Reso 1236-02/2005
RESOLUTION NO. 1236
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
VALLECITOS WATER DISTRICT
DECLARING INTENT TO REIMBURSE CERTAIN EXPENDITURES
FOR THE TWIN OAKS RESERVOIR II AND MEADOWLARK TREATMENT PLANT EXPANSION
PROJECTS FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the Vallecitos Water District (the "District") intends to acquire, construct and install
Icertain improvements to its water and wastewater systems, specifically for the Twin Oaks Reservoir II and
Meadowlark Treatment Plant expansion 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 $67,000,000 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 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 2nd day of February 2005, by the following roll call vote:
AYES: Gentry, Hannan, Shell, Ferguson
NOES: .
ABSENT: Davy
ABSTAIN:
William W. Rucker, Secretary
Board of Directors
Vallecitos Water District
Margaret E. Ferguson, President
Board of Directors
Vallecitos Water District