The URL can be used to link to this page

Home My WebLink AboutRES 1993-10 - Board R� OLUTIO NO. 3'I0 .. . . ......... 4 F T H E TIK.... ES.......... .D.........................O... N.....................I....... N................................ E..................................I...D............................... P..................U..................... ............ .... ....L1 1.1............ TTY : :S: ...... .. .. D1....... TR .... ..... .......I.......C..... ............... ........ . .......... ..... ..... ..... .......... ....... .......- .................................. DESIGNATING TEE �4DIUIINfSTRATI'VE SERVICES MANAGER T� ACT AS FISCAL AGENT FOR THE DISTRICT'S SAFE DRINKING 11UATER LCjAN CONTRADT E5331'I (PROP::SS LOAN) UVITH THE STATE OI= GALIFOINIA, DEPARTMENT OF�W TER RESO ROES WHEREAS, the Truckee Donner Public Utility District has entered into a loan agreement with the State of California, Department of Water Resources, referred to as the Safe Drinking Water Loan Contract E53311; and WHEREAS, the District is required to appoint a Fiscal Agent to carry out certain fiscal duties as outlined in the attached Fiscal Services Agreement; and WHEREAS, the Administrative Services Manager for the District is responsible for maintaining the financial records and performing the accounting functions for the Dis tric t; NOW, THEREFORE, BEIT RESOL VED by the Board of Directors of the Truckee Donner Public Utility District that the Administrative Services Manager is designated as the Fiscal Agent for the District in accordance with requirements of the Safe Drinking Water Loan Contract E53311 and is authorized to perform the duties outlined in the attached Fiscal Services Agreement. PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held within the District on the 16th day of February 1993 by the following roll call vote: A YES: Corbett, Jones, Maass, Sutton and Aguera. NOES: None. ABSENT: None. TRUCKEE DONNER PUBLIC UTILITY DISTRICT By J se h R.44guera, Pre n t ATTEST• Susan M. Craig, Deputy Distoot Clerk smc FISCAL SERVICES AGREEMENT Page i of 2 1. This Agreement is entered into this date between the Truckee Donner Public Utility District hereafter referred to as Depositor, and Admimistrative Services Manager hereafter referred to as Fiscal Agent. The purpose of this Agreement is to assist Depositor in meeting the repayment provisions of Loan Contract No. E 5 3 3 1 1 (Loan Contract) between Depositor and the State of California, Department of Water Resources, hereafter referred to as Department. This loan Contract requires the Depositor to engage the services of a Fiscal Agent to assist in accumulating funds sufficient to repay principal and interest to the Department. IMPORTANT NOTICE TO FISCAL AGENT This constitutes written notice pursuant to Commercial Code Section 93020)(g)(ii) that Department has a security interest in the deposit account which is the subject of this agreement. Depositor has granted the security interest to Department to secure performance of the obligations imposed by the Loan Contract between Depositor and Department. 2. FISCAL AGENT agrees to act as Trustee for loan repayment funds deposited, and perform services and is authorized by Depositor to act as follows: A. Upon opening the account, promptly send a copy of the signature card to the Department and thereafter send a year-end statement of the account balance until the loan is repaid in full to: Department of Water Resources Bond Financing and Administration P. 0. Box 942836 Sacramento, CA 94236-0001 The signature card is to show Fiscal Agent authorization only for withdrawal. semi- B. Receive annual (specify monthly, quarterly, etc.) remittances from Depositor as specified in paragraph 3.b. below into an account established for purposes of. this Agreement only. C. Assist and advise Depositor to take into consideration rates of return on funds deposited into the account in determining reserve deposits required by the Loan Contract and paragraph 3.a. below. D. Debit this account and transmit loan principal and/or interest payments to Department in accordance with the terms of the Loan Contract summarized below (provided sufficient funds are in the account): Principal (estimate) s 5,250.000 Interest Rate/ /estimate / /actual 3.1775% Tears 25 First Semiannual P&I due date April 1, 1996 Interest payments during construction variable Semiannual P&I payments (estimate) S 152,958.83 Reserve Fund S 305,917.66 These terms may be subject to amendment as provided in the Loan