HomeMy WebLinkAboutRES 2008-03 - Board w.*^••_
Resolution No. 2008 - 03
AUTHORIZING THE FISCAL AGENT FOR THE DISTRICT'S
DONNER LAKE WATER SYSTEM IMPROVEMENT LOAN
WITH THE STATE OF CALIFORNIA, DEPARTMENT OF
WATER RESOURCES TO OPEN THE RESERVE FUND
ACCOUNT WITH THE STATE OF CALIFORNIA
LOCAL AGENCY INVESTMENT FUND
WHEREAS, the Truckee Donner Public Utility District entered into a loan agreement with the
State of California, Department of Water Resources, relating to the Donner Lake water
system improvements; and
WHEREAS, on March 3, 2004 the Board of Directors appointed the Bank of New York
Western Trust Company(now Bank of New York Trust Company, N.A.)as the Fiscal Agent to
receive loan payments from the District and forward them to the Department of Water
Resources and to receive and maintain the required semi-annual reserve fund payments; and
WHEREAS, direction from the Board did not include authorization to invest the accumulating
reserve fund payments into an investment to earn interest for the term of the loan; and
WHEREAS, the Treasurer has made arrangements with the State of California, Local Agency
Investment Fund to have the Fiscal Agent open a trust account with LAIF for accumulating the
semi-annual reserve fund payments until the fund reaches a total of$800,852 as required by
the Fiscal Services Agreement;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Truckee Donner
Public Utility District that the Safe Drinking Water State Revolving Fund 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 State Revolving Fund Reserve
Fund Account;
BE IT FURTHER RESOLVED THAT any changes in the investment of the Truckee Donner
Public Utility District State Revolving Fund Reserve Fund Account may be made by the
Treasurer provided that the change is in accordance with the District's Investment Policy;
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BE IT FURTHER RESOLVED THAT the Fiscal Agent,the Board President and the Treasurer
are authorized to execute any and all documents for the establishment and maintenance of
this account.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held within
the District on the 2nd day of April 2008 by the following roll call vote:
AYES: Directors Aguera, Hemig, Sutton, Taylor and Thomason
NOES: None
ABSENT: None
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
Y
Tim F. Taylor, P ident of the Board
ATTEST:
Michael D. Holley, District Clerk
2 Res. 2008-03