HomeMy WebLinkAboutRES 2002-09 - Board Public Utility District
Resolution No. 2002- 09
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. 8 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 Board President and the District Clerk 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 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 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 than a governmental unit of the state on a
basis different from the general public.
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3. The Lessee covenants 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 issued
pursuant to Section 1.103-18 of the Federal Income Tax Regulations.
5. The Board authorizes the General Manager to sign draw requests and
acceptance certificates for the purposes of having Municipal Services
Group make the necessary project payments from the escrow account.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and
held within the District on the seventeenth day of April, 2002 by the following roll
call vote:
AYES: Aguera, Maass, Sutton and Van Gundy
NOES: None
ABSENT: Hemig
T KEE DONN PU IC UTILITY DISTRICT
Nelson Van Gundy, President
ATTEST:
Peter L. Holz eister, District Clerk