Ordinance No. 358JHHW:KIJ:jn 10/24/83 0800K
:jla 11/03/83
ORDINANCE NO. 358
AN ORDINANCE OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
DETERMINING TO ACQUIRE PUBLIC UTILITY WATER WORKS
AND APPROVING AND AUTHORIZING EXECUTION OF
AGREEMENT IN CONNECTION THEREWITH
ANGORA WATER COMPANY
BE IT ENACTED by the Board of Directors of the South Tahoe Public Utility
District, California:
Section 1. The Board of Directors of the South Tahoe Public Utility
District (the "Board") hereby determines to acquire that certain public utility
water works (the "Public Utility Works") which is now owned and held by the Angora
Water Company, a privately owned public utility subject to the jurisdiction of the
Public Utilities Commission of the State of California.
Section 2. The proposed principal cost of acquisition is $1,750,000, to be
paid over a period of twenty-four (24) years with interest on reducing balances of
principal computed at ten and one-half percent (10.5%) in monthly installments of
principal and interest in the amounts set forth in Exhibit "A" of that certain
"Agreement for Sale and Purchase of the Stock of Angora Water Co.", dated as of
I~OV. 3 , 1983, by and between Donald L. Martin and Marjorie L. Martin, husband
and wife, Gerald E. Martin and Thelma V. Martin, husband and wife and Stanley L.
Martin and Louise A. Martin, husband and wife (hereinafter collectively referred to
as "Owners") and the South Tahoe Public Utility District, a public district
(hereinafter referred to as "District"), which agreement is hereinafter referred to
as the "Agreement"; total payments of principal and interest over the period of tile
Agreement are $5~081~559,96 Said monthly installments of principal and interest
are to be paid to the Owners solely from the "Revenues derived from the Water System
Acquired from Owners" and the "Facilities Revenues", as said terms are defined in
the Agreement. A copy of the Agreement is on file in the office of the Clerk, 1275
Meadowcrest Drive, South Lake Tahoe, California 95705.
Section 3. The Agreement is hereby approved and the President of the Board
is hereby authorized to execute the Agreement on behalf of the District and the
Clerk of the District and ex-officio Secretary of the Board is authorized to attest
his signature and to affix the corporate seal of the District thereto.
Section 4. This Ordinance shall take effect upon the expiration of thirty
(30) days after its passage and shall be posted by the Clerk of the South Tahoe
Public Utility District at three (3) public places in said District at least one
week before the expiration of said period after its passage and shall further be
published in the Tahoe Daily Tribune, a newspaper of general circulation, once a
week for two successive weeks, the first of which publications shall be at least
fourteen (14) days before the expiration of said period.
ATTEST:
??'r~ ~, ~E~-Offic~o-S~reta~y o~'
~ne ~oFrd of Directors of the
South Tahoe Public Utility District
dent of the ~f~x~of Directors of
uth tahoe P(~lic Utility District
PASSED AND ADOPTED at a duly held meeting of the Board of Directors of the
South Tahoe Public Utility District on 1~. 3 , 1983, by the following vote:
AYES: Directors Jones, Olson, Madden and
NOES: None
ABSENT: Director Lowe
~CTerK O/fv%o'utl~ Tan~)% Public U~'ili~y
Distraint ~nd Ex-Officio Secretary of
the BSard of Directors thereof
ectors of
istrict
I hereby certify that the foregoing is a full, true and correct copy of
Ordinance No. 358 duly and regularly adopted by the Board of Directors of the
South Tahoe Public Utility District, E1 Dorado County, California.
~rk and E~-Officio Secre£~r~ of-the~.
Board of Directors of the South Tahoe
Public Utility District
2
JHHW:KZJ:jn ]0/24/83 0802K :jla ]1/03/83
RESOLUTION NO. 2310
A RESOLUTION DETERMINING ADEQUACY OF WATER SUPPLY,
THAT ACQUISITION CAN BE ACCOMPLISHED FROM REVENUES
AND ORDERING FILING OF PLANS AND ESTIMATES
AND AGREEMENT
ANGORA WATER COMPANY
RESOLVED, by the Board of Directors of the South Tahoe Public Utility
District, that
WHEREAS, this Board has determined, by resolution, that the public interest
and necessity of this District require the acquisition of all of the stock and
existing assets of the Angora Water Company (the "Public Utility Works"), a
privately owned public utility subject to the jurisdiction of the Public Utilities
Commission of the State of California;
WHEREAS, this Board has procured plans and estimates of the cost of original
construction and completion of similar works and of the revenues that can be
expected from the Public Utility Works and has procured plans and estimates of the
cost of obtaining from such sources as the Board has found and designated as
available a sufficient supply of good, pure water for the District;
WHEREAS, the Board has solicited and considered offers for the sale to the
District of the existing Public Utility Works.
NOW, THEREFORE, IT IS FOUND, DETERMINED AND ORDERED, as follows:
1. That a sufficient supply of good, pure water for existing and future
users of the Public Utility Works is available through the acquisition of the
Public Utility Works and any and all water rights and sources of water in
connection therewith.
2. That the cost of acquiring the Public Utility Works as set forth in
that certain "Agreement for Sale and Purchase of the Stock of Angora Water Co."
dated as of Nov. 3 , 1983, by and between Donald L. Martin and Marjorie Li
Martin, husband and wife, Gerald E. Martin and Thelma V. Martin, husband and wife
and Stanley L. Martin and Louise A. Martin, husband and wife (hereinafter
collectively referred to as "Owners") and the South Tahoe Public Utility District,
a public district (hereinafter referred to as "District"), which agreement is
hereinafter referred to as the "Agreement", is substantially less than the cost of
original construction and completion by the District of similar works, and the
District, by acceptance of the offer of the Owners as set forth in the Agreement,
will have the benefit of acquiring such Public Utility Works at the lowest possible
cost.
3. That the cost of acquiring the Public Utility Works as set forth in the
Agreement can be paid from revenues of the District derived from the operation of
the Public Utility Works to be acquired in addition to the other necessary expenses
of the District in connection with such Public Utility Works.
4. That the plans and estimates referred to in the recitals hereof and the
Agreement are hereby ordered filed in the office of the Clerk as of the date of
adoption of this Resolution.
5. That the Board deems it to be in the best interests of the District to
determine to acquire the Public Utility Works by ordinance to be adopted
immediately after the filing of such plans and estimates.
PASSED AND ADOPTED at a duly held meeting of the Board of Directors of the
South Tahoe Public Utility District on Nov. 3 , 1983, by the following vote:
AYES: Directors Jones, Olson, Madden and Wynn
NOES: None
ABSENT: Director Lowe
Clerk ~/f/Sou~h Taho6 vublic uti/i~YV/
Distri~ct and Ex-Officio Secretary of
the Board of Directors thereof
-P~r~/~ident of the Be~ of Directors of
/~outh Tahoe PubT~F% Uti lity Di strict
I hereby certify that the foregoing is a full, true and correct copy of
Resolution No. 2310duly and regularly adopted by the Board of Directors of the
South Tahoe Public Utility District, E1 Dorado County, California.
Board ~)dDire--~cto~s-'of the South T'ahoe
Public Utility District
~hhW:KIJ: id ]UI~/'¥~ U/~K
:jla 11/02/83
AGREEMENT FOR SALE AND PURCHASE
OF THE STOCK OF ANGORA WATER CO.
THIS AGREEMENT, made and entered into on the 3rd day of November, 1983, by
and between Donald L. Martin and Marjorie L. Martin, husband and wife, Gerald E.
Martin and Thelma V. Martin, husband and wife, and Stanley L. Martin and Louise A.
Martin, husband and wife (hereinafter collectively referred to as "Owners") and the
South Tahoe Public Utility District, a public-district (hereinafter referred to as
"District");
WITNESSETH:
ARTICLE I: RECITALS
Section 1.1. District is a public utility district duly organized and
existing under the Public Utility District Act, (Division 7 of the Public Utilities
Code of the State of California) and .is empowered, among other things, to own,
maintain, and operate systems for the providing of water to its inhabitants.
Section 1.2. The Owners own all of the 165,942 outstanding shares of stock
of Angora Water Co. (hereinafter referred to ~ "£~mpan¥"), a pr~¥atel¥ owned
public utility water corporation formed and existing under the laws of the State of
California, subject to the jurisdiction of the Public Utilities Commission of the
State of California which owns and operates a domestic and fire protection water
system.
Section 1.3. It is the longstanding policy of the District to acquire the
public utility water companies which provide water service to the public within the
service area of the District when the owners of such companies have expressed their
desires to sell their water companies to the District.
Section 1.4. Consistent with the aforementioned policy, the parties hereto
desire to enter into an agreement for the acquisition of stock of the Company by the
District.
NOW THEREFORE, in consideration of the above premises and of the mutual
promises and covenants herein contained, it is hereby agreed as follows:
ARTICLE II
SALE OF STOCK, PURCHASE PRICE
Section 2.1. Sale of Stock. Owners agree to sell to District, and District
agrees to purchase from Owners, all of the outstanding stock in the Company for the'
purchase.price set forth in Section 2.2 and subject to the terms and conditions set
forth in this agreement.
The Company presently provides water service to approximately 1800
residential and 85 commercial customers by means of approximately 267,000 feet of
distribution mains of sizes ranging from 2" to 12" in diameter (with appropriate
valves) and 4000 services of sizes ranging from 1 inch through 8 inches. The
Company has 362 public fire hydrants. The Company suppl'ies water from eleven (11)
wells and two (2) booster stations which pump to nine (9) storage tanks totaling
approximately 1,900,000 gallons. The Company's California Public Utilities
Commission certificated service area includes approximately 2,760 acres located in
the City of South Lake Tahoe, California, and adjacent portions of E1 Dorado
County; all of said service area lies within the boundaries of the District.
