Ordinance No. 387 - RetiredORDINANCE NO. 387
AN ORDINANCE AND RESOLUTIONS OF THE SOUTH TAHOE PUBLIC
UTILITY DISTRICT AUTHORIZING EXECUTION OF AN AGREEMENT
FOR INSTALLMENT SALE AND PURCHASE OF THE ASSETS OF TAHOE
PARADISE WATER COMPANY
BE IT RESOLVED by the Board of Directors of South
Tahoe Public Utility District, County of E1 Dorado, State of
California, as follows:
1. The Board determines that the public necessity
of the District demands the acquisition of certain public utility
works, to wit, the Assets of Tahoe Paradise Water Company.
2. Tahoe Paradise Water Company and the District
have negotiated an Agreement for Installment Sale and Purchase
of said Assets of Tahoe Paradise Water Company.
3. The cost of acquiring said public utility works
consisting of the Assets of Tahoe Paradise Water Company can be
paid out of revenues of the District derived from the operation
of its public utility water works enterprise, in addition to the
other necessary expenses of the District for said enterprise.
THEREFORE, BE IT ENACTED by the Board of Directors of
South Tahoe Public Utility District, County of E1 Dorado, State of
California, as follows:
1. Based upon the foregoing resolutions, the
Board hereby determines to acquire said public utility works con-
sisting of the Assets of Tahoe Paradise Water Company.
2. The proposed cost of the acquisition of said
Assets of Tahoe Paradise Water Company is $640,000.00 as the
cost of sai~ Assets.
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3. The proposed method of payment for said cost
of acquisition of said Assets is through the issuance of Certifi-
cates of Participation.
4. The cost of issuance of Certificates of Partici-
pation is as follows:
A.
B.
Project Fund
Reserve Fund
- $640,000.00
- 72,418.75
C. Cost of Issuance
- 20,981.25
D. Underwriters Discount - 26,600.00
Total $760,000.00
5. The manner of payment of said total cost of
said acquisition is by installment payments as follows:
Period
Ending Payment
12/01/87
12/01/88
12/01/89
12/01/90
12/01/91
12/01/92
12/01/93
12/01/94
12/01/95
12/01/96
12/01/97
12/01/98
12/01/99
12/Ol/OO
12/Ol/Ol
12/Ol/O2
12/Ol/O3
12/Ol/O4
12/Ol/O5
12/Ol/O6
12/Ol/O7
12/Ol/O8
12/ol/o9
12/Ol/lO
12/Ol/11
$67,946.25
67,421.25
71,846.25
70,931.25
69,986.25
68,996.25
67,961.25
71,896.25
70,446.25
68,966.25
67,466.25
70,946 25
69,021 25
72,083 75
69,758 75
72,418 75
69,688 75
71,941 25
68,801.25
70,651 25
72,107 50
68,170 00
69,220 00
69,875 00
70,135 00
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6. The President of the Board of Directors of
South Tahoe Public Utility District is authorized to execute
said Agreement for Installment Sale and Purchase of the Assets
of the Tahoe Paradise Water Company by and between Tahoe Para-
dise Water Company and South Tahoe Public Utility District dated
as of October 1, 1986.
7. A copy of the Agreement for Installment Sale
and Purchase of the Assets of the Tahoe Paradise Water Company,
so authorized by this Ordinance, is on file with the Clerk of
South Tahoe Public Utility District.
PASSED AND ADOPTED by the Board of Directors of South
Tahoe Public Utility District at a regular meeting on the 21st
day of August, 1986 by the following vote:
AYES: Directors Wynn, Olson, Jones, Madden and Mason
NOES: None
ABSENT: None
ATTEST:
~HN WYNN, Pr~ident
[~oard of Dire'~tors
South Ta~e Publlc Utllity Dlstrlct
PAT A. MAMATH, Clerk of the Board
and Ex-Officio Secretary of South
Tahoe Public Utility District
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CERTIFICATION
I hereby certify that the foregoing Ordinance was
adopted at a regular meeting of the Board of Directors of South
Tahoe Public Utility District held on the 21st day of August,
1986, by the following vote:
AYES: Directors Wynn, Olson, Jones, Madden and Mason
NOES: None
ABSENT: None
PAT A. MAMATH, Clerk of the Board
South Tahoe Public Utility District
AFFIDAVIT OF POSTING
State of California )
)ss
County of E1 Dorado )
I, Patrick Dolan , being first duly sworn, deposes
and says:
That for and on behalf of the Clerk of Board of the SOUTH
TAHOE PUBLIC UTILITY DISTRICT, affiant posted copies of
Ordinance No. 387 in form attached
hereto and by reference made a part hereof, in three (3)
public places in the District as follows:
(1) City of South Lake Tahoe
Administration Building
South Lake Tahoe, CA
(2) A1 Tahoe lPost Office iStation (Main Post Office)
South Lake Tahoe, CA
(3) Tahoe Valley Post Office Station ("Y" area}
South Lake Tahoe, CA
That said posting was completed on the
September , 198 6.
llth day of
Subscribed and sworn
to me this llth
day of September ,
1986.
Notary Publi6 in and f~r the
State of California, County of
E1 Dorado.
My commission expires: 1/14/89