HomeMy WebLinkAbout3303-25 Installment Sale Agreement Upper Truckee Wastewater Pump Stations Rehabilitation Project2
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RESOLUTION NO.3303-25
INSTALLMENT SALE AGREEMENT RESOLUTION OF THE BOARD OF DIRECTORS
OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
FOR THE UPPER TRUCKEE WASTEWATER PUMP STATIONS REHABILITATION PROJECT
WHEREAS, the South Tahoe Public Utility District (the "District") desires to finance
the costs of the Upper Truckee Wastewater Pump Stations Rehabilitation Project (the
"Project");
WHEREAS, the District intends to finance the construction and/or reconstruction
of the Project or portions of the Project with funds provided by the State of California,
acting by and through the State Water Resources Control Board (the "State Water
Board") through the execution of an agreement currently entitled "Construction
Installment Sale Agreement, Upper Truckee Wastewater Pump Stations Rehabilitation
Project, Project No. C-06-8599-110, Agreement No. D2101016" (the "Installment Sale
Agreement"), by and between the District and the State Water Board;
WHEREAS, the Board of Directors has duly considered the Installment Sale
Agreement and the transaction represented thereby, and wishes at this time to
approve this transaction in the public interests of the District;
WHEREAS, the Board of Directors adopted Resolution No. 3214-22 on April 7, 2022
authorizing the issuance of indebtedness in an amount not to exceed $4,280,375;
WHEREAS, the amount of the loan was increased to $4,729,903 and the State
Water Board has requested that the Board of Directors adopt an updated resolution
with this amount.
THEREFORE, BE IT RESOLVED by the Board of Directors of the South Tahoe Public
Utility District, as follows:
The District is hereby authorized to issue indebtedness for the District in
accordance with the Installment Sale Agreement. The Board of Directors hereby
approves the Installment Sale Agreement in substantially the form on file with the
Secretary of the Board, and authorizes the General Manager or the Chief Financial
Officer or their designee to execute the Installment Sale Agreement in such form,
together with such additions or changes as are approved by the member of the Board
executing the Installment Sale Agreement, the General Manager or the Chief Financial
Officer, after consultation with counsel, provided that (a) the principal amount
represented thereby may not exceed $4,729,903, and (b) the annual interest rate
represented thereby may not exceed 0.80%.
All actions heretofore taken by the officers of the District in furtherance of this
resolution are hereby approved, confirmed and ratified. Each officer of the District is
hereby authorized and directed to do any and all things and take any and all actions
and execute any and all certificates, agreements and other documents, which they, or
any of them, may deem necessary or advisable in order to consummate the lawful
execution and performance of the Installment Sale Agreement in accordance with this
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resolution. All actions previously taken by the officers of the District in furtherance of this
resolution are hereby ratified and confirmed.
WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
Resolution No. 3303-25 was duly adopted and passed by the Board of Directors of the
South Tahoe Public Utility District at a regularly scheduled meeting held on the 6th day
of February, 2025, by the following vote:
AYES: Haven, Romsos, Henderson, Sheehan, Exline
NOES:
ABSENT:
ATTEST:
Melonie Guttry, Executive Services Manager/
Clerk of the Board
South Tahoe Public Utility District
Resolution No. 3303-25
Page 2
February 6, 2025
Shane Romsos, Board President
South Tahoe Public Utility District