Section 2.2. Purchase Price. The gross purchase price for the stock of the
Company is the sum of $1,851,816.00.
a. Owners agree to purchase from the District the items of propeety
identified by an asterisk in Exhibit B for a total price of $98,816 upon conveyance
of the assets of the Company tO the District pursuant to order of the Public
Utilities Commission. It is acknowledgedb¥ the parties that all of said items are
surplus to the District's needs in connection with the District's operation of the
water system, control of which is being acquired by the District through the
purchase of stock pursuant hereto.
b. It is further acknowledged that the warehouse located at 910 Clement
Street, South Lake Tahoe, California, which is owned by the Company and is and will
not be needed by the District in order to satisfactorily operate said water system
for the ensuing two years. The District therefore agrees to lease said warehouse
to Owners for one (1) year from the Transfer Date of transfer of stock of the
Company to the District pursuant hereto (the "Transfer Date"), upon conveyance of
the assets of the Company to the District pursuant to order of the Public Utilities
Commission and the Owners hereby agree to lease said warehouse from the District
for said term for the sum of $3,000. District further agrees to lease said
warehouse to the Owners for an additional term of one (1) year at the same rental if
Owners so desire. The specific terms of such lease and extension shall be agreed
upon by the parties upon conveyance of the assets of the Company to the District
pursuant to order of the Public Utilities Commission.
District shall be credited with the total of $101,816.00 on account of said
gross purchase price in consideration for the purchase of the property described in
paragraph (a) and the leasing of the property described in paragraph (b) above.
The net purchase price, viz. $1,750,000 (the "Purchase Price"), shall be
paid by the District to Owners in installments over a period of twenty-four (24)
years with interest on unpaid principal balance computed at 10.5 percent (10.5%)
per year from the Transfer Date until the Purchase Price has been paid in full.
Installment payments of the Purchase Price and interest (which are collectively
referred to herein as the "Purchase Price Payments") shall be due and payable
monthly, with the first payment to be due and payable on the first day of the month
following the Transfer Date with remaining monthly payments to be due and payable
on the first day of each succeeding month, all as set forth in Exhibit "A" hereto
attached and incorporated herein by reference.
c. It is understood that the Company will, prior to the Transfer Date,
send out billings for certain 1984 charges (the "1984 Billings"), and that the
estimated amount of such billings is $162,000. It is understood and agreed that
all of the net proceeds of the 1984 Billings without regard to when they are
received, as well as any cash balances on ha~d and held i~ all Company accounts as
of the Transfer Date (the "Cash Balances"), are included in the assets of the
Company and will be transferred to the District upon dissolution of the Company.
It is further understood and agreed that the Company has paid or will
have paid all financial obligations of the Company incurred and payable prior to
the Transfer Date, and that the Cash Balances and the remaining proceeds of the
1984 Billings as of the Transfer Date will be free and clear of all financial
obligations of the Company incurred and payable prior to the'Transfer Date. Owners
agree to pay any such obligations Which may be identified as incurred and payable
prior to and unpaid after the Transfer Date, which payment shall be in the form of
credits against the Purchase Price Payments payable on the first day of the month
next succeeding the dates on which such obligations are determined by the
Districtt$ accountants to be owing and unpa~.
It is further understood and agreed that certain other obligations of
the Company will have been incurred or accrued prior to the Transfer Date but are
not yet payable as of said Date. Such obligations (hereinafter referred to as
"Accrued Company Obligations") include (i) state and federal income tax liability
for the calendar year 1983, estimated at $30,000, (ii) tax from recomputin§ prior
year investment credits (resulting from recapture upon sale and dissolution of the
Company) estimated at $15,000, (iii) legal and accounting fees and expenses of
Company attorneys (estimated at $10,000) and accountants (estimated at $5,000) to
be incurred in connection with the joint application to the Public Utilities
Commission, and (iv) the annual fee payable to the Public Utilities Commission
under Section 411 of the Public Utilities Code, estimated at 1.5% of all water
sales collected by the Company for 1983. District shall pay the Accrued Company
Obligations from Company assets as they become due and payable in amounts not to
exceed the foregoing respective estimates; Owners agree to pay any amounts in
excess of said respective estimates in the form of credits against the Purchase
Price Payments payable on the first day of the month next succeeding the dates on
which such Accrued Company Obligations become due and payable as determined by the
District's accountants.
d. District agrees to pay all legal and accounting fees and expenses in
connection with the transfer of Company assets to the District and the dissolution
and winding up of the Company.
e. If the Transfer Date is not on or prior to January 31, 1984, this
Agreement, subject to Section 4.1, shall be void and of no force and effect unless
the said Date is extended by written agreement of the parties.
Section 2.3. No Prepayments by District. District shall not prepay any
portion of the Purchase price; provided, however, that notwithstanding any other
provision of this agreement, District may on any date secure the payment of
Purchase Price Payments by a deposit with an escrow holder under an escrow deposit
and trust agreement of: (i) cash in an amount which is sufficient to pay all unpaid
Purchase Price Payments, including the principal and interest components thereof,
in accordance with the Purchase Price Payment schedule set forth in Exhibit A, or
(ii) federal securities, together with cash, if required, in such amount as will,
in the opinion of an independent certified public accountant, together with
interest to accrue thereon, be fully sufficient to pay 'all unpaid Purchase Price
Payments on their Payment Date, as District shall instruct at the time of said
deposit. In the event of a deposit pursuant to this Section, all obligations of the
District under this agreement, and all security provided by this agreement for said
obligations, shall cease and terminate, excepting only the obligation of the
District to make, or cause to be made, Purchase Price Payments from the deposit
made by District pursuant to this Section. Said deposit shall be deemed to be and
shall constitute a special fund for the payment of Purchase Price Payments in
accordance with the provisions of this agreement. Upon said deposit Owners and
District will execute or cause to be executed any and all documents as may be
necessary to evidence the release of any security provided for hereby and to
confirm title to the stock and Company assets in District.
District shall not proceed with the estab]ishmen~ of such escrow un]ess
and until it has received a letter ruling from the Internal Revenue Service
~substantially to the effect that such escrow will not affect the tax exempt status
of the interest components of the Purchase Price Payments nor otherwise result in
adverse tax consequences to the Owners, all as confirmed by the opinion of tax
counsel for the Owners.
Section 2.4. Automatic Acceleration. District covenants and agrees that
it shall not, without the consent of Owners or their successors in interest, sell
or transfer the stock, or upon liquidation, the facilities and improvements
acquired from Owners by District pursuant to this Agreement to any private person,
firm, or corporation. In the event that such sale or transfer occurs or in the
event that District or any successor public agency ceases to operate said
facilities and improvements, the entire principal amount of the Purchase Price may,
at the option of Owners, or their successors in interest become due and payable and
shall be paid with interest accrued to the date of payment.
Section 2.5. Disposition of Certain Proceeds Held in Trust. It is agreed
by the parties hereto that if contributed plant (viz. plant in the Company's
Account No. 265 --"Contributions in Aid of Construction") is ever purchased by any
private person, firm or corporation or purchased or taken by eminent domain by any
public entity, the proceeds of the disposition of such plant shall be held by the
District in trust for the benefit of the Owners of the land assessed for financing
such plant to be disposed of as a court of competent jurisdiction shall direct.
4
It is understood by the parties hereto that the foregoing provisions of this
section are in accordance with the order of the Public Utilities Commission of the
State of California made on April 7, 1970, in its Decision No. 77035, insofar as
said Decision and order pertained to in-tract water facilities financed by
assessment bonds, and that it is the intent of the parties hereto to express by said
provisions the same limitation on the title of District which was always intended
with respect to water plant constructed and/or acquired by the County of E1 Dorado,
pursuant to Sections 10109, 10110, and 10111 of the Streets and Highways Code;
namely, that the title of a private water company and/or a public agency in and to
such plant is held in trust for the owners of the land assessed for the sole purpose
of rendering water service to such land.
The parties acknowledge that no portion of the Purchase Price is being paid
for contributed plant.
Section 2.6. Payment of Purchase Price. All Purchase Price Payments
required to be made hereunder shall be made by District to Owners by check mailed to
the Owners at the address set forth in Section 7.5(a) or at such changed address as
may be provided pursuant to Section 7.5(b).
ARTICLE III
REPRESENTATIONS AND COVENANTS ~Y OWNERS
.- Section 3.1. No Material Adverse Change. Owners hereby represent that
there have not been any material adverse changes in the operations or finances of
the Company since December 31, 1982, as shown on financial statements rendered as
of said date, which statements are attached hereto, marked Exhibit "B" and by this
reference incorporated herein and made a part hereof.
Section 3.2. Maintenance. Owners covenant and agree that prior to the
transfer date, they shall cause Company:
a. to keep all water facilities and .improvements"of Company and every part
thereof in good repair, working order, and condition;
b. to operate and maintain such facilities and improvements in a sound and
efficient manner; and
c. to pay all expenses of repair, operation, and maintenance prior to the
Transfer Date.
Section 3.3. Collection of Charges. Owners covenant and agree thatPrior
to the Transfer Date, they shall cause Company:
a. to collect, in accordance with procedures heretofore established by
Company, the char§es imposed by Company for water, water service, and facilit~es~
b. to continue to provide services provided prior to execution of this
Agreement; and
c. to prohibit the use, free of charge, of any water, water services, or
facilities by any public or private person, firm, corporation, or entity except
pursuant to agreements entered into prior to the execution of this Agreement.
