HomeMy WebLinkAboutRES 1990-10 - Board RESOLUTION NO. 9010
OF THE
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CLARIFYING RESOLUTION NO. 8907
REGARDING THE PURCHASE OF
FARMERS HOME ADMINISTRATION LOANS
BY MEANS OF AN INTERNAL LOAN
WHEREAS, on March 20, 1989 the Board of Directors of the Truckee Donner
Public Utility District adopted Resolution No. 8907 authorizing the purchase
of Farmers Home Administration loans by means of an internal loan; and
WHEREAS, the loan terms were vague and poorly worded resulting in some
confusion;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Truckee
Donner Public Utility District as follows:
That clause No. 1 and No. 2 from Resolution No. 8907, a copy of
which is attached hereto for reference, remain unchanged.
That clause No. 3 be amended to read as follows:
?00"11 (3) The District shall fund the purchase by use of the 1977
Promissory Note and 1980-1 Water Revenue Bond reserve funds and
through an internal loan against the Tahoe Donner Upgrade Fund.
The internal loan shall accrue interest at the rate of the average
effective yield paid by the Local Agency Investment Fund during the
previous six months. The loan shall be repaid by semi-annual
payment of $17, 000, to include principal and interest, on March 1
and September 1 of each year. The loan must be paid in full by
March 1, 2002 .
PASSED AND ADOPTED at a regular meeting of the Board of Directors of the
Truckee Donner Public Utility District duly called and held in said District
on the 16th day of April 1990 by the following roll call vote:
AYES: Aguera, Corbett, Curran, Sutton and Maass.
NOES: None.
ABSENT: None.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
By
J s A. Maass, President
ATTEST
Dusan M. Craig, Deputy istrict Clerk
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