Reso 1393-03/2012RESOLUTION NO. 1393
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
VALLECITOS WATER DISTRICT
DECLARING INTENT TO REIMBURSE CERTAIN EXPENDITURES
FOR THE ROCK SPRINGS REPLACEMENT, LINDA VISTA EAST SEWER REPLACEMENT, AND
ENCINA WASTEWATER AUTHORITY CAPITAL PROJECTS
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the Vallecitos Water District (the "District ") intends to incur costs in the planning, design,
removal and replacement of sections of the Rock Springs and Linda Vista East sewer mains, and for the
District's share of capital improvement projects of the Encina Wastewater Authority (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
$5,000,000 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 March 2012, by the following roll call vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
FERGUSON, HERNANDEZ, POLTL, SHELL, GENTRY
Darrell Gentry, President
Board of Directors
Vallecitos Water District
Dennis O. Lamb, Secretary
Board of Directors
Vallecitos Water District