Section 3.4. Encumbrances. Owners covenant and agree that, prior to the
Transfer Date and except as necessary in the ordinary course of business, they
shall not permit any properties of Company to be mortgaged or otherwise encumbered,
sold, leased, or disposed of, nor shall they enter, or permit Company to enter,
into any agreement which would impair or impede the operation of Company's
facilities and improvements and the provision of Company's services.
Section 3.5. Insurance. Owners covenant and agree that, prior to the
Transfer Date, they shall cause Company to keep in full force and effect all
insurance kept by the Company upon Company's properties at the time of execution of
this Agreement.
Section 3.6. Le§al Proceedings. Owners represent that there is no suit,
action, claim, arbitration, or legal, administrative, or other proceeding pending,
or to the best of their knowledge threatened against or affecting the Company.
Owners covenant and agree that they shall defend or cause to be defended any legal
6
proceedings, claims, or causes of action initiated or pending against Company or
involving Company's facilities, properties, or assets on or before the Transfer
Date; and Owners further agree to indemnify and hold District harmless from any and
all claims, suits, damages, or liability asserted or commenced after the Transfer
Date which may exist or arise by virtue of any events which occurred prior to the
Transfer Date and which did not arise in the ordinary course of business, except
that such indemnity and covenant to defend shall nevertheless extend to such
matters that arose in the ordinary course of business if a decision, determination,
or judgment upon such matter adverse to Company or the District would substantially
frustrate the purpose of this Agreement. Notwithstanding any other provision of
this Agreement, Owner's liability under this paragraph shall not exceed the
aggregate amount that may be unpaid upon the Purchase Price due under Section 2.2
at the time that any such adverse decision determination, or judgment shall become
final. '
District shall promptly notify Owners of the existence of any claim, demand,
litigation, or other matter to which Owners~ indemnification obligation would
apply, and shall give Owners reasonable opportunity to defend the same at their own
expense and with counsel of their own selection; provided, that District shall at
all times also have the right to fully participate in the defense at its own
expense. If Owners shall, within a reasonable time after this notice, fail to
defend, District shall have the right to undertake the defense of and to compromise
or settle (exercising reasonable business judgment) the claim or other matter on
behalf of Owners.
Section 3.7. Records~ Inspection. Owners covenant and agree that, prior to
the Transfer Date, the. v shall cause
a. to maintain proper books of account and records of Company's
operations; and
b. to permit representative of District to inspect all accounts, records,
documents, and properties of Company upon reasonable request.
Section 3.8. Diminution of Assets. Owners covenant and agree that, prior
to the Transfer Date, they shall prevent Company from paying dividends or making
other distribution of Company's income to shareholders, from paying bonuses to any
officer or employee of Company and from paying, without District's consent,
increases of salaries beyond those in effect on the date hereof to any officer or
employee of Company; provided, however, that nothing herein shall prevent Company
from paying or making distributions and/or payments which have been traditional in
the ordinary course of the Company's business. Owners further covenant and agree
that they shall prohibit Company from taking any other action which would in any
way diminish the liquid assets of Company or the value of other assets of Company
including, but not limited to, its good will, except to the extent necessary in the
ordinary course of business.
ARTICLE IV
DUTIES OF DISTRICT SUBSEQUENT TO ?RANSFER DATE
· Section 4.1. New Projects; Repairs; Extension of Transfer Date. The
parties acknowledge that Company has no new capital projects under construction.
It shall be the duty of Company to make all necessary repairs to the system prior to
the Transfer Date in order to maintain the Company's system in good working order.
Owners shall cause Company to procure earthquake and other catastrophe
insurance subject to a deductible of $50,000 per occurrence (with maximum insurance
protection of $1,000,000) in order to provide funds with which to repair damage to
Company's system occurring prior to the Transfer Date. District acknowledges that
the assets of Company over which the District shall obtai'n control by virtue of the
acquisition of stock includes a cash reserve of $50,000 which may be applied by
Company to make emergency repairs to its system as needed prior to the Transfer
Date.
In the event there is a loss or destruction of any material part of
Company's facilities prior to the Transfer Date, the Transfer Date shall be
extended to a date that is ten (10) days later than the date upon which said loss or
destruction shall have been remedied or repaired to the mutual satisfaction of the
parties.
Section 4.2. Continued Service. District covenants and agrees that after
the Transfer Date specified pursuant to Section 5.4., it shall continue to supply
water to the best of its abilities to the customers of Company
Transfer Date, shall otherwise comply with conditions pertaining to the service of
. water set forth in any order of the Public Utilities Commission of the State of
California, and shall supply water subject to reasonable and uniform rates, rules,
and regulations to additional connections within the service area of Company after
such connections are legally made.
8
ARTICLE V
TRANSFER
· ~ Section 5.1. Conditions Precedent. The obligation of District to purchase
and of Owners to sell- the stock of Company in accordance with this Agreement is
subject to the following conditions:
a. The expiration of thirty (30) days after the passage of an Ordinance by
District determining to purchase the stock of Owners and authorizing the execution
of thisAgreement.
b. The obtaining of all necessary orders and approvals by the Public
Utilities Commission of the State of California.
Section 5.2. Application to Public Utilities Commission. Immediately
after the execution of this Agreement, District and Owners shall make joint
application to the Public Utilities Commission of the State of California for all
orders and approvals of said Commission which are necessary for the fulfillment of
the terms of this Agreement.
Section 5.3. Transfer. Upon fulfillment of the conditions specified in
Section 5.1, Owners shall properly endorse for transfer to District certificates
representing the total number of shares of outstanding stock of Company and shall
cause to be delivered to District.said certificates, together with the minute book,
seal, engineering data, books of account, records, documents, and all other
parz~pherna]~
Section 5.4. Transfer Date. The transfer to District shall be effective
upon the delivery to District, pursuant to Section 5.3, of the certificates
representing all of the outstanding stock of Company; provided, however, that
transfer shall not occur later that January 31, 1984.
Section 5.5. Acceptance. District shall accept the stock certificates of
Company as of the Transfer Date.
Section 5.6. Closing Documents. District shall provide Owners with a copy
of the written legal opinion of District Bond Counsel, Jones Hall Hill & White, A
Professional Law Corporation, approving in all regards the legality of all proceeds
for the purchase of Company's stock and of this Agreement and confirming that all
obligations set forth in this Agreement are continuing and enforceable and that the
interest component of the Purchase Price Payments as set forth in Exhibit A and
paid by the District as provided in this Agreement is exempt from all federal
income taxation and from personal income taxation on said interest imposed by the
State of California under revenue codes and applicable regulations thereunder in
effect as of the date of said opinion.
9
ARTICLE VI
NATURE OF OBLIGATION AND REMEDIES IN EVENT OF DEFAULT
Section 6.1. Nature of Obligation. The obligation of District to pay the
Purchase Price Payments specified in this Agreement is a special obligation payable
solely from all of the Revenues derived from the Water System Acquired from Owners
and the Facilities Revenues.
Section 6.2. Pledge of Revenues. All of the Revenues received by the
District from the Water System Acquired from Owners and all of the Facilities
Revenues are hereby pledged by District to the payment of the Purchase Price
Payments as provided in Section 2.2.
Section 6.3. First Lien on Revenues. The sums required to make the
Purchase Price Payments shall be a lien upon and pledge of said Revenues and shall
be a lien upon and pledge of the Facilities Revenues on a parity with the lien upon
the Facilities Revenue established by Section 6.7 (c).
Section 6.4. Net Revenue Coverage. District covenants that it will at all
times establish, maintain, and collect for services, facilities and water of the
Water System Acquired from Owners charges sufficient, with other Revenues received
to provide annual Net Revenues equal to not less that the amount of the Purchase
Price Payments payable under Section 2.2, which shall become due and payable within
the next succeeding twelve (12) months.
Section 6.5. Definitions.
a. As used in this article, "Revenues" or "Gross Revenues" means all of
the gross income and revenue derived by the District from the sale of Water from the
Water System Acquired from Owners.
b. "Net Revenues," as used in this article means annual Gross Revenues,
after deducting (i) all sums expended for the cost of acquisition of water and of
necessary and reasonable maintenance and operation of the Water System Acquired
from Owners, which costs shall include the reasonable expense of management,
operation, repair, and other expenses necessary to maintain and preserve the Water
System Acquired from Owners in good repair and working order, and (ii) the annual
Purchase Price Payments payable under Section 2.2.
c. The "Water System Acquired from Owners" means the complete water
supply, storage, and distribution system, including all appurtenant real and
personal property and equipment of the Company, together with all water
applications, permits and licenses, and all water rights whatsoever, and including
additions, extensions, or'improvements which may be hereafter made to such system,
other than Interconnecting Facilities. The facilities and improvements of any
other water system purchased or constructed by the District shall not be included
within the meaning of the term even though they may be hereafter interconnected and
operated as a single system.
10
d. As used in this article, "District Water Enterprise" means the Water
System Acquired from Owners together with any other water facilities or systems
heretofore or hereafter acquired or constructed ~y District, and any additions,
extensions, or improvements which may hereafter be made to such facilities.
e. "Interconnecting Facilities," as used in this article means such
facilities as may be required to interconnect any separate water systems acquired
or constructed and necessary to allow such systems to be operated as a unit.
f. "Construction of a New Water System," as used in this article, means
the construction by the District of a new water system to provide water service to
an area not theretofore served by a public water system and does not include
Interconnecting Facilities.
g. "Facilities Revenues" means all income and revenue derived by the
distric~ from the District Water Enterprise other than from the sale of water.
Section 6.6. Revenues -- A Trust Fund. All of the Revenues and Facilities
Revenues shall constitute a trust fund for the security and payment of the Purchase
Price Payments in accordance with the requirements of Section 2.2.
