3268-24 Installment Sale Agreement for Waterline Upgrades and Improvement Project2
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RESOLUTION NO. 3268-24
INSTALLMENT SALE AGREEMENT RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
FOR THE WATERLINE UPGRADES AND IMPROVEMENT PROJECT
WHEREAS, the South Tahoe Public Utility District (the "District") desires to finance
the costs of the Waterline Upgrades and Improvement Project (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 currently entitled "Construction
Installment Sale Agreement, Waterline Upgrades and Improvement Project, Project No.
0910002-030C" by and between the District and the State Water Board;
WHEREAS, pursuant to Government Code Section 5852.1, certain information
relating to the Installment Sale Agreement is set forth in Appendix A attached to this
Resolution, and such information is hereby disclosed and made public;
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;
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 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, the General Manager or the Chief Financial
Officer, after consultation with counsel, provided that (a) the principal amount
represented thereby may not exceed $7,500,000, and (b) the annual interest rate
represented thereby may not exceed 2.30%.
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
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. 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
Resolution No. 3268-24 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 7th day
of March, 2024, by the following vote:
AYES: Haven, Romsos, Peterson, Sheeh , ExI' e
NOES:
ABSENT:
Gam.
vid Peterson, Board President
South Tahoe Public Utility District
ATTEST:
Melonie Guttry, Executive Se ces Manager/
Clerk of the Board
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EXHIBIT A
Government Code Section 5852.1 Disclosure
The good faith estimates set forth herein are provided with respect to the
Installment Sale Agreement in accordance with California Government Code Section
5852.1. Such good faith estimates have been prepared by the District.
(A) True interest cost of the Installment Sale Agreement: 2.30%
(B) Finance charge related to the execution and delivery of the Installment Sale
Agreement (sum of all costs of issuance and fees/charges paid to third parties):
$10, 000.
(C) Net proceeds to be received (net of finance charges): $7,490,000
(D) Total payment amount through maturity: $10,465,358