HomeMy WebLinkAboutRES 1980-27 - Board RESOLUTION NO. 80 27
OF
TRUCKEE-DONNER PUBLIC UTILITY DISTRICT
ACCEPTING A CHANGE IN THE OCTOBER 23, 1973,
1.6 I[LLION DOLLAR LETTER OF CREDIT
WHEREAS, Security Pacific National Bank issued irrevocable Letter
of Credit No. 6540 on October 23, 1973, in the amount of $1.6 million
dollars on behalf of Dart Industries, Inc.; and
WHEREAS, the September 6, 1979, Agreement Between Truckee-
Donner Public Utility District and Dart Industries, Inc., provides for the
obligation of the Letter of Credit to be changed from Donner Creek
facilities to the Airport Well and Pipeline facilities after the completion
of the Airport Well purchase; and
WHEREAS, Dart Industries, Inc,,, has completed the Airport Well
purchase and requested the Board of Directors' approval to the change;
and
e
WHEREAS, special counsel to the District, Martin McDonough, has
given his written approval to this action;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors
of the Truckee--Donner Public Utility District, as follows:
That the Board of Directors approve the Agree-
ment Among Truckee-Donner Public Utility Dis-
trict, Dart Industries, Inc., and Security Pacific
National Bank Respecing Letter of Credit, and
hereby authorize the President and Clerk to exe-
cute said Agreement on behalf of the District.
The Clerk is hereby directed to attach a copy of
the Agreement to this Resolution, and to type
the Resolution Number on the face of the same.
PASSED AND ADOPTED by the Board of Directors of the Truckee--
Donner Public Utility District, at a meeting held within said District on
the 7th day of April , 1980, by the following roll call vote.
AYES: Huber , Maass , Kuttel ,
NOES: _ None.. ,__�. _ •
ABSENT: Hatch Sutton
TRUCKEE-DONNI?R PUBLIC UTILITY
DISTRICT
By
6AARL KIYTTEL, President
ATTEST:
A. MILTON SEYOOR,
Clerk Thereof
SEG:lg
3/28/80