Resolution 2738-02
~ 1 RESOLUTION NO. 2738-02
2 A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
3 REGARDING ITS INTENTION TO ISSUE TAX-EXEMPT
WASTEWATER OBLIGATIONS
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5 WHEREAS, the South Tahoe Public Utility District (the "Borrower") desires to
6 finance extensive improvements to its recycled water facilities, the Indian Creek
7 Reservoir (ICR), and ditches, and pipelines connected to the recycled water facilities
8 and ICR. This work is described in the "South Tahoe Public Utility District Recycled
9 Water Facilities Master Plan" which is currently under environmental review; and
10 WHEREAS, the Borrower is presently proceeding with acquisition of real
11 property by eminent domain for use in the wastewater system, identified as Assessor
12 Parcel Numbers: 1-080-80, 1-080-81, 1-080-82, 1-080-56, 1-080-60, 1-200-01, 1-200-
13 10, 1-200-11 (the "Property"); and
'" 14 WHEREAS, the Borrower intends to finance the improvements and acquisition of
15 the Property with proceeds of the sale of obligations the interest upon which is excluded
16 from gross income for federal income tax purposes (the "Obligation"); and
17 WHEREAS, prior to the issuance of the Obligations, the Borrower desires to
18 advance the purchase price (the "Expenditures") with respect to the improvements and
19 the Property from available moneys of the Borrower; and
20 WHEREAS, the Board of Directors of the Borrower has determined that those
21 moneys to be advanced on and after the date hereof to pay the Expenditures are
22 available only for a temporary period and it is necessary to reimburse the Borrower for
23 the Expenditures from the proceeds of the Obligations; and
24 NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SOUTH TAHOE
25 PUBLIC UTILITY DISTRICT HEREBY RESOLVES, ORDERS, AND DETERMINES AS
26 FOLLOWS:
'-' 27 1) The Borrower hereby states its intention and reasonably expects to reimburse
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Resolution No. 2738-02
Page 2
1 Property costs incurred prior to the issuance of the Obligations with proceeds of the
2 Obligations.
3 2) The reasonably expected principal amount of the Obligation is $12,200,000.
4 3) This resolution is adopted as official action of the Borrower in order to comply
5 with Treasury Regulation Section 1.150-2 and any other regulations of the Internal
6 Revenue Service relating to the qualification for reimbursement of Borrower
7 Expenditures incurred prior to the date of issue of the Obligation.
8 4) All the recitals in this resolution are true and correct and the Board of Directors
9 so finds, determines and represents.
10 PASSED AND ADOPTED at a duly held Regular Board Meeting of the Board of
11 Directors of the South Tahoe Public Utility District on the 4th day of April 2002, by the
12 following votes:
13 AYES: Directors
14 NOES: None
15 ABSENT: None
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20 ATTEST:
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Becker. Jones. Wallace. Schafer. Mosbacher
~&J~
Duane Wallace, Board President of
South Tahoe Public Utility District