Contract. E. Promptly notify Department of any 3O-day delinquency of remittances from Depositor. Notice shall be directed to: Department of Water Resources Water Project AccountingOffice Loan Contract No. E53311 P. 0. Box 942836 Sacramento, CA 94236-0001 F. Promptly notify Department if Reserve fund provided for in paragraph 3(a) falls below or is not accumulating sufficiently to meet the required minimum at the time indicated. G. Release no funds from Depositor's account except as provided in subparagraph (d) above without written consent of Department. Signature authority for withdrawal of funds shall remain with the Fiscal Agent, not the Depositor. H. Upon request of Department or Depositor, provide Department with a full statement of Depositor's account and a copy of the signature card. 3. DEPOSITOR agrees to perform as follows: A. RESERVE FUND 1. Accumulate a Reserve Fund of at least tWO semiannual payments in the amount specified above in subparagraph 2.d, to meet the conditions of Article B-6 of the Loan Contract. This Article requires accumulation of a Reserve Fund of at least two semiarxwal loan payments during the first ten years of the repayment period, except where Depositor's revenues are based on the quantity of water served its BFA Form 600 (Front) Rev. (3/16/90) (DO NOT USE PREVIOUS VERSIONS) Page 2 of 2 customers, in which case a reserve of at Least four semiannual payments shall be accumulated during the first ten years. At least half of the required reserve fund must be on deposit by the time the first 10 semiannual payments are made. Once accumulated, the Reserve Fund must be maintained at that level until the loan is repaid in full. 2. Deposit an average of S 30.591.77 per year (frequency) beginning April 1, 1996 (date) into account established with Fiscal Agent for purposes of this Agreement, in amounts necessary to meet the Reserve requirement. Depositor may maintain the Reserve Fund in separate higher yield account(s) subject to the same withdrawal conditions as other funds on deposit under this Agreement. 3. The Reserve Fund may be established in lump sum at Depositor's option. if electing this option, Depositor will make a deposit of S with the Fiscal Agent by (date). Terms of such deposit account are as follows: B. PRINCIPAL AND INTEREST 1. Deposit an average of S 152,959 per 6 mths. (frequency) beginning April 1, 1996 (date) in order to meet the semiannual principal and/or interest payments due to the Department under the Loan Contract. This amount may be adjusted to reflect changes in terms of the Loan Contract agreed to by the parties thereto. 2. Compensate Fiscal Agent for services as follows: —0 3. Promptly furnish Fiscal Agent with copies of any amendments to the Loan Contract, especially any changes in repayment terms, principal amount, or interest rate. 4. This Agreement shall terminate when the loan and interest are repaid to the Department in full or upon 90 days written notice of termination by either party transmitted to the other party. Fiscal Agent and Depositor shall notify the Department immediately upon receipt or issuance of 90-day notice of termination. At the time of termination any remaining balance not owed to the Department pursuant to the Loan Contract, less any accrued service charges, shall be returned to Depositor. 5. This Agreement shall not be amended without written approval of the Department. 6. The Special Account(s) established for purposes of this Agreement is/are identified as follows: Truckee Donner Public Utility District Prop 55 Principal and Interest Fun 2) Truckee Donner Public Utility District Prop 55 Reserve Fund 7. In performing its services hereunder, Fiscal Agent shall incur no liability to Department for the funds deposited hereunder or the amount of any payment to be made by Depositor to Department provided the actions of Fiscal Agent are taken in good faith. Truckee Donner Public Utility District Mary Chapman (Depositor) (Fiscal Agent) P.O. Box 309 P.O. Box 309 (Mailing Address) (Mailing Address) Truckee, CA 96160 Truckee, CA 96160 (City) (State) (Zip) (City) (State) (Zip) Pho number 816 5&_ -3896 Phone number 016) 5 8 7-3 8 9 6 By � � syr-r- i Lure) (Signature) Joseph R. Aguera Mary Chapman (Print Name) (Print Name) Pres. Board of Directors Administrative Services Manager (Title) (Title) Approved: State of California DEPARTMENT OF LATER RESOURCES By Title Chief Bond Financing and Administration Office Date - 8FA Form 600 (Reverse) Rev. (5/17/90) (DO NOT USE PREVIOUS VERSIONS)