HomeMy WebLinkAboutRES 1997-07 - Board RES 0L U-T101t N0.. 970
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TR.U. DO ER PU LIC TILE TY QISTRfCT....
At' JWORIZING THE FISCAL AGENT FOR .T DISTRICT'S SAFE DI 1NKIl1�G WATER
LOA* CONTRACT E-53311 (PROP`5a OAIIC} MTH' "hlf STAM O.- CAL.IFOR11IA
DEPAI7TJ'f 'ENT OF WATER RES.0. CES TO OPEN Tl fE RESL�RI�E I�UN�aO�OUNT
WITI THE STATE(.aF CAL�FORNI LOCAL AGENCY INVESTMENT FUND
WHEREAS, the Truckee Donner Public Utility District has entered into a loan agreement with the
State of Califomia, Department of Water Resources, referred to as the Safe Drinking Water Loan
Contract E53311; and
WHEREAS, in the fiscal services agreement approved by the Board of Directors on February 16,
1993 (Resolution 93-10), the District was required to appoint a fiscal agent to carry out the
requirements for repayment of the loan and establishment of a reserve fund; and
WHEREAS, the Administrative Services Manager was appointed as the fiscal agent; and
WHEREAS, the fiscal services agreement-required the fiscal agent to set up two accounts which
would be called 1) Truckee Donner Public Utility District Prop 55 Principal and Interest Account and
2) Truckee Donner Public Utility District Prop 55 Reserve Account; and
WHEREAS, the Board of Directors authorized the establishment of both required funds on August
3, 1992; and
WHEREAS, the Truckee Donner Public Utility District Prop 55 Principal and Interest Account was
established at Sierra West Bank; and
WHEREAS, the Board of Directors agreed to select the banking institution that would hold the
reserve fund at the time that the District was required to make reserve fund deposits; and
WHEREAS, the District currently has all of its investments on deposit with the State of California
Local Agency Investment Fund, and
WHEREAS, the Local Agency Investment Fund will accept annual reserve fund deposits;
NOW THEREFORE BE IT RESOLVED by the Board of Directors of the District that the Prop 55
loan fiscal agent is authorized to establish an account with the State of California Local Agency
Investment Fund which will be called the Truckee Donner Public Utility District Prop 55 Reserve
Fund;
BE IT FURTHER RESOLVED that the fiscal agent is authorized to make annual transfers to the
reserve fund in accordance with the requirements of the Fiscal Services Agreement and semi-
annual withdrawals of interest to be deposited in the Truckee Donner Public Utility District Prop 55
Principal and Interest Account.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held within the
District on the fourth day of June 1997 by the following roll call vote:
AYES: Jones, Maass, Sutton and Hemig.
NOES: None.
ABSENT.- Aguera.
TRUCK DONNER PUBLIC UTILITY DISTRICT
By PC L
Peter L. H zmei ter, berk of the Board
i
ATT
Susan M. Craig, Deputy Distrjt Clerk