Section 6.7. Other Water Systems. District reserves the right to purchase
the stock and/or assets of other water systems or to construct other water systems,
to extend and improve such systems and to operate all water systems owned by the
District as a unit, upon the following conditions:
a. The revenues derived from each such water system purchased together
with Facilities Revenues shall be pledged by District to the payment of the
obligations outstanding against the stock or assets of each particular water system
purchased at the time of acquisition and thereafter to the payment of the purchase
price for the stock and/or assets of each such water system acquired.
b. The revenues derived from each such water system constructed shall be
pledged by the District to the payment of the obligations incurred for the
construction of said water system as a first and prior lien thereon.
c. The sums required to pay the obligations outstanding against the stock
or assets of each particular water system purchased at the time of acquisition
shall be a first and prior lien upon and pledge of all of the revenues received by
District from each such water system purchased, respectively. The sums required to
pay the purchase price for the stock and/or assets of each such water system
acquired shall similarly be a lien upon and pledge of said revenues, but subject
and inferior to the first and prior lien of said outstanding obligations, if any,
and shall be a lien upon and pledge of the Facilities Revenues on a parity with the
lien upon the Facilities Revenues established by Section 6.3.
Sums required to pay any obligations incurred for Construction of any New
Water System shall be a first and prior lien upon and pledge of all of the revenues
received by District from each such water system so constructed.
11
d. The annual net revenues and net Facilities. Revenues remaining after the
payment of the annual amounts due on the obligations outstanding against the stock
or assets of each particular water system purchased at the time of acquisition and
remaining after payment of the annual amounts due on the purchase price for the
stock-and/or assets of each such water system purchased or for the annual amounts
due on the obligations incurred for construction of each water system constructed
shall be applied to the acquisition and construction of capital additions and
improvements to the facilities of the "District Water Enterprise" or to the payment
of amounts on obligations incurred to finance such capital additions and
improvements, or for unusual or extraordinary maintenance or repairs to improve the
facilities of the "District Water Enterprise," or for any lawful purpose of the
"District Water Enterprise," including, but not limited to Interconnecting
Facilities. '
e. All of the revenues derived by District from each such water system
purchased or constructed together with the Facilities Revenues as to any such water
system purchased shall constitute a trust fund for the security and payment of the
obligations of each such water system purchased at transfer date, and thereafter
the payment of the purchase price for the stock and/or assets of each such water
system purchased, or the obligations incurred for the Construction of each New
Water System constructed.
f. It is recognized that the District will or may construct
Interconnecting Facilities from net revenues of the District Water Enterprise, as
provided in 6.7.(d) above, or otherwise. Revenues of such Interconnecting
Facilities, if any, shall be deemed to be revenues of the District Water Enterprise
and not subject to the liens and pledges of any particular water system acquired ~r
purchased by the District unless specifically so encumbered by the District, except
for the lien and pledge of the Facilities Revenues, if any, which lien and pledge is
intended to encompass all of the Facilities Revenues of the entire District Water
Enterprise.
Section 6.8. Use for No Other Purpose. The Revenues and Facilities
Revenues shall not be used for any purpose, other than those specifically
authorized by this Agreement, so long as any of said acquisition payments are
outstanding and unpaid; except that out of such revenues and Facilities Revenues
there may be apportioned, so long as all of said payments are made as the same
become due and payable, such sums as may be required to pay the costs of acquisition
of water and of necessary and reasonable maintenance and operation of the "District
Water Enterprise," which costs shall include the reasonable expenses of management,
operation, repair, and other expenses necessary to maintain and preserve the
"District Water Enterprise" in good repair and working order; provided, however,
that permanent improvements shall not be added to the "District Water Enterprise"
in the event that District is in default in the payment of any amount required under
Section 2.2.
Section 6.9. Priority. Obligations to pay the Purchase Price Payments in
the order of priority established in Section 6.3 shall be prior and paramount to
any and all other claims and obligations that have arisen or may arise or be
incurred against said Revenues and Facilities Revenues, except as otherwise herein
provided. District covenants that it shall not permit any lien to be given to, or
12
arise in.favor of, any person, firm, corporation, or public entity which is on a
parity with, or prior to, the obligations assumed and incurred under Section 2.2,
other than the parity liens on the Facilities Reven~es herein provided for.
.- Section 6.10. Event of Default. In the event of default in the due and
punctual payment of any Purchase Price Payments required under Section 2.2 when and
as the same shall become due and payable, Owners shall have the right, in addition
to any other rights provided by law.
a. Accounting. By action or suit in equity to require District and
its Board of Directors and other officers, agents, and employees to account as the
trustee of an express trust for all of the assets, income, and property of the
Company.
b. Mandamus. By mandamus or other suit, action, or proceeding at
law, or in equity to enforce the payment of any judgment against District for the
amount of any such default.
Section 6.11. District Credit Not Encumbered. No recourse shall be had
for the payment of the Purchase Price Payments or any part thereof, nor for the
payment or performance of any other obligations hereunder, against the general fund
of District, nor shall its credit or taxing power be deemed to be pledged thereto,
and the right to compel the exercise of the taxing power of the District or the
forfeiture of any of its property for the payment of the Purchase Price Payments or
any other obligation hereunder (other than the Water System Acquired from Company)
shall not exist except as expressly herein provided.
13
ARTICLE VII
GENERAL PROVISIONS
Section 7.1. Governing Law. This Agreement is made in the State of
California under the constitution and laws of such state and is to be so construed.
Section 7.2. Waiver. The waiver by either party of any breach of the other
of any term, covenant, or condition hereof shall not operate as a waiver of any
subsequent breach of the same or any other term, covenant, or condition.
Section 7.3. Execution. This Agreement may be simultaneously executed in
counterparts, each of which when so executed shall be deemed to be an original.
Section 7.4. Administration. It is agreed by the parties hereto that
Owners as shareholders of Company and appropriate members of the staff of District
may, in the course of administration of the Agreement, agree upon such procedures
for the performance hereunder of the parties hereto and methods of implementation
hereof as shall be consistent with the purpose and intent of this Agreement.
Section 7.5. Notice. Any notice, demand, or other communication under this
Agreement by a party to the other shall be sufficiently given or delivered if it is
dispatched by registered or certified mail, postage prepaid, return receipt
requested, or delivered personally and:
a. In the case of Owners, is delivered personally to each Owner or
addressed as follows:
To:
Donald L. Martin and Marjorie L. Martin
P.O. Box 9026
South Lake Tahoe, California 95731
To:
Gerald E. Martin and Thelma V. Martin
P.O. Box 9026
South Lake Tahoe, California 95731
To .'
Stanley L. Martin and Louise A. Martin
P.O. Box 9026
South Lake Tahoe, California 95731
b. In the case of the District, is delivered personally to District or
addressed as follows:
To .'
District Secretary
South Tahoe Public Utilities District
P.O. Box AU
South Lake Tahoe, California 95705
or at such address with respect to any party as that party may from time to time
designate in writing and forward to the other parties, as provided in this Section.
Section 7.6. Validity. If any one or more of the terms, provisions,
promises, covenants, or conditions of this Agreement shall to any extent be
adjudged invalid, unenforceable, void, or voidable for any reason whatsoever by a
court of competent jurisdiction, each and all of the remaining terms, provisions,
promises, covenants, and conditions of this Agreement shall not be affected thereby
and shall be valid and enforceable to the fullest extent permitted by law.
Section 7.7. Assignment. Except as otherwise provided in Section 2.4, this
Agreement shall inure to the benefit of and be enforceable against the successors
and assigns of each of the parties hereto.
Section 7.8. Event of Conflict. This Agreement is intended to conform in
all regards to the authority of District to enter into this Agreement under the
statutes and laws of the State of California. However, 'in the event of conflict
between the provisions of this Agreement and said laws and statutes, the latter
shall prevail.
15
IN WITNESS WHEREOF, the parties hereto have hereunto subscribed their n~mes
by their officers thereunto duly authorized all on the day and year in -this
Agreement first above written.
Do6ald L. Martin, Owner
Marjo~ied~. Martin, Owner
Gera{d E, Martin, Owner
Thelma V.' Martin, Own6~ -
St~l~--L. M~rE-in, Owner
Louise A. Martin, 'Owner
16
,OAN AMORT'ZAT!ON ECHEDULE
-ZBTOR:S.T.P.U.D.
CREDiTOR:ANGORA WATER CO
LOAN AMOUNT
MO.PYMNT
INT RATE
~ !75DODO
$ 15416.67
· 105
DATE
PYMNT AMNT PRINCIPAL
I/ 1184
21 1184
31 1184
13 51 1/84
£ 61 lISA
7 7/ 1/84
8/ 1164
? 91 1184
ID/ 1184
il 11/
!2/ 1/84
? FISCAL '(EAR 'TOTALS
15,416 67
15,416 67
15,416 67
15>416 67
15,416 67
15,416 67
15,A16 67
15>&!6 67
15,&16 &7
15,416 67
15,416 67
185~000.04
!04- 17
105 08
106 OD
I06 9'3
107 86
108 81
107 76
ilo 72
111 6?
