3271-24 Declaring Intention to Reimburse Expenditures1
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RESOLUTION NO. 3271-24
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
DECLARING INTENTION TO REIMBURSE EXPENDITURES
FROM THE PROCEEDS OF TAX-EXEMPT FINANCING
WHEREAS, the South Tahoe Public Utility District (the "District") desires to finance
the costs of certain improvements to its sewer enterprise consisting generally of the
following projects (collectively, the "Projects"): Keys CIPP, Herbert Walkup
Replacement, Baldwin Beach Gravity Rehab/Replacement, Montgomery Estates
Easements CIPP PH 1, WWTP Ballast Ponds, Blower System Improvements, Plan Electrical
Upgrades, Filters 3,4 Rehab, Bio Building Odor Control & HVAC Upgrades, and Pope
Beach Pump Stations;
WHEREAS, the District intends to finance all or a portion of the Projects through
the issuance of sewer revenue bonds or certificates of participation (the "Financing") in
the estimated maximum principal amount of $22 million, and to use all or a portion of
the proceeds of the Financing to reimburse expenditures made for one or more of the
Projects prior to the execution and delivery of the Financing;
WHEREAS, United States Income Tax Regulations section 1.150-2 provides
generally that proceeds of tax-exempt debt are not deemed to be expended when
such proceeds are used for reimbursement of expenditures made prior to the date of
issuance of such debt unless certain procedures are followed, one of which is a
requirement that (with certain exceptions), prior to the payment of any such
expenditure, the issuer declares an intention to reimburse such expenditure; and
WHEREAS, the Board of Directors wishes at this time to take the necessary actions
to declare its official intent to reimburse expenditures on the Projects from the proceeds
of the Financing;
THEREFORE, BE IT RESOLVED by the Board of Directors of the South Tahoe Public
Utility District, as follows:
Recitals Correct. The foregoing recitals are true and correct.
2. Execution and Deliveni of Financing. The Board of Directors hereby
confirms its intention to execute and deliver the Financing to finance all or a portion of
the Projects.
3. Reimbursement. The Board of Directors hereby declares that (i) it may
pay certain costs of one or more of the Projects prior to the date of execution and
delivery of the Financing and, in such case, (ii) it intends to use all or a portion of the
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proceeds of the Financing for reimbursement of expenditures for the Projects that are
paid before the date of execution and delivery of the Financing.
4. Effective Date. This resolution shall take effect upon its adoption.
WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
Resolution No.3271-24 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 4th day
of April, 2024, by the following vote:
AYES: Haven, Romsos, Peterson, Sheehan, Exline
NOES:
ABSENT:
David Peterson, Board President
South Tahoe Public Utility District
ATTEST:
i�
i
I Melonie Guttry, Glerk of the Board
Resolution No. 3271-24
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