Ordinance No. 344 - RetiredJHHW:SRC:cp 8/12/82 3497C
ORDINANCE NO. 3 4 4
AN ORDINANCE AWARDING SALE OF BONDS
ASSESSMENT DISTRICT 1982-1
(SOUTH TAHOE "Y" WATER IMPROVEMENTS)
BE IT ENACTED, by the Board of Directors of the South Tahoe Public
Utility District, County of E1 Dorado, California, that
1. This Board has received a written offer from Miller & ~chroeder to
purchase bonds to be issued to represent unpaid assessments levied in
proceedings had pursuant to Resolution of Intention No. 2245, adopted by this
Board on May 6, 1982.
2~ The public interest
acceptance of said oftero
and ~:onvenience will be served by the
3. Said bonds be, and they are hereby, ordered sold to Miller' &
Schoeder, said sale to be subject to all of the terms and conditions set forth
in said written offer.
4. The Finance OfficeF of said District be, and is hereby, directed to
have the bonds printed and the same to be signed, sealed and delivered on
receipt of the amount to b) paid therefor as stated in said effer, and upon
the performance of thc conditions contained in said offer.
5. The interest rate of said bonds shall be, and the same is hereby,
fixed at the rate stated in said offer.
ATTEST:
SOUTH TAHOE PUBLIC UTILITY DISTRICT
Jaerr~a~? eA~n~rffoisCei,0 ~ec~6e' ary
SOUTH TAHOE PUBLIC UTILITY DISTRICT
I hereby qe£~ify that the foregoing is a full, true and correct copy of
Ordinance No. °~ duly and regularly adopted by the Board of Directors of
the South Tahoe Public Utility District, E1 Dorado County, California, at a
meeting thereof duly held on the 26th day of ..... AUGUST , 1982, by the
following vote:
AYES, and in favor thereof, Directors:
JONES, OLSON, KASHUBA, ~3kDDEN, WYNN
NOES, Directors: NONE
ABSENT, Directors: NONE
· '~C16rJ~aknd ex officio Secretary
South~l'ahoe Public Utility District
2
ORD. NO. 344
Miller & $chroeder Municipals, Inc.
P.O. Box 665, Carson City, Nevada 89701 · (702) 882-2234
August 24, 1982
The Honorable Board of Directors
of the South Tahoe Public Utility District
South Lake Tahoe, California
Re:
Offer to Purchase Bonds in the Sum of
$140,959.47; Assessment District 1982-1
(South Tahoe "Y" Water Improvements)
Members of the Board:
Pursuant to discussions with Bond Counsel and our inves-
tigation and analysis of the captioned bond issue, we hereby
offer to purchase all of said bonds subject to the following
conditions:
1. The purchase price shall be 90% of par (a discount
of 10%) plus accrued interest from the date of the bonds to
the date of their delivery.
2. The bonds shall be issued pursuant to the Municipal
Improvement Act of 1913 and the Improvement Bond Act of 1915.
3. The par value of the bonds shall not exceed $140,959.47,
and the bonds shall mature serially over a period of 15 years.
4. The bonds shall be in denominations of $1,000, except
one bond shall be in the odd amount of $959.47 due on July 2,
1984.
5. Ail bonds shall be issued to bearer and be register-
able and deregisterable as to principal and interest.
6. The bonds shall be dated September 2, 1982, and
delivered on or before September 16, 1982.
Headquarters: Minneapolis, Minnesota 55431, Northwestern Financial Center, 7900 Xerxes Avenue South · (612) 831-1500
Branch Offices: Downtown Minneapolis · Solana Beach, California · Northbrook, Illinois · St. Paul, Minnesota · Naples, Florida
Member of the Securities Investor Protection Corporation
The Honorable Board of Directors
of the South Tahoe Public
Utility District
August 24, 1982
Page 2
7. The bonds shall mature in each of the years and in
the amounts and at the rate(s) of interest set forth on the
attached Maturity Schedule.
8. The District shall establish from the proceeds of
the bonds a reserve fund equal to 10% of the principal amount
of the bonds. In establishing the amount to be deposited in
the reserve fund from the proceeds of the bonds, we have con-
sidered the applicability of the obligation of the District to
accumulate in the reserve fund all proceeds from investment of
monies in said reserve fund until the total of the fund reaches
15% of the principal amount of the bond proceeds less the
above-stated discount, plus accrued interest. In this instance
the reserve fund has been initially established at $14,095.95,
which amount (taking into account retention in said reserve
fund of the estimated proceeds from investment of monies in
said reserve fund) we deem reasonable for this issue and
necessary to market the bonds at competitive market rates.
