Loading...
Ordinance No. 389 - RetiredORDINANCE NO. 389 AN ORDINANCE OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT DETERMINING TO ACQUIRE PUBLIC UTILITY WATER WORKS AND APPROVING AND AUTHORIZING EXECUTION OF CERTAIN AGREEMENTS IN CONNECTION THEREWITH AND RESCINDING ORDINANCE NO. 387 TAHOE PARADISE WATER COMPANY BE IT ENACTED by the Board of Directors of the South Tahoe Public Utility District: 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 Tahoe Paradise 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 $640,000, to be paid over a period of twenty-five (25) years through the issuance by a Trustee, on behalf of the District and the Corporation hereinafter referred to, of Certificates of Participation ("Certificates") evidencing a proportionate interest of the owners thereof in installment payments to be Made by the SOUTH TAHOE PUBLIC UTILITY DISTRICT pursuant to an Agreement for Installment Sale and Purchase of the Assets of the TAHOE PARADISE WATER COMPANY, in the total principal amount of approximately $760,000, with interest on the reducing balances of principal computed at the rates and in the semiannual amounts of principal and interest set forth in Exhibit "B" attached to that certain "Agreement for Installment Sale and Purchase of the Assets of the Tahoe Paradise Water Company" by and between Tahoe Paradise Water Company (the "Corporation") and the South Tahoe Public Utility District (the "District"), (which Agreement is herein referred to as the "Installment Sale Agreement"). The issuance of the Certificates by the Trustee is to be accomplished pursuant to the terms of that certain Trust Agreement by and among the Trustee, the Corporation and the District (which Agreement is hereinafter referred to as the "Trust Agreement") and the Certificates are to be sold and delivered to Miller and Schroeder Municipals, Ipc. (the "Underwriter"), pursuant to the terms of that certain Certificate Purchase Agreement by and among the Trustee, the District, the Corporation and the Underwriter (which agreement is hereinafter referred to as the "Certificate Purchase Agreement"). Total payments of principal and interest over the period of the Installment Sale Agreement are approximately $.1~775f000.00. Said installments of principal and interest are to be paid to the Owners of the Certificates solely from the "Revenues" and the "Facilities Revenues", as said terms are defined in the Installment Sale Agreement. A copy of each, the Installment Sale Agreement, the Trust Agreement and the Certificate Purchase Agreement is on file in the office of the Clerk, 1275 Meadow Crest Drive, South Lake Tahoe, California 95705. Ordinance 389 Section 3. Approval of Various Agreements. The District hereby approves each of the following Agreements in substantially the forms presented to the Board at this meeting together with any additions thereto or changes therein deemed necessary or advisable by the President: (a) the Installment Sale Agreement; (b) the Trust Agreement; and (c} the Certificate Purchase Agreement. The President of the Board is hereby authorized and directed to execute, and the Clerk is hereby authorized and directed to attest his signature and affix the seal of the District to each of said agreements for and in the name and on behalf of the District. The foregoing authorization applies to each of the foregoing documents in substantially the form presented to this meeting or with such changes as may be approved by the President pursuant to the first paragraph of this Section, such execution thereof to constitute conclusive evidence of the approval of such officer and the District of all changes from the form of each such document presented at this meeting, which form of document, respectively, is hereby in all respects approved and incorporated by reference and made a part thereof. Section 4. Approval of Official Statement. The Official Statement pertaining to the offer and sale of the Certificates and its use by the Underwriters'in the offer and sale of the Certificates, is hereby approved and the President of the District is hereby authorized and directed to execute and deliver the Official Statement in substantially the form presented to this meeting or with such changes as may be approved by the officer of the District executing the same, his execution thereof to constitute conclusive evidence of the approval by such officers and the District of all changes from the form of such Official Statement presented to this meeting, which form of Official Statement is hereby in all respects approved and incorporated by reference and made a part hereof. Section 5. Official Action. All actions heretofore taken by the officers and agents of the District with respect to the acquisition of the Public Utility Works and the negotiation and execution' of said agreements are hereby approved, confirmed and ratified. The General Manager, the President, the Clerk, the Finance Officer and any and all other appropriate officers of the District are hereby authorized and directed, for and in the name and on behalf of the District, to do any and all things and take any and all actions, including execution and delivery of any and all certificates, requisitions, agreements and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful acquisition and financing of the Public Utility Works pursuant to the agreements described herein. Section 6. Rescission of Ordinance No. 387. Ordinance No. 387, adopted by this Board on August 21, 1986 is hereby rescinded. -2- Ordinance 389 Acting Chairman of the Board of Directors of of the South Tahoe Public Utility District ATTEST: Clerk and Ex-Off'icao Secretary of the Board of Directors of the South Tahoe Public Utility District PASSED AND ADOPTED at a duly held meeting of the Board of Directors of the South Tahoe Public Utility District on October 2 , 1986, by the following vote: AYES: Directors Mason, Madden, Jones NOES: None ABSENT: Directors Olson, Wynn Acting Chairman of the Board of Directors of South Tahoe Public Utility District District and Ex-Officio Secretary of the Board of Directors thereof -3- AFFIDAVIT OF POSTING State of California ) )ss County of E1 Dorado ) t, 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. 389 & No. 390 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 AI~ TahOe iPost Office Station (Main Post Office) South Lake Tahoe, CA Tahoe Valley Post Office Station ("Y" area) South Lake Tahoe, CA (2) (3) That said posting was completed on the //~//day_ of ick Dolan Subscribed and sworn to me th~s ~/~- day of ~.-~~ , 198 . Notary Public in and fOr the State of California, County of E1 Dorado.