Water Board); and
13 WHEREAS, the State Water Board may fund the Project Funds with proceeds from
14 the sale of obligations the interest upon which is excluded from gross income for federal
15 income tax purposes (the "Obligations"), and
16 WHEREAS, prior to either the issuance of the Obligations or the approval by the
17 State Water Board of the Project Funds the Agency desires to incur certain capital
18 expenditures (the "Expenditures") with respect to the Project from available moneys
19 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
21
period and it is necessary to reimburse the Agency for the Expenditures from the
22 proceeds of the Obligations.
NOW, THEREFORE, THE AGENCY DOES HEREBY RESOLVE, ORDER AND DETERMINE AS
24 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
27 by the State Water Board of the Project Funds.
SECTION 2. The reasonably expected maximum principal amount of the Project Funds
is $16,222,314.
1 SECTION 3. This Resolution is being adopted no later than 60 days after the date on
2 which the Agency will expend moneys for the portion of the Project costs to be
3 reimbursed with Project Funds.
SECTION 4. Each Agency expenditure will be of a type properly chargeable to a
4
capital account under general federal income fax principles.
5 SECTION 5. To the best of our knowledge, this Agency is not aware of the previous
6 adoption of official intents by the Agency that have been made as a matter of course
7 for the purpose of reimbursing expenditures and for which tax-exempt obligations
8 have not been issued.
9 SECTION 6. This resolution is adopted as official intent of the Agency in order to
10 comply with Treasury Regulation §1 .150-2 and any other regulations of the Internal
11 Revenue Service relating to the qualification for reimbursement of Project costs.
12 SECTION 7. All the recitals in this Resolution are true and correct and this Agency so
13 finds, determines and represents.
14 WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
15 Resolution No. 3187-21 was duly and regularly adopted and passed by the Board of
16 Directors of the South Tahoe Public Utility District at a regular meeting held on the 17th
17 day of June 2021, by the following vote:
18 AYES: Cefalu, Romsos, PETERSON, Sheehan, Exline
19 NOES: None
20 ABSENT: None
21
22 Kelly Sh ehan, Board President
23 South Tahoe Public Utility District
ATTEST:
24
25
26 Melonie Guttry, Clerk of the oard
South Tahoe Public Utility District
27
28
29 Resolution No.3187-21
30 June 17,2021
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