112 &7
!13 &5
I14 65
!3 I/ 1/85
'.4. 21 1185
_5 - 31 1/85
16 A/ 1/85
17 51 1185
18 61 1185
19 7/ 1/85
20 81 1185
21 9I 1/85
22 lO/ 1/85
23 11/ 1/85
24 12/ 1/85
15 416.67
15 &lA 67
15 416 69
15 Al6 67
15 416 67
15 416 67
15,416 67
15,416 67
15,416 67
15,416 67
15,&16 67
15,416 67
i15.65
!16.66
117.68
118.71
1!9.'75
!20.80
121.86
122.92
!24.~D
125.08
126.18
127.28
FISCAL YEAR TOTALS
185,OOO.0&
1,456.57
25 !/
26 2/ 1/86
27 3/ liS&
£8 A/ 1186
2? 5/ 1/86
JO 61 1186
31 7/ 1/86
ZZ 81 l/SA
33 9/ 1186
15,416.67
lB,A16.&7
15,4.16 67
15,&!6 67
15,&16 67
15,416 67
15,Al& 67
15,416 6'7
15,4.16 67
128 3?
!27 52
!30 .SS
!31 '79
132 ?5
134 !1
135 28
136 47
137 66
ASSET:UATER c,c ¢~
~(._T=~
~ PYMNTS
FIRST PYMNT
&B
1/1184
INTEREST
BALANC~
15,312.50
15,311 5?
15,310
15,309
15,308
15,307
15,306
15,305
15,304.
15>304 OD
15,303 02
15,302 O2
1,74.9 8?5 83
!,749
67 1,749
74 1,749
31 1,747
86 1,749
?i 1,747
95 1,749
7?0
634.
577
4.69
361
75
75
82
15
251 39
140 67
028 ?S
1,748~?16.31
1~748,802.6&
1,748,&88.01
183,688.0=
15>301.02
15,300 Ol
15,298 99
15,277 76
15,276 92
15~295 87
15,274 81
15~273 75
15,292 67
15,270 4?
1,748 S72.36
1,74.8 455.75
1,748 338.02
i~748
1,748
1,74.7 ~78.'7&
1,747 856.90
1,747 60~.~8
1,747 484..?0
1,747 ~58.72
183,543.4'7
15,288.28
15,28'7 15
15~286 OZ
15,284. 88
15¢£83 72
!5,282 56
15,281
15,28D 2D
15~277
1,747~i03 DA
1,74&,773 53
1,746,84.2 8'7
1,746,711 08
1,746,578 !2
1,746,444 DX
1,74-6,308 7~
1,746,172 27
1,74.6,034 60
OAT~
34. i0/ 11:56
35 '1/ liE&
38 1~/ i188
FISCAL YEAR TOTALS
37 I/ 1/~7
31 I/~7
60 A/ 1167
&.l 51 1187
A2 6/ 1/87
7/ 1/~7
SI 1187
A5 9/ l/S7
!0/ !/67
12/ i/~?
FISCAL 'FEAR
TOTALS
A9 i/ 1/SS
Si S/ i/SS
53 5t 1/SS
SS- 71 1/SS
56 81 I/~S
5'7 91 I/~S
~9 i1/ 1/SS
&O 12/ 1/86
FISCAL ]'EAR TOTALS
=AGE
PYMNT AMNT PPINCIPAL INTEREST
15,416.~7 '38.~7 15,277.~0
15,Al6.&7 l&O.0S 15~276.59
iS,glA.&7 141.31 15,275.36
~ALANC~
1,TAS~gs.7a
1,7&5~755.65
18S,OOO.OA 1~617.O9 183~382.95
15,A1A &7
15,Al& 67
1S,A16 67
15~&16 67
15,&lA A7
15~&16 67
15~A16.&7
15,&16.67
!5~A16.A7
15,&16.67
l&2
150
151
152
155
!56
.5& 15,Z7~
'79 15,272
05 15~271
32 15~270
60 15,269
S9 15~267
19 15,266
51 15~265
83 15,2&3
17 15~262
5Z 15,261
88 15>259
.13 1,7AS,A71
88 1~7&5,328
62 1,7&5,182
35
78 1,7AA,7AO
~8 1,7~589
84.
5O 1,7gA~l~l
79 1,7&3,819
O1
96
O&
15
96
AS '
6Z
O&
185,000.0~
1~795.30 183~204..7&
15,&16.67
15,416.67
I5~glA.&7
15,A16.&7
15,&16.67
15~416.67
!5~A16.67
!5~Al&.67
158.
159
!&l
165
166
168
169
17t
172
25 15
,SZ, 15
03 15
87 15
'75 15
20 15
16 15
66 15
17 15
,258.
,257
~255
~252
~251
2~9
248
24.5
244
24.2
AZ 1,7&B,&60.79
03 1,7&3,501.!5
64
23 1,743,177.67
SO !,7&3~01~.Si
37
92 1,TgZ~&81.76
6.7 1,7&Z~D13.S&
99 1,7AZ~3A3.S@
51 i~7A2~172.72
O1 1,7gZ~OOO.O&
50 1,7&1,825.89~
185~OOO.O&
1~993.
15 183
,DOS.
LOAN AMORTIZATION SCHEDULE
- ~AGE -!
SBTOR~STPUD
LOAN A~OUN.T
CREDITOR:ANGORA
MO.PYMNT INT RATE
ASSET:WATER SYSTEM
PYMNTS FIRST PYMNT
17/4.1825.89
DATE
1 1/ 1189
Z Z/ 1/89
3 3/ 1/89
& &/ 1/89
5 5/ 1/89
6 6/ 1/89
7 7/ 1/89
8 8/ 1/89
9 91 1189
10 10/ 1/89
11 11/ 1/89
12 12/ 1/89
$ 16583.33 .... :18'5 ................. 68 ....................... 1 /-1' / 89 ....
PYMNT AMNT
16,583
16,583
16,583
36,583
16,583
16,583
16,583
16,583
16,583.
16,583.
16,583.
33 1,3&Z
33 1,354
33 ........ 1,365
33 1,377
33 1,389
33 'l,4OZ
33 1,Al&
33 1,439
33 1,451
33 1,A6A
33 ..... 1,477
PRINCIPAL INTEREST BALANCE
.35 15,240.98 1,74.0,4.83.5A
.lO 15,229.23 1,739,129.AA
.95 ...... 15,217138 "1,737,763.'A9 .........
90 15,205
96 15,193
1Z 15,181
39 15,168
76 15,156
.Z5 IS,lA&
8A 15,131
SA 15,118
36 ' 15,1B5
A3 1,736,385
37 1,734,995
21 '1,733,593
94 1,732,179
57 1,730,752
08 1,729,313
49 1,727,861
79 1,726,396
97' 1,724,919
59
63
52
13
37
12
28
74
FISCAL YEAR TOTALS
13 11 1/90
iL ZI 1190
15 31 1190
16- A~ 1/90
17 5/ 1/90
18 6/ l/gQ
19 7/ 1190
20 8/ 1/90
'21 9/ 1/90
Z2 10/ 1/90
23 11/ 1/90
2A 12/ 1/90
98
16,583
16,583
16,583
16,583
16,583
16,583
16,583
16,583
16,583
16,583
16,583
16,583
,999.96 16
33 1
33 ' 1
33 1
33 ........ 1
33
33 1
33 .....
,906
,490.29
,503 33
,516 AS
,529 75
,543 13
,556 64
,578 26
,584. O0
,597 86
,625 94
,6L0 17
.51 18Z,O93.A5
15>O93.OA
15,080.00
'15,066.85
15,053.58
1S,OdO
15,026
15,013
1A,999
14,985
1A¢971
14,957
1A,9A3
1 , 723,429.09
1,721,925
1,720,A09
1,718,879
20 1,717,336
69 1,715,779
07 1,714,2B9
33 1,712,625
47 1,711,027
A9 1,709,A15
39 1,707,789
16 1,706,14.9
77
29 ....
40
77 .......
51
51
66 -
82
88
71 -
FISCAL YEAR TOTALS
25 1/ 1/91
Z6 2/ 1/91
27 3/ 1/91
28 A~ 1/91
29 5/ 1/91
3D 6/ 1/91
31 71 1191
32 8/ 1/91
33 9/ 1/91
198,999.
16,583.
16,583
16,583
16,583
16,583
16,583
16,583
16,583
16,583
96
33
33
33
33
33
33
18,769. &7
1 , 654 . 52
1
1
1
1
1
1
,669 00
,683 60'
,698 33
,713 19
,728 18
,7A3 30
,758 56
,773 95
18D~Z3D.2~
1A,928.81
1A,899 73
14,885 BO
1A,87B
14,855
14,824
- '14~809
l&
15
03
77
38
1,704,495
1,70Z,826
1,701,162
1,699,4&&
1,697,731
1,696,002
1,69~,£59
1,692,5D1
1,690,727
19
19
59
26
07
88
58
02
07
LOAN AMORTIZATION SCHEDULE (CONTINUED)
PAGE 2
DATE ......... PYMNT AMNT ' PRiNCiPAL INTEREST -- BALANCE .......
10/ 1/91
11/ 1/91
3& 12/ .'1191
16,583.33 1,789.4-7 14,793.86 1.'688,937.61
....... 16;583.33 ......... 1~805'13 ..... 14,778.20 .... 1~687'132.48
16,583.33 1,820.92 1&,762.41 1,685,311.5&
FISCAL YEAR TOTALS ........ 198,999.96 ....... 2B,838 15 ...... 1785141]'B1
37 1/ 1/92
38 21 1192
39 31 1/92
&/ 1192
41 5/
42 6/ 1/92
43 7/ 1/92
8/ 1/92
45 91 1/92
lB/ 1/92
47 11/ 1/92
48 12/ 1/92
FISCAL
16,583.33 1,836
..... 16,583 33 ......... 1,852
16,583 33
16,583 33
.......... 16,583 33
16,583 33
16,583 33
16,583 33
16,583.33
16,583.33
1
1,885.49 14,697
..... 15901"99 ........ 14;681
1,918.63 14,&64
1~935.42 14,647
.... 1~952 36 ..... 14,630
1,969.44 14,613
1,986.67 14,596
.85 14,746.&8
.93 .... 14,73D.40
,869.14 14,714.19
70
91
97
89
6&
1,683,474.70
-1}68t,621:78
1,679,752.&4
1,677,847.14
.... 17675)9657'15
1,674,046.52
1,672 111.09
- 1,67B 158.74
1,668 189.30
1,666 202.&2
16,583.33
16,583.33
.... 2,004.06 ..... 14",'579:27' '1,'644. 198.56 ...........
