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Home My WebLink AboutRES 2016-09 - Board;TRUCKEEDONNERPublicUtliltyDistrictResolutionNo.2016-09RESOLUTIONOFTHEBOARDOFDIRECTORSOFTHETRUCKEEDONNERPUBLICUTILITYDISTRICT,NEVADAANDPLACERCOUNTIES,CALIFORNIA,AUTHORIZINGTHEEXECUTIONANDDELIVERYOFANINSTALLMENTSALEAGREEMENTWITHTRUCKEEDONNERPUBLICUTILITYDISTRICTFINANCINGCORPORATIONANDAUTHORIZINGANDDIRECTINGCERTAINACTIONSINCONNECTIONTHEREWITHWHEREAS,theTruckeeDonnerPublicUtilityDistrict(the“District”),apublicutilitydistrictdulyorganizedandexistingunderandpursuanttotheConstitutionandlawsoftheStateofCalifornia(the“State”),includingthePublicUtilityDistrictAct(the“Act”),Division7ofthePublicUtilitiesCode(the“Code”),isauthorizedundertheConstitutionandlawsoftheState,includingwithoutlimitation,Section16431oftheCode,toacquireequipmentandfacilitiesastheBoardoftheDirectorsoftheDistrict(the“Board”)determinesisinthebestinterestsoftheDistrict;andWHEREAS,theDistrictandtheTruckeeDonnerPublicUtilityDistrictFinancingCorporation(the“Corporation”)havepreviouslyenteredintothatcertainInstallmentPurchaseAgreement,datedasofSeptember1,2006,assupplementedbythatcertainFirstSupplementalInstallmentPurchaseAgreement,datedasofAugust1,2015,byandbetweentheDistrictandtheCorporation(sosupplemented,the“2006InstallmentPurchaseAgreement”)forthepurposeoffinancingandrefinancingcertainequipmentandfacilitieswithintheDistrictthroughtheexecutionanddeliveryoftheRefundingRevenueCertificatesofParticipation(WaterSystemImprovementProjects)Series2006(the“2006Certificates”);andWHEREAS,theDistrictisauthorizedunderArticleIIofChapter3ofPartIofDivision2ofTitle5oftheStateGovernmentCode,includingalllawsamendatorythereoforsupplementalthereto(the“Law”),torefinancetheacquisitionofpropertyforitswatersystem;andWHEREAS,pursuanttotheLaw,inAugust2015,theDistrictissueditsWaterSystemRefundingRevenueBonds,Series2015toprovidefundstoprepayaportionofthethen-outstandinginstallmentpaymentsdueunderthe2006InstallmentPurchaseAgreementand,inturn,aportionofthethen-outstanding2006Certificates;andWHEREAS,theDistrictandtheCorporationnowdesiretoenterintoanInstallmentSaleAgreement(the“InstallmentSaleAgreement”)toprepaytheremainingoutstandinginstallmentpaymentsdueunderthe2006InstallmentPurchaseAgreementand,inturn, theremainingoutstanding2006Certificates,inordertoreducetheDistrict’sborrowingcosts;andWHEREAS,toobtainfundstoeffectuatesuchrefinancing,theCorporationwillassigncertainofitsrightsundertheInstallmentSaleAgreementtoJPMorganChaseBank,NA.(the“Purchaser”)inaccordancewiththetermsofthatcertainAssignmentAgreement,datedasofOctober1,2016,byandbetweentheCorporationandthePurchaser;andWHEREAS,theBoardhasdeterminedthatitisinthebestinterestoftheDistricttoenterintotheInstallmentSaleAgreementwiththeCorporation,andtoapprovecertainotherdocumentsinconnectionwiththerefinancingofthe2006Certificates;andWHEREAS,theBoarddesirestoappointcertainprofessionalstoprovideservicesrelatedtotheexecutionanddeliveryoftheInstallmentSaleAgreement;andNOW,THEREFORE,theBoardofDirectorsofTruckeeDonnerPublicUtilityDistrictDOESHEREBYRESOLVE,DETERMINEANDORDERasfollows:SECTION1.Recitals.Theforegoingrecitalsaretrue,correctandasubstantivepartofthisResolution.SECTION2.ApprovalofDocuments.The(i)InstallmentSaleAgreement,inaprincipalamountnottoexceed$3,266,000,(ii)EscrowAgreement,byandbetweentheDistrictandTheBankofNewYorkMellonTrustCompany,N.A.,asEscrowAgent,and(iii)PlacementAgentAgreement,byandbetweentheDistrictandBrandisTallmanLLC,astheplacementagentoftheDistrictwithrespecttotheInstallmentSaleAgreement,eachinsubstantiallytheformonfilewiththeSecretary,areherebyapproved.InaccordancewithSection16033oftheCode,thePresidentofthisBoard(the“President”)isherebyauthorizedanddirectedtoexecuteanddeliverthesuchdocumentswithsuchchanges,insertionsandomissionsasmayberecommendedbyStradlingYoccaCarlson&Rauth,aProfessionalCorporation(“SpecialCounsel”)andapprovedbythePresidentexecutingthesame,saidexecutionbeingconclusiveevidenceofsuchapproval,andinaccordancewithSection16115oftheCode,theSecretaryisherebyauthorizedanddirectedtocountersignthesame.SECTION3.ProfessionalServices.TheBoardherebyappointsTheBankofNewYorkMellonTrustCompany,N.A.,astheEscrowAgent,StradlingYoccaCarlson&Rauth,aProfessionalCorporation,asSpecialCounsel,BrandisTallmanLLC,asthePlacementAgent,andJPMorganChaseBank,NA.,asthePurchaser,eachwithrespecttotheInstallmentSaleAgreement.SECTION4.AuthorizedOfficers.ThePresident,GeneralManager,andTreasurer,orthedesigneeandanyotherproperofficeroftheDistrict,actingsingly,isherebyauthorizedanddirectedtoexecuteanddeliveranyandalldocumentsandinstrumentsandtodoandcausetobedoneanyandallactsandthingsandtoexecuteanddeliveranyandalldocumentsandcertificateswhichsuchofficersmaydeemnecessaryoradvisableinordertoconsummatetheexecutionanddeliveryoftheInstallmentSaleAgreement,theEscrowAgreementandthePlacementAgentAgreementandotherwise effectuatethepurposesofthisResolution,andsuchactionspreviouslytakenbysuchofficersareherebyratifiedandconfirmed.SECTION5.Definitions.TermsusedhereinandnototherwisedefinedhereinshallhavethemeaningsassignedtothemintheInstallmentSaleAgreement.SECTION6.EffectiveDate.ThisResolutionshalltakeeffectimmediately.PASSEDANDADOPTEDbytheBoardofDirectorsoftheTruckeeDonnerPublicUtilityDistrictinameetingdulycalledandheldwithinsaidDistrictonMay4,2016bythefollowingrollcallvote:AYES:Directors:Warmerdam,Laliotis,Ellis,andVicePresidentBender.NOES:NoneABSENT:PresidentAgueraTRUCKEEDONNERPUBLICUTILITYDISTRICTJfVicePresidentATTESTMichaelD.Holley,DistrictClerk