HomeMy WebLinkAboutRES 1996-12 - Board RESOLUTION NO. 9612
OF THE
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
ESTABLISHING THE 1996 WATER SYSTEM IMPROVEMENT PROJECT
FUND, AUTHORIZING TRANSFERS FROM EXISTING RESTRICTED
ACCOUNTS AND ESTABLISHING THE TERMS OF AN INTERFUND
LOAN AND PAYBACK SCHEDULE
WHEREAS the Truckee Donner Public Utility District intends to construct approximately 17,000
linear feet of water pipeline in Tahoe Donner and Donner Trails subdivisions, and
WHEREAS plans and specifications for this project, known as the 1996 Water System
Improvement Project, have been prepared and bids have been received, and
WHEREAS the total project cost is estimated to be $1,848,000, and
WHEREAS the District has fund balances in existing restricted accounts known as the Electric
Building Fund, the Storm Damage Fund, the Reserve for Future Water Meter Fund and the Tahoe
�^ Donner Water System Fund and the balances in said accounts will not be needed for their
designated purposes during the next several years, and
WHEREAS it is the desire of the Board of Directors to borrow from said restricted accounts to pay
the cost of the 1996 Water System improvement Project and to establish a mechanism for
repaying said restricted accounts the principle borrowed and interest that would have accrued to
said restricted account but for the borrowing,
NOW THEREFORE BE IT RESOLVED by the Board of Directors of the District as follows:
1. There is hereby established a fund to be known as the 1996 Water System
Improvement Project Fund.
2. The fund shall be used to pay all costs associated with engineering, construction,
inspection and administration of the 1996 Water System Improvements Project.
3. The District Treasurer is authorized to make transfers from the fund to pay proper
project costs in accordance with District policy.
4. The fund shall be established by transferring to it from existing District restricted
accounts the following amounts:
a) Electric Building Fund, $900,000
b) Storm Damage Fund, $148,000
'^ c) Reserve for Future Meters Fund, $300,000
d) Water Building Fund, $500,000
10-1
5. The District Treasurer shall set up a procedure whereby the principal so bon-owed
from existing restricted accounts is reimbursed to said funds over a thirty(30)year
period and the interest that would have accrued to said restricted accounts, but for
the borrowing, is paid to the restricted accounts, according to the interest rate
earned by investments in the Local Agency Investment Fund or such other
investment vehicle that said restricted accounts may be invested into in the future.
6. Principle and interest payments to the restricted accounts shall be made from the
Water General Fund and the General Manager shall budget each year for said
payments.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held within the
District on the 17th day of April 1996 by the following roll call vote:
AYES: Aguera, Jones, Maass, Sutton and Hemig.
NOES: None.
ABSENT: None.
TRUCK DON ER PUBLIC UTILITY DISTRICT
By
ae 1�
Peter L. Ho meister, Clerk of the Board
ATTE l
Susan M. Craig, Deputy Dist ct Clerk