2 021.59 14,561.74 1,662 176.97
YEAR TOTALS '198,999.9& ...... 23 134:59 .... 175,845-.37 ............................
&9 1/ 1/93
50 21 1193
51 3/ 1193
52 &/ 1193
53 S/ 1193
54' 61 1193
55 7/ 1/93
5& 8/ 1/93
57 91 1193
58 lO/ 1193
59 11/ 1/93
60 12/ 1/93
16,583.33
16'583Z33
16,583.33
'16,583
16,583
16,583
........... 16,583
16,583
16,583
....... 1'61583
16,583
2
2
33 2
33 ........2
33 2
33 2
33 ....... 2
33 2
33 2
33 2
33 2
111
,130
148
,l&7
,186
,205
.,244
039.28 14,544.D5 1,660,137.69
057/13 ..........I4}526-.2O - I~658,080.57
075.13 14,508.2D 1,656,005.44
2~ 1&,490.05 1,653,91E.t~
60 -' 14,471.73 !,651,800.56 .............
08 14,453.25 1,649,670.48
71 14,43&.62 1,647,521.77
51 ........ 14,415 82 ....
48 14,396.85 1,643,167.78
61 14,377.72
91 ..... l&.'358.&2 '1,638,737.25 ....
.38 14,338.95 1.'636,492.87~
FISCAL YEAR TOTALS -198,999:'9& ........ 25,684'.10 .... 173,315'56 ..................................... '
LOAN AMORT!ZATION ECHEDLILE
PAGE
.BTOR:STPUB
LOAN AMOUNT
DATE
CREDiTOR:ANGORA ASSET:WATER SYSTEM
MO,PYMNT INT RATE # PYMNTS FIRST PYMNT
$ 1825B ......... 105 ....................... 60 ................... 1 / 1"7-94 ....
1 11 1194
2 21 1/94
3 31 1194.
4 4/ 1194
5 5/ 1194
6 6/ 1194
7 7/ 1/94
8 8/ 1194
9 91 1194
10 1BI 1194
11 11/ 1/94
I£ 1~/ 1/94
PYMNT AMNT PRINCI
18,250 O0
18,250 BO
18,250 O0
18,250 OD
18,250 O0
18,250 O0
18,250 O0
18,250 DB
18,250 O0
18,250 BO
18,250 OB
18,250 O0
3
3
3
4
4
&
4
4
4
4
4
930.
965
999
034 77
070 08
lOS 69
141 62
177 85
,214 41
,251 29
,326 01
PAL iNTEREST
69 14,319.31
08 14,284.92
78 ..... 14~ZSO.Z2
14,215.23
14,179.92
14
14
13
13
BALANCE
1,632,562
1,628,597
1,6Z4,597
1,620,562
1,616,492
,144131 - 1,612,386
,la8.38 1,6~8,245
,072.15 1,604,067
,035.59 1,599,852
~998.71 1,595,601
,961.51 1,591,313
,9Z3.99 1,586,987
18
lO
33 ........
55
4.8
'78 .......
17
31
90
62
13
FISCAL YEAR TOTALS
13 1/ 1195
21 1/95
.5 31 1195
16 4/ 1195
17 5/ 1195
18 6/ 1195
19 71 1195
20 81 1195
21 91 1195
22 10/ 1/95
23 11/ 1/95
24 12/ 1/95
219,000.00
18,250.00
18,250.00
18,250.00
18,250.00
18,250.00
18,250.00
18,250.00
18,250.00
18,250.00
18,250.00
18,250.00
'-18,250.00
49,505.
4,363.
4,402
4,44B
4~479
4,518
4,558
4,638
4,678
4,719
4,761
75
86
05
56
4.2
61
15
27
85
79
75
13,571
13~530
13,488
13,&47
169,494.25
13,886.14
t3~847 95
13,809 44
13,770 58
13,731 39
'13,691 85
13,651 96
13,&11 73
15
21
91
25
1,582,623.26
1,578,221.21
1,573,780.65
1,569~301
1,56&,782
1,560,~24
1,555,626
1,550,988
1,546,309
1,541,589
1,536,828
1,532,025
23
61
4&
42
l&
30 --
51
42
67'
FISCAL
YEAR TOTALS
25 1/ 1196
26 2/ 1196
27 3/ 1/96
28 4/ 1/96
29 5/ 1/96
30 61 1/96
31 7/ 1/96
32 8/ 1196
33 9/ 1196
219,00D
18,250
18,250
18,250
18,250
18,250
18,250
18,250
18,250
18~250
.00
.00
OB
OO
O0
O0
OB
O0
BO
O0
54,961.45 164,038.55
4,84&
&,887
4,929
4,973
5,016
5,060
5,104
5,149
5,194.
.78 13,&05
17 13,362
93 13,320
07 13,276
58 13,233
48 13,189
76 13,145
42 13,100
4-8 13,055
.22 1,527~180
83 1,522~293
07 1,517,363
93 1,512,390
4-2 1,507,374
52 - 1,5D£~313
24 1,497,208
58 1,492,059
52 1~4.86~865
72
79
73
14
67
91
49
O1 .....
LOAN AMORTIZATION SCHEDULE (CONTINUED)
DATE
$4 lO/ l/g&
35 11/ l/g&
121 119A
PAGE
' PYMNT AMNT PRINCIPAL ' INTEREST '- BALANCE
18,250.00 5,239.93 13,010.07 1,481,A25.08
18,250.00 5,285.78 --' I2,9A4.22 l~&T&)339.30
18,250.00 5,332.03 12,917 97 1,&71,007.27
,~ FISCAL YEAR TOTALS .... 219,000.00 ...... A1-;DIB'&B ...... 157,981'&0 ..............................
37 1/ 1/97 18,250
38 2/ 1197 18,250
39 3/ 1/97 18,250
40 4/ 1197 18,25B
41 5/ 1197 ........... 18,250
42 A~ 1/97 18,250
43 7/ 1/97 18,25B
44 8/ 1/97 18,250
A5 9/ 1/97 18,250
4A 10/ 1/97 18,250
&7 11/ 1/97 ........ 18,250
48 12/ 1/97 18,250
FISCAL YEAR TOTALS 219,000
.00 5,378.A9 12,871.31 1,4-AS,A28.58
.DO 5,&25 75 12,824.25 lf&&B,2B2 83
.00 5,&73.23 12,776.77 1,4-54,729.A1
00 5,521.12 12,728.88 1,A49,208.A9
OB ....... 5,SAg;A3 ..... 1Z~A80.57'-l,A4.3~A39;07
O0 5,618
O0 5,AA7
BO ...... 5,716
O0 5,7AA
O0 5,817
O0 .... 5,868
.DB 5,919
lA 12
32 12
91 ...... 12
93 12
39 12
29 .... 12
A4 12
,A31.84 1,&38,020.91
,582.A8 1,&32,353.59
,&83.07 1,4.20,869.76
,&32.Al 1~&15~052.37
,381.71''1,4-09,18~07 .............
.00 ..... A7,742.83 "-151,Z57~17 ......................
49 1/
50 2/
51 31
53 51
5& A1
55 71
SA 8/
57 9/
58 10/
5~ 11/
AO 1Z/
1/98 18,250.00
1/98 ........... 18,Z50;OO
1/98 18,258.BB
tt98 16,250
I/~8 18,250
1198 18,250
1198 18,250
1/98 ...... 18,250
1/~S 18~258
1/98 18,250
1/98 18,250
1/98 18,250
~FISCAL YEAR TOTALS
5,971.&& 12,278.5A 1,397~Z93.00
-~-~'-A,OZ3.A9 ..... 1Z~ZZA-31 11391)Z6~.'31'
219,000.
A,O7A.39
.00 6,129.56
.DB .... A~183.20
.OD 6,237.30
OB 6,291.87
O0 ..... 6,34A~93
OD 6,402.&A
O0 ..... A,515.00
O0 6,572.00
12,173.61 1,385,192.92
'-12,BAA.BB 1,372,880.1A ......
12,012.70 1~366,642.86
11,958.1~
11~03:07-'-1~35~,004.:06
11,847.54 1,347,6B1.59
11,791.51 l~3&l,l&3.11
....... 11,735.BO- '1~334,A28.11 ...........
OB ..... 75,208'33 ...... l&3~791.A7 ...............................
LOAN AMORTIZATION SCHEDULE
PAGE -I
:BTOR '. STPIJD
LOAN AMOUNT
s 152005&.11
OATE
1 1/ 1/99
2 21 1/99
3 3/ 1/99
4 41 1199
5 8/ 1/99
6 61 1199
7 7/ 1/99
8 8/ 1/99
9 91 1199
10 10/ 1/99
ll 11/ 1/99
12 12/ 1/99
FISCAL YEAR TOTALS
13 1/ 1/00
lA 21 1/00
15 3/ 1/00
16' 41 1100
17 51 1/00
18 6/ t/B0
19 7/ 1/00
20 81 1/00
21 ~/ 1100
22 10/ 1/00
23 11/ 1/00
24 12/ 1/00
FISCAL YEAR TOTALS
25 1/ 1101
26 21 liD1
27 31 1101
28 41 1101
29 5/ 1/01
30 6/ l/D1
31 7/ 1/01
32 8/ 1/01
33 9/ 1/01
CREDITOR:ANGORA ASSET:WATER SYSTEM
MO.PYMNT INT RATE ~ PYMNTS FIRST PYMNT
$ 188:33.33 .105 .................. 60 ..... ' 1 / 1' / 99 .......
