Reso 1522 07/2017RESOLUTION NO. 1522
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE VALLECITOS WATER DISTRICT
DECLARING INTENT TO REIMBURSE CERTAIN EXPENDITURES
FOR ENCINA WASTEWATER AUTHORITY CAPITAL PROJECTS, SAN MARCOS SEWER
INTERCEPTOR, ROCK SPRINGS SEWER REPLACEMENT, MONTIEL GRAVITY OUTFALL,
MEADOWLARK TANK #3, HIGH POINT PIPELINE
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the Vallecitos Water District (the "District") intends toincur costs for the District's share
of capital improvement projects of the Encina WastewaterAuthority, and in the planning, design, and
construction of the San Marcos Sewer Interceptor, Rock Springs Sewer Replacement, Montiel Gravity
Outfall, Meadowlark Tank #3, and the High Point Pipeline (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
$25,000,000 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 theprojects 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 theprojects.
Section 3. The District hereby declares its official intent to use proceeds of indebtedness to reimburse
itself for reimbursement expenditures as allowed by law.
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 July 2017, by the following roll call vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
ATTEST: 7
HERNANDEZ, MARTIN, SANNELLA, ELITHARP
EVANS
Glenn Pruim, Secretary
Board of Directors
Vallecitos Water District
litharp, Presid
oard of Directors
Vallecitos Water District