HomeMy WebLinkAbout3300-24 Reimbursement for the RAS Pump Station Replacement Project2
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RESOLUTION NO. 3300-24
A RESOLUTION BY THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
REIMBURSEMENT RESOLUTION FOR THE RETURN ACTIVATED SLUDGE PUMP STATION
REPLACEMENT PROJECT
WHEREAS, the South Tahoe Public Utility District (the "Agency") desires to finance the
costs of constructing and/or reconstructing certain public facilities and improvements
relating to its water system, including certain treatment facilities, pipelines and other
infrastructure (the "Project"); and
WHEREAS, the Agency intends to finance the construction and/or reconstruction of the
Project or portions of the Project with moneys ("Project Funds") provided by the State of
California, acting by and through the State Water Resources Control Board (State
Water Board); and
WHEREAS, the State Water Board may fund the Project Funds with proceeds from the sale
of obligations the interest upon which is excluded from gross income for federal income
tax purposes (the "Obligations"), and
WHEREAS, prior to either the issuance of the Obligations or the approval by the State
Water Board of the Project Funds the Agency desires to incur certain capital
expenditures (the "Expenditures") with respect to the Project from available moneys of
the Agency; and
WHEREAS, the Agency has determined that those moneys to be advanced on and after
the date hereof to pay the Expenditures are available only for a temporary period and it
is necessary to reimburse the Agency for the Expenditures from the proceeds of the
Obligations
NOW, THEREFORE, THE AGENCY DOES HEREBY RESOLVE, ORDER AND DETERMINE AS
FOLLOWS:
SECTION 1. The Agency hereby states its intention and reasonably expects to
reimburse Expenditures paid prior to the issuance of the Obligations or the approval
by the State Water Board of the Project Funds.
SECTION 2. The reasonably expected maximum principal amount of the Project Funds
is $19,000,000.
SECTION 3. This Resolution is being adopted no later than 60 days after the date on
which the Agency will expend moneys for the construction portion of the Project costs to
be reimbursed with Project Funds.
SECTION 4. Each Agency expenditure will be of a type properly chargeable to a
capital account under general federal income tax principles.
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SECTION 5. To the best of our knowledge, this Agency is not aware of the previous
adoption of official intents by the Agency that have been made as a matter of course
for the purpose of reimbursing expenditures and for which tax-exempt obligations have
not been issued.
SECTION 6. This Resolution is adopted as official intent of the Agency in order to comply
with Treasury Regulation § 1.150-2 and any other regulations of the Internal Revenue
Service relating to the qualification for reimbursement of Project costs.
SECTION 7. All the recitals in this Resolution are true and correct and this Agency so
finds, determines, and represents.
WE, THE UNDERSIGNED, do hereby certify that the foregoing is a full, true, and correct
copy of a resolution duly and regularly adopted at a meeting of the Board of Directors of
the South Tahoe Public Utility District held on the 19th day of December 2024.
AYES: Haven, Romsos,Henderson, Sheehan, Exline
NOES:
ABSENT:
I ATTEST:
Melonie Cuttry, Executive Services Manager/
Clerk of the Board
South 'i choe Public Utility District
30 Resolution No. 3300-24
December 19, 2024
Page 2
Shane Romsos, Board Vice President
South Tahoe Public Utility District