PYMNT AMNT
18,833 33
18,833 33
18,833 33
18,633 33
18,833 35
18,833 33
PRINCIPAL
7,212.84
7,275 95
7,339
7,403
7,a68
7,533
7,599
7,666
7,733
7,801
7,869
7,938
11,557
62 .... 11,493
iNTEREST BALANCE
11,620 49 1,320,84-3 27
38 1,313,567 32
71 -1,306,227 70
84 11,429 49 1,298,823 87
62 11,364 71 1,291,355 24
97 '11,299 36 1,283,821 27
89 11,233 44 1,276,221.38
39 11,166.94 1,268,554.99
47 11,099.86 1,260,821.51
14 11,032.19 1,255,020.37
40 10,963.93 1,245,150.97
26 ' 10,895.07 1,237,212.71
18,833.33
18,833.33
18,833.33
18,833.33
18,833.33
18,833 33
18,833 33
18,833.33
18,833 33
18,833 33
18,833 33
18,833 33
90,843.40
8,00'7.72
8,077.79
8,148.47
8,219.77
8,291.69
8,364.24
8,437.43
8,511.2&
-' 8,585.73
8,660.85
8,736.64
8,813.08
135,156.56
10,625.61
10,755 54
'- 10,684 86
10,613 56
10,541 64
10,469 09
10,395 90
10,322 07
-10,247 60
10,172 46
1D,096 69
10,020.25
1,229,204 99
1,221,127 20
1,212,978
1,204,758 97
1,196,467 28
1,188 103 OA
1,179 665 61
1,171 154.
1,162 568 63
1,153 907 77
1,lA5 171
1,136 358 05
225,999.96
18,833.33
18,833 33
18,83333
16,833 33
18,833 33
18,833 33
18,833 33
18,833 33
100,854.66
8,890.20
8,967 99
~,O4& 46
9,125 61
9,205 46
9,286 01
9,367 26
9,531 91
125,145.30
9,943.13
9,865 34
9,786 87
9,707 72
9,627 87
9,547 32
9,4-66 07
9,384 10
9~301 42
1,127 467.86
1,118 499.87
1,109 453 41
1,100 327 80
1,091 122 34
1,081 8~6 33
1,072469 07
1,063 019 84
1,053 487 94
LOAN AMORTIZATION SEHEDLII_E (CONTINUED)
DATE .......... PYMNT AMNT' PRINCIPAL .... iNTEREST ....... BALANCE
341 10/ 1/01 18,833.
35 11/ 1/01 ............... 18,833.
38 i2/ 'i/OI 18,833
33 ~,&15.31 ?,218.02 1>043,872.63
33 ....... 9,'&99"6~ ..... 9,133 89-1',034,173.18
.33 9,784.31 9,0~9.02 1,024,388.87
~)F
ISCAL YEAR TOTALS .......... 225>999:
37 1/ 1/02 18>833
38 2/ 1/02 .... 18,833
39 3/ 1/02 18,833
AO &/ 1/02 18,833
'&l 5/ 1/02 ............... 18,833
42 6/ 1/02 18,833
A3 ?/ 1/02 18,833
44 8/ l/D2 18,833
45 9/ 1102 18,833
46 lO/ 1/02 18,833
47 11/ 1/02 ........ 18>833
48 12/ 1/D2 18,833
9& ---111'~9&9.-19 ...... l16'-~O3D':77 .................
33
33
33
33
33
33
33
33
33
33
33 ........ 10,768
33 10,862
10,063.~1
10,131.29
--- 10,21919~
10,309 36
10,399 57
10,582
10>67~
8,963.40 1,Ol&,518.g&
...... 8>877.D6 "1,004>562.65 .........
8,789.~2 99&>519.24
8,702.0A 984,387
8-,&13139 .... 974,168
8,523.97 943,858
8,433.76 953,659
56 ...... 8,3AZ.77 .... 942>968
36 8,250.97 932~386
95 8~158.38 921~711
36 ....... 8,06&'.97- -~910~942
58 7>970.75 900,080
9&
02
53 ...........
18
23
87 ..........
29
~)FISCAL YEAR TOTALS ' 225,999..96
49 1/ 1/03 18,833,33
50 2/ 1/03 ......... 18,833133
51 3/ 1/03 18>833.33
5Z &/ 1%03
33 S/ 1/D3
5& 61 1103
55 7/ 1/03
56 8/ 1/03
57 9/ 1/03
58 lO/ 1103
59 11/ 1/03
60 12/ 1103
~/F!SCAL YEAR TOTALS
18,833.33
18,833.33
18,833.33
18,833 33
'18,833 33
18>833 33
18,833 33
.... 18~833 33
18,833 33
225>999.96
..... 12&,308.58 .... 101-,691-38 ............
10>957.&3 7>875.70 889
..... 11',053.51 7~779.82 .... 878
11,150.22 7>683.11 866
11,~&7.7~ 7,SBS.5~
' 11,36&~21 ..... 7,&87.12 '- 844
11~&&5.49 7,387.84 832
069.15 ............
918.93
671.14
a79.~.5
11>545.63 7>287.70
....... 11,666.66 ..........7~186.67
11,7A8.57 7,084.76
11,851.37 6,981.96
' 11,955,07 ..... 6>878:26
12,059.67 6,773.66
821 333.81
-809,687.15 .........
797>938.58
786,087.22
-774,132.'15
--138>007.81 87~992 15 ........................
~_H~DU~--
LOAN AMORTIZATION c" '= ~ z
-BTOR:STPUD
-LOAN AMOUNT
CREDITOR:ANGORA
MO.PYMNT ...... iNT RATE
PAGE
ASSET:WATER SYSTEM
....... # PYMNTS
'FIRST-PYMNT .....
762D72.AB.
DATE
$ 19511.67
PYMNT AMNT
· lo5
48
PRINCIPAL INTEREST
1 /
BALANCE
1 1/ 1/ A
2 21 1/ &
3/ 1/ ~
5 5/ 1/ A
6 6/ 1/ A
7 71 1/ A
B 8/ 1/ &
9 91 1/ A
10 10/ 1/ 4
11 11/ 11 ~
12 17/ 1/ 4
19,511.&7
19,511 67
19,511 67
19,511 67
19,511
19,511 67
19,511 67
19,511 67
19~511 67
19,511 67
19,511 ~7
19,511 67
12,BA3.SA
12~955 92
13,069
13,183
13,298
13,&15
13,532
13,651
13,770
13,691
6,555.75
28 6,4~Z.39
&A ...... 6,3'28.03
99 6~212.&8
36 6,096.31
7& 5,978.93
16 5~860.51
60 5,7&1.07
10 5,62D.57
5~&99.O3
25 5,376.&2
7~9,228.9~
723,203.75
-71D,$2D.11
696,721.12
683 305.75
"669 773.0i
656 121.S5
64.2 J51.2~
62S A&O.15
6lA AA7.S1
6DD,312.26
FISCAL YEAR TOTALS
1~ 1/ 1/ 5
l& 21 1/ 5
\5 3/ 11 5
~6 - &/ 1/ 5
17 51 1/ S
1~ 6/ 1/ 5
19 71 1/ 5
20 8/ 1/ 5
21 91 11 5
22 lS/ 1/ 5
23 11/ 1/ 5
2~ 12/ 1/ 5
234~140.04
19,511.67
19,511.67
19,511 67
19,511 67
19,511 67
19,511 67
19,511 67
19,511 67
19,511 67
19,511 67
19,511 67
19,511 &7
161,7&0.22 72,379.82
14,258.9&
14,383 70
14,509 56
14,636 52
14,764
14,893
15,024
15,155
15,268
15,&21
15,556
15,693.01
-'5,252.73 -586,053.32
5,127 97
5,002 11
'4,875 15
59 4,7&7 08
78 4,617 89
10 '-4,487 57
56 4,356 11
17 A,223 SO
94 ...... 4~089 73
~9 ~,95& 78
3,818
571~669
557,160
527,758 95
512~665 17
&97,B&l S7
482,685 51
&&7,397 33
A51,975
436,418 50
420,725 50
FISCAL YEAR TOTALS
23A~14D.D4
179,58&.76
25 1/ 1/ 6
26 21 1/ 6
27 3/ 1/ 6
28 4/ 1/ 6
29 5/ 1/ 6
SD 6/ 1/ 6
31 7/ 1/ 6
32 8/ 1/ 6
33 9/ 1/ 6
19,511 67
19,5tl 67
67
67
67
67
67
67
15,830.32
15,968 64
16,108 56
16,249 51
16,391 70
16,535
16,679 81
16,825 76
16,972 98
-3i681.35
3,403 11
3,262 16
3,119 97
2,976 54
2,831 86
2,685 91
2,5~8 69
A04,895.17
588,926.34
372,817.77
340,176.56
323,&41.4A'
306,961163
290~135.67
~73,162.~9
LOAN AMORTIZATION SCHEDULE (CONTINUED) PAGE 2
DATE
55 11/ 1/ 6
12/ !/ 6
FISCAL YEAR TOTAL~
57 1/ 1/ 7
38 21 1/ ?
