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HomeMy WebLinkAboutRES 2019-02 - BoardTRUCKEEDONNERPubhcUttyDistnctResolutionNo.2019-02ADOPTINGAMENDMENTSTOTHEDISTRICTCODETITLE3WHEREAS,theDistrictCodeprovidesrulesandregulationsintendedtoconveyacomprehensivedescriptionofthemannerinwhichtheDistrictoperates,handlesitsfinancesandperformsitsaccounting;andWHEREAS,theDistricthasidentifiedaneedtoadjustcashreservegoalsandcapitalreservegoalstobeconsistentwithoperational,inflationary,andregulatoryneeds;andWHEREAS,aworkshoponthecashreservegoalsandcapitalreservegoalsanddraftrevisionstoDistrictCode,Title3washeldattheJanuary16,2019Boardmeeting;andWHEREAS,theBoardofDirectorsofTruckeeDonnerPublicUtilityDistricthaschosentoamendtheDistrictCodeTitle3.01;andNOW,THEREFORE,THEBOARDOFDIRECTORSOFTHETRUCKEE-DONNERPUBLICUTILITIESDISTRICTDOESRESOLVEASFOLLOWS:Section1.AllpreviouslyadoptedresolutionsrelatedtoDistrictCodeTitles3.01.01.04and3.01.01.05areherebyrescinded;andSection2.ThattheBoarddoesherebyadopttheamendedDistrictCode,Title3,3.01.01.04and3.01.01.05relatedtoCashReserveGoalsandCapitalReserveGoalsasfollows;3.01.01.04CashReserveGoals-Operations.Watergeneralfundshouldhaveacashreserveequaltoonehalfoftheannualbudgetedoperatingexpenses,excludingdepreciation..Electricgeneralfundshouldhaveacashreserveequaltoonehalfoftheannualbudgetedoperatingexpenses,excludingdepreciation..Electricratestabilizationfund(akaElectricRateReserve)shouldmaintainaminimumcashreserveequaltosixmonthsofthebudgetedcostofpurchasedpower..BoththeElectricandWaterUtilitiesshallmaintainaBoardrestrictedoperatingreservefundtitledDeferredLiability.TheintentofthefundistoprovidereservesforunfundedliabilitiessuchaspensioncostsandthereservegoalshallbedeterminedbytheBoardonanannualbasis.3.01.01.05CapitalReserveGoals.Thereshouldbearevolvingwatercapitalreservefundequaltotheaverageannualbudgetforcapitalreplacementtopermitprojectstobeinitiatedandfundedpriortoarrangementoflong-termdebtorotherfinancing. uop!soJd‘S!113qo%,?i,/IDIHISIGAJJ7IIflDI7fldHNNOG)1DflH±OUON:kf9OUON:jjjg8UON930NS!IIUOp!SOJdpu‘iepuoUOPISOJdO3!A‘S!1O!I7‘UU!d‘]8fl6V:SJO3OJ!Q:gAv:ajoAII3110]bU!MOIIOotflAq6I-O‘qoijoApLflX!Sequo3!JS!G8LUU!1fl!MPI8LIPuPOII3‘IflP6U!OOWSJO3OJ!GOpJOOLflAqaiaoavaNy3SSVd90I-0I.O•EPUI7OI.0I.O•€OILLOPOD3!J1S!G6u!puewUOiflIOS8JJOLOUAqpepesednsI!unpeeU!U!WeJiisUO!flIOSOJS!qq1cuoijoe1Uewe3Ide]I1!d3]oJe6pnqIflUUe6JeAeqoinbeUfleieseiI1!d3o!JloeIe6U!AIOA8Jeqpnoqseieq