HomeMy WebLinkAboutRES 2000-03 - Board Public
Resolution No. 2000=03
Approving Agreement to Acquire 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 acquisition of the equipment described in the individual
Payment Schedule No. 4 and the Master Municipal Lease and Option Agreement No. 909 presented
at this meeting; and
WHEREAS, the Board of Directors has taken the necessary steps under applicable law, including any
legal bidding requirements, to arrange for the acquisition of such equipment, and
WHEREAS, the Board hereby directs its legal counsel to review the agreement and negotiate
appropriate modifications to said agreement so as to assure compliance with state law and local
statutory law, prior to execution of the agreement by those persons so authorized by the District for
such purposes;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors as follows:
1. The Board finds 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 the Treasurer to execute and deliver, and to witness (or attest) respectively, the
agreement and any related documents necessary for the consummation of the transactions
contemplated by the agreement.
2. That the acquisition of the equipment, under the terms and conditions provided for inn the
agreement is necessary, convenient, in the furtherance of and will at all times be used on
connection with the District's governmental and proprietary purposes and functions (except
to the extent that subleasing of the equipment is permitted under the 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 that a governmental unit
of the state on a basis different from the general public.
3. The lessee convents that it will perform all acts within its power which are or may be necessary
to insure the maintenance of its legal status as being a duly organized and existing entity
under the laws of the state, which status is the basis for the interest portion of the rental
payments coming due under the agreement to 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.
4. It is the intent of the District to be reimbursed from the proceeds of the Agreement approved
herein for prior expenditures in the event that the District elects to disburse moneys from its
"+ own reserves for acquiring the equipment. Such declaration of official intent to be reimbursed
is used pursuant to Section 1.103-18 of the Federal Income Tax Regulations.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held within the
District on the fifteenth day of March 2000 by the following roll call vote:
AYES: Aguera, Jones, Maass, Sutton and Hemig.
NOES: None.
ABSENT: None.
TRUCKEE DONN PUBLIC UT ITY DISTRICT
By
J. emig, President B, oard of Dir ctors
ATTEST:
Peter L. Holzmeister, District Clerk
smc