HomeMy WebLinkAboutRes - 1993.17 - Intention to Issue Tax-Exempt Obligations /7
RESOLUTION NO. 1993. 17
RESOLUTION OF THE BOARD OF DIRECTORS OF THE EAST
VALLEY WATER DISTRICT REGARDING ITS INTENTION TO
ISSUE TAX-EXEMPT OBLIGATIONS
WHEREAS, the Board of Directors of the East Valley
Water District (the "Issuer") desires to finance the costs of
acquiring certain public facilities and improvements, as
provided in Exhibit A attached hereto and incorporated herein
(the "Project") ;
WHEREAS, the Issuer intends to finance the acquisition
of the Project or portions of the Project with the proceeds of
the sale of obligations the interest upon which is excluded
from gross income for federal income tax purposes (the
"Obligations") ; and
WHEREAS, prior to the issuance of the Obligations the
Issuer desires to incur certain expenditures with respect to
the Project from available monies of the Issuer which
expenditures are desired to be reimbursed by the Issuer from a
portion of the proceeds of the sale of the Obligations;
NOW, THEREFORE, the Board of Directors of the East
Valley Water District DOES HEREBY RESOLVE, ORDER. AND DETERMINE
AS FOLLOWS:
SECTION 1. The Issuer hereby states its intention and
reasonably expects to reimburse Project costs incurred prior to
the issuance of the Obligations with proceeds of the
Obligations . Exhibit A describes either the general character,
type, purpose, and function of the Project, or the fund or
account from which Project costs are to be paid and the general
functional purpose of the fund or account.
SECTION 2 . The reasonably expected maximum principal
amount of the Obligations is $6, 500, 000 .
SECTION 3 . This resolution is being adopted on or
prior to the date (the "Expenditures Date or Dates") that the
Issuer will expend monies for the portion of the Project costs
to be reimbursed from proceeds of the Obligations .
SECTION 4 . The expected date of issue of the
Obligations will be within one year of the later of the
Expenditure Date or Dates and the date the Project is placed in
service.
SECTION 5. Proceeds of the Obligations to be used to
reimburse for Project costs are not expected to be used
directly or indirectly to pay debt service with respect to any
obligation (other than to pay current debt service coming due
within the next succeeding one year period on any tax-exempt
obligation of the Issuer (other than the Obligations) ) or to be
held as a reasonably required reserve or replacement fund with
respect to a obligation of the Issuer or any entity related in
any manner to the Issuer, or to reimburse any expenditure that
was originally paid with the proceeds of any obligation, or to
replace funds that- are or will be used in such manner.
SECTION 6. This resolution is consistent with the
budgetary and financial circumstances of the Issuer, as of the
date hereof. No monies from sources other than the Obligation
issue are, or are reasonably expected to be reserved, allocated
on a long-term basis, or otherwise set aside by the Issuer (or
any related party) pursuant to their budget or financial
policies with respect to the Project costs. To the best of our
knowledge, this Board of Directors is not aware of the previous
adoption of official intents by the Issuer that have been made
as a matter of course for the purpose of reimbursing
expenditures and for which tax-exempt obligations have not been
issued.
SECTION 7. This resolution is adopted as official
action of the Issuer in order to comply with Treasury
Regulation § 1. 103-18 and any other. regulations of the Internal
Revenue Service relating to the qualification for reimbursement
of Issuer expenditures incurred prior to the date of issue of
the Obligations, is part of the Issuer' s official proceedings,
and will be available for inspection by the general public at
the main administrative office of the Issuer.
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SECTION 8 . All the recitals in this Resolution are
true and correct and this Board of Directors so finds,
determines and represents.
440#
Pre ident of the Board of
Directors
ATTEST:
JX/X/14",---'. \ije
-441"
Secretary of th Board of
Directors
AYES: Directors: Disch, Sturgeon, Douglas, Lightfoot
NOES: None
ABSENT: Diirector: . Stoops
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EXHIBIT A
DESCRIPTION OF PROJECT
OR GENERAL DESCRIPTION OF FUND OR ACCOUNT
4. 0 Million Gallon per Day Surface Water Treatment Plant.
3. 0 Million Gallon Storage Reservoir Pump Station Transmission
Pipeline.
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