Reso 1046-11/1997RESOLUTION NO. 1046
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
VALLECITOS WATER DISTRICT
DECLARING INTENT TO REIMBURSE CERTAIN EXPENDITURES
FOR THE TWIN OAKS RESERVOIR PROJECT
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the Vallecitos Water District (the "District") intends to acquire, construct and install
certain improvements to its water system, specifically for the Twin Oaks Reservoir Project (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
$25,000,000 will be issued and that certain of the proceeds of such debt obligations will be used to reimburse
the Reimbursement Expenditures; and
WHEREAS, Section 1.150-2 of the Treasury Regulations requires the District to declare its reasonable
official intent to reimburse prior expenditures for the Project with proceeds of a subsequent borrowing;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Vallecitos Water District
as follows:
Section 1. The Board of Directors of the Vallecitos Water District finds and determines that the
foregoing recitals are true and correct.
Section 2. This declaration is made solely for purposes of establishing compliance with the
requirements of Section 1.150-2 of the Treasury Regulations. This declaration does not bind the District to
make any expenditure, incur any indebtedness, or proceed with the Project.
Section 3. The District hereby declares its official intent to use proceeds of indebtedness to reimburse
itself for Reimbursement Expenditures.
Section 4. This Resolution shall take effect from and after its adoption.
PASSED, APPROVED AND ADOPTED by the Board of Directors of the Vallecitos Water District
at a regular meeting held on this 19th day of November, 1997, by the following roll call vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Davy, Ferguson, Hannan
Cruz, Mason
William W. Rucker, Secretary
Board of Directors
Vallecitos Water District
garet E. Ferguso$, President
Board of Directors
Vallecitos Water District