Reso 1310-07/2008RESOLUTION NO. 1310
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
VALLECITOS WATER DISTRICT
DECLARING INTENT TO REIMBURSE CERTAIN EXPENDITURES
FOR THE ENCINA WASTEWATER AUTHORITY'S PHASE V EXPANSION
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the Vallecitos Water District (the "District"} intends to share in the costs of the Phase V
expansion of the Encino Wastewater Authority (the "Project");
WHEREAS, the District expects to pay certain expenditures (the "Reimbursement Expenditures") in
connection with the Project prior to the issuance of indebtedness for the purpose of financing costs associated
with the Project on a long-term basis;
WHEREAS, the District reasonably expects that debt obligations in an amount not expected to exceed
$8,000,000 will be issued and that certain amounts of the proceeds of such debt obligations will be used to
reimburse the Reimbursement Expenditures; and
WHEREAS, Section 1.150-2 of the Treasury Regulations requires the District to declare its reasonable
official intent to reimburse prior expenditures for the Project with proceeds of a subsequent borrowing;
follows:
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Vallecitos Water District as
Section 1. The Board of Directors of the Vallecitos Water District finds and determines that the
foregoing recitals are true and correct.
Section 2. This declaration is made solely for purposes of establishing compliance ~Nith the
requirements of Section 1.150-2 of the Treasury Regulations. This declaration does not bind the District to make
any expenditure, incur any indebtedness, or proceed with the Project.
Section 3. The District hereby declares its official intent to use proceeds of indebtedness to reimburse
itself for Reimbursement Expenditures.
Section 4. This Resolution shall take effect from and after its adoption.
PASSED, APPROVED AND ADOPTED by the Board of Directors of the Vallecitos Water District at a
regular meeting held on this 16t" day of July 2008, by the following roll call vote:
AYES: FERGUSON, GENTRY, HANNAN, POLTL, SHELL
NOES:
ABSENT: ~.~ ~
ABSTAIN: '~/
timothy M. Shc'~~, President
Board of Directors
ATTEST: Vallecitos Water District
William W. Rucker, Secretary
Board of Directors
Vallecitos Water District
~`e~