Resolution 2821-06
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7 RESOLVED, by the Board of Directors of the South Tahoe Public Utilities District (the
8 "District"):
RESOLUTION NO. 2821-06
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE SOUTH TAHOE PUBLIC UTILlTIY DISTRICT
DECLARING INTENTION TO REIMBURSE
EXPENDITURES FROM THE PROCEEDS OF OBLIGATIONS
TO BE ISSUED BY THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
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10 WHEREAS, the District proposes to undertake the project referenced below, to issue or
11 causeto be issued bonds or certificates of participation (in either case, the
12 "Obligations") for such project, and to use a portion of the proceeds of such Obligations
13 to reimburse expenditures made for the project prior to the issuance of the Obligations;
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~ 15 WHEREAS, United States Income Tax Regulations section 1.150-2 provides generally
16 that proceeds of tax-exempt oblig"ations are not deemed to be expended when such
17 proceeds are used for reimbursement of expenditures made prior to the date of
issuance of such obligations unless certain procedures are followed, one of which is a
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20 the issuer declares an intention to reimburse such expenditure; and
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requirement that (with certain exceptions), prior to the payment of any such expenditure,
WHEREAS, it is in the public interest and for the public benefit that the District declares
23 its official intent to reimburse the expenditures referenced herein.
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NOW, THEREFORE, it is hereby DECLARED and ORDERED, as follows:
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8 2. The District hereby declares that it reasonably expects (i) to pay a portion of
9 the costs of the Project prior to the date of issuance of the Obligations, and (ii) to use a
10 portion of the proceeds of the Obligations for reimbursement of expenditures for the
11 Project that are paid before the date of issuance of the Obligations.
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1. The District intends to issue the Obligations or cause the Obligations to be
issued for the purpose of paying the costs of acquiring and constructing capital
improvements to its sewer collection, treatment and recycled water system, as more
particularly described in Exhibit A (the "Project").
13 3. The principal amount of the Obligations is expected to be approximately
14 $12,000,000.00.
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16 WE, THE UNDERSIGNED, do hereby certify that the above and foregoing Resolution
17 was duly adopted and passed by the Board of Directors of South Tahoe Public Utility
18 District at a regularly scheduled meeting held on the 7th day of December, 2006, by the
19 following vote:
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21 AYES: Directors Wallace, Schafer, Farrell
22 NOES: None
23 ABSENT: Directors Jones and Mosbacher
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27 Attest:
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Eric W. Scha er, ard President
South Tahoe Public Utility District
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Kathy Sharp, erk of the B rd