Reso 1354-07/2010RESOLUTION NO. 1354
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
VALLECITOS WATER DISTRICT
DECLARING INTENT TO REIMBURSE CERTAIN EXPENDITURES
FOR THE SAN MARCOS SEWER INTERCEPTOR, ENCINA LAND PARALLEL OUTFACE, MEADOWLARK
TANK #3, AND MOUNTAIN BELLE PUMP STATION PROJECTS
FROM PROCEEDS OFINDEBTEDNESS
WHEREAS, the Vallecitos Water District (the "District") intends to incur costs in the planning, design, and
construction of the San Marcos Sewer Interceptor, Encino Land Parallel Ouffall, Meadowlark Tank #3, and
Mountain Belle Pump Station Projects (the "Projects");
WHEREAS, the District expects to pay certain expenditures (the "Reimbursement Expenditures") in
connection with the Projects prior to the issuance of indebtedness for the purpose of financing costs
associated with the Projects on a long-term basis;
WHEREAS, the District reasonably expects that debt obligations in an amount not expected to exceed
$45,000,000 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 Projects with proceeds of a subsequent borrowing;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Vallecitos Water District as
follows:
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 with 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 Projects.
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 21~t day of July, by the following roll call vote:
AYES: GENTRY,HANNAN,POLTL,SHELL,FERGUSON
NOES:
ABSENT: ~
ABSTAIN: //%) ~ i ., _ /..
Margaret j=(. FergusoYf; F
Board of erectors
ATT~~~ ~+ G%L~ Vallecitos Water District
Dennis O. Lamb, Secretary
Board of Directors
Vallecitos Water District