9. The District shall covenant to commence judicial fore-
closure of delinquent assessments within 120 days after any
delinquency, provided that (a) the alternative method of tax
apportionment under Sections 4701-4717 of the California
Revenue and Taxation Code (the "Teeter Plan") is no longer used
by the County of Eldorado for any reason whatsoever.
10. The District shall award the sale of the bonds to us
on or before August 26, 1982.
11. The purchase of the bonds shall be paid in full upon
delivery to us of the bonds and coupons thereto, the unqualified
legal opinion of Jones, Hall, Hill and White, San Francisco,
California, and a no-litigation certificate of the District.
The legal opinion shall be printed on the bonds at no charge
to us.
Respectfully submitted,
KM/av
MILLER & SCHROEDER MUNICIPALS, INC.
Ke~mit McMillin
Financial Consultant
Attachment
cc: Jones, Hall, Hill & White
MATURITY SCHEDULE
$140,959.47 Improvement Bonds
South Tahoe Public Utility District
Assessment District 1982-1
(South Tahoe "Y" Water Improvements)
Maturity Date
(July 2 )
Principal
Amount
Interest
Rate
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
$ 4,959.47
4,000.00
5,000.00
5,000.00
6,000.00
7,000.00
7,000.00
8,000.00
9,000.00
11,000.00
12,000.00
13,000.00
15,000.00
16,000.00
18,000.00
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
AFFIDAVIT OF POSTING
ORDINANCE NO. 344
STATE OF CALIFORNIA
COUNTY OF EL DORADO
)
)ss
)
deposes and says:
being first duly sworn,
BOB E. EPPLER, That for and on behalf of the Clerk and ex-
Officio Secretary of the SOUTH TAHOE PUBLIC UTILITY DISTRICT
affiant posted copies of ORDINANCE NO. 344 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 Bldg.
South Lake Tahoe, Ca.
2. Bijou Post Office Station
South Lake Tahoe, California
3. Tahoe Valley Post Office Station
South Lake Tahoe, California
That said posting was completed on the
Subscribed and sworn to before me this
~ O~ day o f_~~ ~~ ,
My Commission Expires 11/19/§-2.
~ ~ a ~x~,~:~o co., c~ !
SOUTH TAHOE PUBLIC UTILITY DISTRICT
Sewer. 1950 . Water
PRESIDENT
JAMES R JONES
P.O. Box AU South Lake Tahoe, California 95705
1275 Meadow Crest Drive
A PUBLIC AGENCY
Phone (916) 544-6474
August 27, 1982
DIRECTORS
WALTER"NEAL" OLSON
LORRENE KASHUBA
MICKEY MADDEN
JOHN WYNN
Tahoe Daily Tribune
PO BOX 1358
South Lake Tahoe, CA 95705
Attention: Donna
Gentlemen:
Enclosed is a copy of ORDINANCE NO. 344, An
Ordinance Awarding Sale of Bonds, A. D. 1982-1,
South "Y" Water Improvements.
Please publish same on the 3rd day of September
1982, and send two copies of Affidavit of Publica- ~
tion for same.
Thank you.
Very truly yours,
SOUTH TAHOE PUBLIC UTILITY DISTRICT
Mary D. Ambrose
Clerk of Board
mda
Encl.
AFFIDAVIT OF PUBLICATION
South Tahoe PUD Affidavit of Publication of
Post Office Box AU
South Lake Tahoe, Ca 95705
~"dtnaneo no 3%~
STATE OF CALIFORNIA
County of El Dorado
I am a citizen of the United States and a resident of
the County foresaid: I am over the age of eighteen
years, and not a part to or interested in the above-
entitled matter. I am the principal clerk of the printer
of The Tahoe Daily Tribune . Tahoe Sierra Tribune a
n.ewspaper of general circulation, printed and
published daily in the City of South lake Tahoe, County
of El Dorado, and which newspaper has been adjudged
a newspaper of general circulation by the Superior
Court of the County of El Dorado, State of California,
under the date of March 6 1970 Case Number 18569,
that the notice of which the annexed is a printed copy
(set in type not smaller than nonpareil), has been
published in each regular and entire issue of said
newspaper and not in any supplement thereof on the
following dates, to wit:
September 3rd.
DOredo CoUnty, Cai
-JONES; OLSON, KASHUBA,
MADDEN; W,¥NN
NOE$~ Direct0rsi NONE
ABSENT Dirl~cl0~s: NONE
M~ry D. AmbrOse
, C~rk &ex.~ SKretary
s~ie
ia~d conditions s~t, lort~ ~
S~ The interest r~ sl~t!
all in the year 19 82
I certify (or declare) under penalty that the foregoing
is true and correct.
Dated at South Lake Tahoe~
California, this 3rd date of Sept. 19 82
Slghature