3277-24 Reimbursement for Glenwood-Rancho Waterline Upgrades Project9
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RESOLUTION NO.3277-24
A RESOLUTION BY THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
REIMBURSEMENT RESOLUTION FOR THE GLENWOOD-RANCHO, LAKE TAHOE BLVD,
TAHOE MOUNTAIN WATERLINE UPGRADES PROJECT
WHEREAS, the South Tahoe Public Utility District (the "Agency") desires to finance
the costs of constructing and/or reconstructing certain public facilities and
improvements relating to its water and wastewater system, including certain
treatment facilities, pipelines, and other infrastructure (the "Project"); and
WHEREAS, the Agency intends to finance the construction and/or 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 Control
Board (State Water Board); and
WHEREAS, the State Water Board may fund the Project Funds with proceeds from
the sale of obligations, the interest upon which is excluded from gross income for
federal income tax purposes (the "Obligations'), and
WHEREAS, prior to either the issuance of the Obligations or the approval by the
State Water Board of the Project Funds, the Agency desires to incur certain capital
expenditures (the "Expenditures") with respect to the Project from available monies
of the Agency; and
WHEREAS, the Agency has determined that those monies to be advanced on and
after the date hereof to pay.the Expenditures are available only for a temporary
period, and it is necessary to reimburse the Agency for the Expenditures from the
proceeds of the Obligations.
NOW, THEREFORE, THE AGENCY DOES HEREBY RESOLVE, ORDER AND DETERMINE AS
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 by the State Water Board of the Project Funds.
SECTION 2. The reasonably expected maximum principal amount of the Project
Funds is $14,500,000.
SECTION 3. This resolution is being adopted no later than 60 days after the date
on which the Agency will expend monies for the portion of the Project costs to be
reimbursed with Project Funds.
SECTION 4. Each Agency expenditure will be of a type properly chargeable to a
capital account under general federal income tax principles.
SECTION 5. To the best of our knowledge, this Agency is not aware of the
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previous adoption of official intents by the Agency that has been made as a
matter of course for the purpose of reimbursing expenditures and for which tax-
exempt obligations have not been issued.
SECTION 6. This resolution is adopted as the official intent of the Agency in order
to comply with Treasury Regulation § 1.150-2 and any other regulations of the
Internal Revenue Service relating to the qualification for reimbursement of Project
costs.
SECTION 7. All the recitals in this Resolution are true and correct, and this Agency
so finds, determines, and represents.
WE, THE UNDERSIGNED, do hereby certify that the foregoing is a full, true, and
correct copy of a resolution duly and regularly adopted at a meeting of the Board
of Directors for the South Tahoe Public Utility District held on the 16th day of May,
2024, by the following vote:
AYES: Haven, Romsos, Peterson, Sheehan, Exline
NOES:
ABSENT:
D vid Peterson, Board President
South Tahoe Public Utility District
If--, �
ATTEST:
Shannon Chandler, Assistant Clerk of the Board
South Tahoe Public Utility District
Resolution No. 3277-24
Page 2
March 16, 2024