HomeMy WebLinkAboutRES 2002-16 - Board Public Utility District
Resolution No. 2002-16
RATIFYING THE TEMPORARY USE OF DISTRICT FUNDS TO FINANCE DONNER
LAKE WATER SYSTEM EXPENDITURES
WHEREAS the District acquired the Donner Lake water system and began to reconstruct it during 2001;
and
WHEREAS the seriously deteriorated condition of the water system necessitated that work begin
immediately on system reconstruction; and
WHEREAS the District did not have time to arrange for complete financing of the work that was performed
on the Donner Lake system prior to work commencing and the District therefore borrowed available cash
on a temporary basis from its General Fund and various restricted funds; and
WHEREAS the District wishes to formally recognize and ratify the loan of funds from the General Fund
and restricted funds and to have that loan reflected in its annual audit report;
NOW,THEREFORE,BE IT RESOLVED that the Board of Directors adopts the above recitals as its findings;
and
Be it further resolved that the Board authorizes a loan in the amount of$560,627 from the Electric Building
Fund to the Electric General Fund and in the amount of$999,516.81 from the Electric General Fund to the
Water General Fund. These two loans will pay the LAIF interest rate on the amounts borrowed for the periods
that the temporary loans exist; and
Be it further resolved that all excess funds including loan proceeds will be used to pay these temporary
loans off; and
Be it further resolved that staff will report to the Board each month in the Treasurer's Report the status of
the loans until such temporary loans are paid in full.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held with the District on the
first of May, 2002 by the following roll call vote:
AYES: Hemig, Maass, Sutton and Van Gundy
NOES: None
ABSENT: Aguera
TRUCK E DO NER PU LIC U ILITY DISTRICT
By E
Nelson Van Gundy, President
A
ATTEST:
Peter L. Holzmeister, District Clerk