39 31 1/ T
PYMNT AMNT PRINCIPAL iNTEREST BALANCE
19~511.67 17,121.49 2,390.18
19,511.67 17,271.31 2~2&O.36
19,511'-&7 .... 17~422~'43 ....... 2',OSg~2& ...... 221-i347~&6
199,377.84 3~762.2D
19,51~.6'? 17,574.88 1,936.79 203,772.78
19,511.67 17,728.66
..... 19,511'.67 17,883 78
19,511.67 18~04g 27
1,&71.6D 15$~120.~7
&l 5/ 1/ 7
42 6/ 1/ 7
43 7/ 1/ 7
44 8/ 1/ 7
45 9/ 1/ 7
46 10/ 1/ 7
~ 47 11/ 1/ 7
48 12/ 1/ 7
19,511.67 18,198
19,Dll 6V 18~17
19~511 67 1~,68D
19~511 67 ~ 18,843
FISCAL YEAR TOTALS
-35
98
O1
19,511 67 19~008 34 503 33
19,511 67 19,174 67 337 O0
'19,511 67 .... 19~342 44 .... 169 23
12 1,313.55 131,921.95
993 69 95,046.&Z
831 66 76,366.61
.......... 668 21 -- 57,523.14
38~51A.8D
19,340.14
...... 2.31-
234,140.04
221,3~.9.97 12,790.O7
EXHIBIT B
Acct. Number
131
372
373
376
377
378
Description
Material and Supplies
Office Furniture and Equipment
Transportation Equipment
Communication Equipment
Power Operated Equipment
Tools, Shop and Garage Equipment
Total
8,269
10,368
38,612
12,953
19,804
8,810
$98,816
EXHIBIT B
SCHEDULE A
COMPAILATIVE BALANCE SHEETS
Assets and Other Debits
PaEe Balance Balance
~cct. Title of Account .: bio. End-of-Year Beginning of Year
lfio. No. (a) (b) (c). (d)
I . I UTILITY PLANT
2 100 Utility plant 5 1.942.660 1,928,004
! 3 107 Utility plant adjustments
' 4 Total utility plant 1,942,6'~'~) 1 t 928 r 004
5 250 Reserve for depreciation of utiHty plant 7 812,6 8 5 7 5 9 t 9 60,
i 6 251 Reserve for amortization of limited term utility investments 7
I 8 252 'Reserve for amortization of utility plant acqui~sitlon adjustment 7
! 9 Total utility plant reserves 812,685 7 59 i 960
10 Total utility plant I~s reserves 1,12 9,9 7 5 1 t 16 8 r 0 4 4
!-11
2 II INVESTMENT AND FUND ACCOUNTS
.i 13 ! 10 Other physical property 6 3,566 ' 3,566
14 253 Reserve for depreciation and amortization of other property 7
15 Other physical property less reserve 3,566 3 r 566
i6 I11 Investments in as.soclated companies 9
17 i12 Other investments 9 ,
;18 113 Sinking funds 9 "
19 114 Miscellaneous special funds 9
i20 Total investments and fund accounts 3 r 566 3 r 566
!22 III CURRENT AND ACCRUED ASSETS
123 120 Cash 108r 861 93,567
24 121 Special deposits 10 850 804
25 122 Working funds
124 Notes receivable 10
125 Accounts receivable 13,889 1,844
----29-' 126' Receivables from associated companies 10 1 r 7 6 8
30 131 Materials and supplies 7. 556 * '8. 269
31 132 PrepaYments 10 3,201 3,634
32 133 Other current and accrued ~ssets 10
33 Total current and accrued assets ~ 36 · 12 5 10 8,118
'34
35 IV DEFEI~ED DEBITS
36 140 Unamortized debt discount and exper~e 11
37 141 Extraordinary property losses 12
38 142 Preliminary survey and investigation charges
39 143 Clearing accounts
40 145 Other work in progress
41 146 Other deferred debits 12 4 4 6
42 Total deferred debits 446
'43 Total assets and other debits ~., 269 ~ 666 1. 280. 174
.45
46
49
52
SCHEDULE A-la
Account No. 100-1--Utility Plant in Service--Concluded
Balance Plant t'%nt
Beginning Additions Retirements Other Debits Bslance
~ccL Account of Year During Year During Year~ __ or [Creditsl End of Year
I~ i%. (a) (b) (c) -(d) (e) (f)
'~ VII. GENERAL PLANT
' 2 371 Structures and improvements 27,172 27,172
3 372 Office furniture and equipment 9,578 790 '10,368
4 373 Transportation equipment ~' 3 8,6 1 2 '3 8 t 6 1 2
' 5 '374 Stores equipment
6 37,5 Laboratory equipment
7 376 Communication equipment 12 ~ 953 '12,9~3
~ 8 377 Power operated equipment 19 · 804 '19,804
"9 378 Tools, shop and garage equipment 7 · 9 0 7 8 2 3 * 8 t 8 10
10 379 Other general plant
11 Total general plant ]. 16 · 10 6 1.613 117 · 719
12 VIH. UNDISTRIBUTED ITEMS
'"13 390 Other tangible property
14 391 Utility plant purchased
15 392 Utility pl~nt sold
16 Total undistributed items
17 Total utility plant in service 1 907,415 35,245 --- 1,942,660
SCHEDULE Adb
Account No. 302--Franchises and Consents
' Date of
Acquisition ' Amount at
Date of Term in by Which Carried
~ine Name of Orlgbasl Grantor Grant Years Utilit7 in Account:
No. (.) (b) (C) (d) (e) · ,.
1." City of South Lake Tahoe 4/13/65 50 4/13/66 NONE ·
21
Total [XX×XXXXX××~×XXXXX NONE
t The total should Si'Fee with the balance at the end of the year In Account No. 30:1 In Schedule A-I2.
SCHEDULE A-lc
Account No. 100-1--Utility Plant Held for Future Use
A~phroximate Date
en Propert7
Date of Will Be Placed Balance
LlneNo. NONE Description and Location(a) of Property Acquisition(b) in ServiCe(c) End (d)°f Yeas'
F; Total XXXXXXXXXXXXXX
80IiED1H~ A.g
A¢¢oun: No. IlO--Other Ph~tcal P~opert7
Book Value
Line' l~tme iud D~scriptlon of Property End of Year.
lq0, (a) .... . (b) '
566]
~o Land
a2 Total 3,, 566
JHHW:KIJ:jn 10/24/83 0801K
:jla 11/03/83
RESOLUTION NO. 230'9
A RESOLUTION DETERMINING THAT THE PUBLIC INTEREST
AND NECESSITY DEMAND THE ACQUISITION OF CERTAIN
PUBLIC UTILITY WATER WORKS
ANGORA WATER COMPANY
RESOLVED, by the Board of Directors of the South Tahoe Public Utility
District that this Board hereby determines that the public interest and necessity
of the District require the acquisition of all of the stock and existing assets of
the Angora Water Company, a privately owned public utility subject to the
jurisdiction of the Public Utilities Commission of the State of California.
BE IT FURTHER RESOLVED, that the President of the Board of Directors of the
District is hereby authorized to execute a joint application of the Angora Water
Company, the Owners thereof and the District to said Public Utilities Commission
for an Order Authorizing Owners to Sell and Transfer all of the Corporation's
Capital Stock to the District and Authorizing the District to dissolve Angora Water
Company and to Distribute all of its Corporate Assets to the District, all
substantially in form this day presented to this Board, and the Clerk and ex-
officio Secretary of this Board is authorized to countersign said joint application
on behalf of the District and affix the corporate seal of the District thereto.
BE IT FURTHER RESOLVED, that the President, Clerk, General Manager, and
their respective assistants and other proper officers and employees of the
District, together with general counsel and special counsel of the District, are
hereby authorized and directed to execute and deliver any and all papers and
instruments and to do and cause to be done any and all acts and things necessary or
proper for carrying out the transaction contemplated by this Resolution.
PASSED AND ADOPTED at a duly held meeting of the Board of Directors of the
South Tahoe Public Utility District on NOV..~ ,.1983, by the following vote:
AYES: DirectorS Jones, Olson, Madden and ?~;nn
NOES: None
ABSENT: Director Lowe
dl'erk o~KS~outh Tahoe' Public Utility
DistriCt and Ex-Officio Secretary of
the Board of Directors thereof
l~dent of the Boar/~/of Directors
~'u.th Tahoe Publ i c ~'ci 1 i ty Di stri ct
I hereby certify that the foregoing is a full, true and correct copy of
Resolut±on No. 2309 duly and regularly adopted by the Board of Directors of the
South Tahoe Public Utility District, E1 Dorado County, California.
'Cl~r~ a~'~-Ufficio Secffetary of the
Board o~ Directors of the South Tahoe
Public Utility District
2
AFFIDAVIT OF POSTING
ORDINANCE NO. 358
STATE OF CALIFORNIA
EL DORADO COUNTY
)
)ss
)
I, BOB EPPLER ,being first duly sworn, deposes
and says:
That for and on behalf of the Clerk and ex-Officio
Secretary of the SOUTH TAHOE PUBLIC UTILITY DISTRICT affiant
posted copies of ORDINANCE N0.358 , in form attached hereto
and by reference made a part hereof, in three public places
in the District, as follows:
1. City of South Lake Tahoe
Administration Building
South Lake Tahoe, Ca.
2. Bijou Post Office Station
South Lake Tahoe, Ca.
3. Tahoe Valley Post Office Station
South Lake Tahoe, Ca.
That said posting was completed on the 7~// day of
BO~B~ E. EPPLER~
Subscribed and sworn to before me
this .~/~j day of~?. ,
N6%%'ry/~UbIic in and for %he'
Count~of E1 Dorado, State of
California.
My co~ission expires ///~.~//~ .
/ /
~RY DRINA AMBROSE ~
N~TARY PUBLIC-CALiFOrNiA ~
Pr~l~al Office In EL DORADO Coun~ ~