Reso 1372-03/2011RESOLUTION NO. 1372
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
VALLECITOS WATER DISTRICT
DECLARING INTENT TO REIMBURSE CERTAIN EXPENDITURES
FOR THE ADVANCED PAYMENT OF THE DISTRICT'S CALPERS SIDE FUND AND
ESTABLISHING A TRUST FOR OTHER POST - EMPLOYMENT BENEFITS
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the Vallecitos Water District (the "District ") intends to expend funds in the advanced funding
of the District's CalPERS side fund and the establishment on Other Post - Employment Benefits (OPED) trust
fund for (the "Projects ");
WHEREAS, the District expects to pay -off the balance of the District's side fund with CalPERS and
establish an OPEB trust (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
$10,000,000 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 Districtto 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 16 day of March 2011, by the following roll call vote:
AYES: FERGUSON, HERNANDEZ, SHELL, POLTL
NOES:
ABSENT: GENTRY
ABSTAIN: n i
a es W. Poltl, Preside
B and of Directors
ATT T: �J allecitos Water District
Dennis O. Lamb, Secretary
Board of Directors
Vallecitos Water District