Resolution No. 3227-22 Reimbusement 1 RESOLUTION NO. 3227-22
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
g treatment facilities, pipelines, and other infrastructure (the"Project"); and
10 WHEREAS, the Agency intends to finance the construction and/or
11 reconstruction of the Project or portions of the Project with monies ("Project Funds")
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 monies of
19 the Agency; and
20 WHEREAS, the Agency has determined that those monies to be advanced on
21 and after the date hereof to pay the Expenditures are available only for a temporary
22 period, and it is necessary to reimburse the Agency for the Expenditures from the
proceeds of the Obligations.
23
NOW, THEREFORE, THE AGENCY DOES HEREBY RESOLVE, ORDER AND DETERMINE AS
24 FOLLOWS:
25 SECTION 1. The Agency hereby states its intention and reasonably expects
26 to reimburse Expenditures paid prior to the issuance of the Obligations or the
27 approval by the State Water Board of the Project Funds.
28 SECTION 2. The reasonably expected maximum principal amount of the
29 Project Funds is $14,000,000.
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1 SECTION 3. This resolution is being adopted no later than 60 days after the date
2 on which the Agency will expend monies for the portion of the Project costs to be
reimbursed with Project Funds.
3
SECTION 4. Each Agency expenditure will be of a type properly chargeable
4
to a capital account under general federal income tax principles.
5 SECTION 5. To the best of our knowledge, this Agency is not aware of the
6 previous adoption of official intents by the Agency that has been made as a matter of
7 course for the purpose of reimbursing expenditures and for which tax-exempt
8 obligations have not been issued.
9 SECTION 6. This resolution is adopted as the official intent of the Agency in
10 order to comply with Treasury Regulation §1.150-2 and any other regulations of the
11 Internal 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 finds, determines, and represents.
13
WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
14
Resolution No. 3227-22 was duly and regularly adopted and passed by the Board of
15 Directors of the South Tahoe Public Utility District at a regular meeting held on the 7th
16 day of July, 2022, by the following vote:
17 AYES: Cefalu, Peterson, Exline
18 NOES: None
19 ABSENT: Sheehan, Romsos
20 gl'"/ /117‘
21 Kelly Sheehan, Board President
:22 South Tahoe Public Utility District
23 ATTEST:
24
25 Melanie Guttry, Clerk of the oard
26- South-Tahoe Public Utility District
27
28 Resolution No.3227-22
July 7,2022
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