HomeMy WebLinkAboutRES 1991-04 - Board RESOLUTION NO. 9104
OF THE
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
INTENTION TO ISSUE TAX EXEMPT OBLIGATIONS
AND APPOINTMENT OF CONSULTANTS THEREFOR
WHEREAS, the Board of Directors of the Truckee Donner Public
Utility District desires to finance (i) the replacement of
approximately 72, 650 lineal feet of existing pipeline in the Tahoe
Donner subdivision, (ii) the installation of approximately 2 , 500
lineal feet of pipeline between the Martis Valley Estates
subdivision and the Olympic Heights subdivision, (iii) the
construction of a booster pump station to pump water from the
Herringbone Tank to the Donner View Tank and (iv) the purchase and
installation of a telemetry system for the entire water system,
including preliminary costs and cost incidental thereto
(collectively, the "project") ; and
WHEREAS, the District intends to finance the project with the
proceeds of the sale of tax exempt obligations; and
WHEREAS, prior to the issuance of such obligations the District
desires to incur certain expenditures from available moneys of the
District which expenditures are desired to be reimbursed to the
District from the proceeds of the sale of such obligations;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Truckee Donner Public Utility District as follows:
1. The District hereby states its intention to reimburse
costs of the project not to exceed $4 , 000, 000 with
proceeds of fixed rate tax exempt certificates of
participation (the obligations) .
2 . The expected "issue price" of the obligations (the
initial offering price of the obligations to the public,
excluding bond houses and brokers, at which price at
least ten percent of each maturity of the obligations was
sold) is expected to be no more than $10, 500, 000.
3 . The issue date of the obligations is expected to be
on or about May 3, 1991.
4 . The last maturity of the obligations is expected to
be during calendar year 2021.
5. This resolution has been adopted on or prior to the
date (the expenditure date or dates) and the District
will expend all or a portion of the moneys for the costs
of the project; the expenditure date or dates will not be
more than 18 months after the date hereof.
6. The expenditure date or dates will be within 18
months of the issue date.
7. The project is expected to have an economic life of
at least one year.
8 . Proceeds of the obligations that will be used to
reimburse the District for costs of the project are not
expected to be used directly or indirectly to pay debt
service with respect to any obligation of the District,
or to be held as a reasonably required reserve or
replacement fund, or to replace funds that are or will be
used in such manner.
9 . The proceeds of the obligations will be deposited in
the same fund or account from which the costs of the
project will be paid by the District and will be invested
in the same manner as the moneys in that fund or account.
10. This resolution is consistent with the budgetary and
financial circumstances of the District, as of the date
hereof, particularly, no moneys have been, or are
reasonably expected to be permanently allocated or
otherwise reserved in the District's budget for costs of
the project (other than proceeds of the obligations) .
11. This resolution is adopted as official action of the
District in order to comply with " any applicable
regulation of the Internal Revenue Service relating to
the qualification for reimbursement of District
expenditures incurred prior to the issue date, is part of
the District's official proceedings, and will be
available for inspection by the general public (during
normal business hours of the District) at the main
administrative office of the District or at the customary
location of records of the District that are available to
the general public.
12 . The District hereby appoints Rauscher Pierce
Refsnes, Inc. as the underwriter of the obligations and
Brown & Wood as bond counsel to the District so long as
the fees of such consultants are contingent upon the sale
and delivery of the obligations.
13 . All the recitals in this resolution above are true
,., and correct and this Board so finds, determines and
represents.
I.«••.
Passed and adopted by the Board of Directors of the Truckee Donner
Public Utility District at a meeting duly called and held within
the District on the 19th day of February, 1991, by the following
roll call vote:
AYES: Corbett, Curran, Maass, Sutton and Aguera.
NOES: None.
ABSENT: None.
TRUC E DONNER PU IC UTILITY DISTRICT
By
J eph R. Ague , President
ATTEST•
SuAn M. Craig, Deputy D" i rict Clerk
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