HomeMy WebLinkAboutRES 1985-12 - Board RESOLUTION NO. 8512
OF THE
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
AUTHORIZING ESTABLISHMENT OF A RESTRICTED FUND FOR
THE NEW COMPLEX AND DIRECTING A TRANSFER
OF FUNDS TO SUCH ACCOUNT
WHEREAS, the Truckee Donner Public Utility District is planning for
the construction of a new complex to properly house the offices, warehouse
and garage; and
WHEREAS, a financing plan for the construction of said complex is need-
ed in order to implement the project; and
WHEREAS, the REA loan account balance exceeds the mandated amount of
$9,844 as a result of accumulated interest earnings; and
WHEREAS, the Martis Valley Substation account balance of $221,803 rep-
resents excess funds which can now be reallocated to another project; and
WHEREAS, Sierra Pacific Power Company has made three refund payments
to the District in the amount of $184,529 representing a windfall revenue;
and
WHEREAS, during 1984 the District general fund earned interest on in-
vestment of idle cash of which $80,000 is available for allocation; and
WHEREAS, the Farmers Home Administration revenue fund contains a
balance of $313.881 which is available for use by the water fund; and
WHEREAS, the consumer deposit account contains a balance of $294,553
which asset contributes minimal productivity to the District;
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the
�..^ Truckee Donner Public Utility District does hereby direct the General Man-
ager to establish a restricted fund for construction of a new District com-
plex and that the following funds be transferred to said restricted fund:
1. From the REA loan account, $9,844
2. From the Martis Valley Substation account, $221,803
3. From the SPPCo refunds, $184,529
4. From the 1984 general fund interest earnings, $80,000
5. From the FmHA revenue account $313,881
6. From the consumer deposit account, $189,943
BE IT FURTHER RESOLVED that the General Manager is directed to keep
said funds invested in interest earning accounts to the extent practical
throughout the life of the project in order to derive the best possible cash
flow for the project.
BE IT FURTHER RESOLVED that the Martis Valley Substation account be
closed; and that an accounting system for the consumer deposits be establish-
ed in the budget process.
PASSED AND ADOPTED by the Board of Directors of the Truckee Donner Pub-
lic Utility District at a meeting duly called and held within the District on
the 18th day of March, 1985. by the following roll call vote:
AYES: Cooley, Corbett, Hamilton, Maass and Duffy.
NOES: None.
ABSENT: None.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
�^ ATTEST: By
L'. rfintaajy, Pre dent
Sus Craig, Deputy tri
an M. ct Clerk
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