Resolution 2735-02
\., 1 RESOLUTION NO. 2735-02
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 the costs of acquiring real estate and improvements for use in the wastewater
7 system, identified as Assessor Parcel Numbers: 1-080-80, 1-080-81, 1-080-82,
8 1-080-56, 1-080-60, 1-200-01, 1-200-10, and 1-200-11 (the 'Property'); and
9 WHEREAS, the Borrower intends to finance the acquisition of the Property with
10 proceeds of the sale of obligations the interest upon which is excluded from gross
11 income for federal income tax purposes (the "Obligation"); and
12 WHEREAS, prior to the issuance of the Obligations, the Borrower desires to
13 advance the purchase price (the "Expenditures") with respect to the Property from
\r 14 available moneys of the Borrower; and
15 WHEREAS, the Board of Directors of the Borrower has determined that those
16 moneys to be advanced on and after the date hereof to pay the Expenditures are
17 available only for a temporary period and it is necessary to reimburse the Borrower for
18 the Expenditures from the proceeds of the Obligations; and
19 NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SOUTH TAHOE
20 PUBLIC UTILITY DISTRICT HEREBY RESOLVES, ORDERS, AND DETERMINES AS
21 FOllOWS:
22 1) The Borrower hereby states its intention and reasonably expects to reimburse
23 Property costs incurred prior to the issuance of the Obligations with proceeds of the
24 Obligations.
25 2) The reasonably expected principal amount of the Obligation is $4,850,000.
26 3) This resolution is adopted as official action of the Borrower in order to comply
'-' 27 with Treasury Regulation Section 1.150-2 and any other regulations of the Internal
28 Revenue Service relating to the qualification for reimbursement of Borrower
Expenditures incurred prior to the date of issue of the Obligation.
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Resolution 2735-02
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2 4) All the recitals in this resolution are true and correct and the Board of Directors
3 so finds, determines and represents.
4 PASSED AND ADOPTED at a duly held Special Board Meeting of the Board of
5 Directors of the South Tahoe Public Utility District on the 23rd day of January 2002, by
6 the following votes:
7 AYES: Directors
8 NOES: None
9 ABSENT: None
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14 ATTEST:
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Becker, Jones, Wallace, Schafer, Mosbacher
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Duane Wallace, Board of President
South Tahoe Public Utility District