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RES 2016-24 - Board
TRUCKEEDONNER-PublicUtilityDistrictRESOLUTIONNO.2016-24RESOLUTIONOFTHEBOARDOFDIRECTORSAUTHORIZINGTHEISSUANCEOFBONDSTOREFUNDTHETAXABLEPENSIONOBLIGATIONBONDS,SERIES2011OFTHETRUCKEEDONNERPUBLICUTILITYDISTRICT,APPROVINGTHEFORMANDAUTHORIZINGTHEEXECUTIONOFATRUSTAGREEMENT,PURCHASECONTRACTANDPLACEMENTAGENTAGREEMENT,ANDAPPROVINGADDITIONALACTIONSRELATEDTHERETOWHEREAS,theTruckeeDonnerPublicUtilityDistrict(the“District”)haspreviouslyelectedtobecomeacontractingmemberoftheCaliforniaPublicEmployees’RetirementSystem(“PERS”);andWHEREAS,atthetimetheDistrictelectedtoenterPERS,ithadanexistingunfundedactuarialaccruedliabilitywhichPERSrequiredtobefundedthroughtheestablishmentofaSideFundwithPERS;andWHEREAS,theSideFundliability(the“SideFundLiability”)oftheDistrictwasamortizedatarateof7.75%perannumpayabletoPERS;andcDWHEREAS,suchSideFundLiabilitywaspreviouslypaidbycontributionsfromtheDistrict’selectricutility,waterutility,andacontributionbyDistrictemployees;andWHEREAS,onJune29,2011,theDistrictissueditsTaxablePensionObligationBonds,Series2011(the“PriorBonds”)pursuanttotheprovisionsofArticlesI0andIIofChapter3ofPartIofDivision2ofTitle5oftheCaliforniaGovernmentCode,commencingwithSection53570ofsaidCode(the“BondLaw”),inaprincipalamountof$7,816,000;andWHEREAS,theDistrictnowdesirestoauthorizetheissuanceofnot-to-exceed$5,610,000principalamountofitsTaxablePensionObligationRefundingBonds,Series2016(the“Bonds”)pursuanttotheBondLawinordertorefundalloraportionofthePriorBondsandtopaythecostsofissuanceofsuchBonds;andWHEREAS,theBondswillbeissuedunderandsecuredbyaTrustAgreement(suchTrustAgreement,intheformpresentedtotheBoardofDirectorsoftheDistrictatthismeeting,withsuchchanges,insertionsandomissionsasaremadepursuanttothisResolution,beingreferredtohereinasthe“TrustAgreement”);andWHEREAS,theDistrictdesirestofurthersecuretheBondsbyongoingcontributionsofeachoftheDistrict’selectricandwaterutilities.Resolution2016-241 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OsavingsfortheDistrict,theAuthorizedOfficersareeachauthorized,onbehalfoftheDistrict,toestablishanddetermine(I)thefinalprincipalamountoftheBonds,providedtheaggregateinitialprincipalamountoftheBondsshallnotbegreaterthan$5,610,000,(ii)thefinalinterestrateorratesontheBonds,and(iii)thefinalmaturityoftheBonds,solongassuchfinalmaturityshallnotbelaterthanJune30,2022.Section6.RepaymentContribution.ConsistentwiththecurrentpracticewithrespecttothepaymentofthePriorBonds,theDistrictisdirectedtotransferaportionoftheamountofeachsemi-annualprincipalandinterestpaymentontheBondsfromtheWaterGeneralFundtotheElectricGeneralFundoneachJune15andDecember15untiltheBondsareretired.TheportiontobetransferredshallbeproportionatetotheactualpayrollexpenseofDistrictmembersofeachoftheelectricutilityandwaterutilityastothetotalDistrictpayrollexpenseforrespectivemembers.Section7.ProfessionalServices.StradlingYoccaCarlson&Rauth,aProfessionalCorporationisdesignatedtoactasBondCounseltotheDistrictandBrandisTallmanLLCisdesignatedtoactasPlacementAgenttotheDistrictinconnectionwiththeissuanceoftheBonds.Section8.AdditionalAuthority.TheAuthorizedOfficersare,andeachofthemherebyis,authorizedanddirectedtoexecuteanddeliveranyandalldocumentsandinstrumentsandtodoandcausetobedoneanyandallactsandthingsnecessaryorproperforcarryingoutthetransactionscontemplatedhereby.Section9.RatificationofPriorActions.AllactionsheretoforetakenbytheAuthorizedOfficersandbyanyotherofficers,employeesoragentsoftheDistrictwithrespecttotheissuanceoftheBonds,orinconnectionwithorrelatedtoanyoftheagreementsordocumentsreferencedherein,areherebyapproved,confirmedandratified.Section10.EffectiveDate.ThisResolutionshalltakeeffectfromandafterthedateofapprovalandadoptionhereof.PASSEDANDADOPTEDbytheBoardofDirectorsatameetingdulycalledandheldwithintheDistrictonthethirddayofAugust,2016bythefollowingrollcallvote:AYES:Directors:Ellis,Bender,Warmerdam,Laliotis,andPresidentAguera.NOES:None.ABSENT:None.TRUCKEEDONERPUBLICUTILITYDISTRICT(,WAueraPrejéntATTEST:MichaelD.Holley,DistrictClerkResolution2016-243