HomeMy WebLinkAboutRES 1993-32 - Board W k`"SO L U T 10 N N 0:,.:
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APPRQVING REFINANCING OF EQUIPMENT
WHEREAS, the Board of Directors of the Truckee Donner Public Utility District has
determined that a true and very real need exists for the refinancing of the equipment
described in the Master Municipal Lease and Option Agreement No. 909 presented at
this meeting; and
WHEREAS, the Board of Directors has taken the necessary steps, including legal
requirements, under applicable law to arrange for the refinancing of such equipment,
and
WHEREAS, the Board hereby directs its legal counsel to review the agreement and
negotiate appropriate modifications to said agreementso as to assure compliance with
state law and local statutory law, prior to execution of the agreement by those
persons so authorized by the governing body for such purpose;
NOW, THEREFORE, BE /T RESOLVED by the Board of Directors as follows:
1. That a finding is made that the terms of said agreement are in the best interests
of the District for the acquisition of such equipment and the Board designates
and confirms the General Manager and/or Acting General Manager and Deputy
District Clerk, and to witness (or attest) respectively, the agreement and any
related documents necessary to the consummation of the transactions
contemplated by the agreement.
2. That the refinancing of the equipment, under the terms and conditions provided
for in the agreement, is necessary, convenient, in the furtherance of and will at
all times be used in connection with the District's governmental and proprietary
purposes and functions (except to the extent that subleasing of the equipment
is permitted under terms of the agreement) and are in the best interests of the
District and no portion of the equipment will be used directly or indirectly in any
trade or business carried on by any person other than a governmental unit of
the State on a basis different from the general public.
3. The District hereby covenants that it will perform all acts within its power
which are or may be necessary to insure that the interest portion of the rental
payments coming due under the agreement will at all times remain exempt from
federal income taxation under the laws and regulations of the United States of
America as presently enacted and construed or as hereafter amended.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held
within the District on the 21st day of June 1993 by the following roll call vote:
A YES: Corbett, Jones, Maass and Aguera.
NOES: Sutton.
ABSENT.• None.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
By
J s Zh ' . Aguera, rid6nt
ATTEST•/
Susan M. Craig, Deputy Dis ct Clerk
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