ITEM:		CONSENT CALENDAR
4.	CONSIDER ADOPTION OF RESOLUTION 2015-15 RESTATING INTENT TO REIMBURSE EXPENDITURES FOR PURE WATER MONTEREY PROJECT
Meeting Date:			July 20, 2015	Budgeted:	N/A
From:			David J. Stoldt, General Manager	Program/	Groundwater Replenishment Project
				Line Item No.:	1-5-1
Prepared By:			David J. Stoldt	Cost Estimate:	N/A
General Counsel Approval: N/A
Committee Recommendation: The Administrative Committee reviewed this item on July 13, 2015 and recommended approval.
CEQA Compliance: N/A

SUMMARY: The Board of Directors of the Monterey Peninsula Water Management District (the “District”) has previously approved Resolution No. 2012-14 officially declaring its intent to reimburse pre-construction expenditures made on the Groundwater Replenishment Project (the “Project”) from the proceeds of tax-exempt securities consistent with United States Treasury regulations. Further, the Board has approved Resolution 2015-14 in support of a financial assistance application for a loan from the State Water Resources Control Board (“State Water Board”) for planning, design, and construction of the Project.

The State Water Board may fund the Project Funds with proceeds from the sale of obligations the interest upon which is excluded from gross income for federal income tax purposes. The District’s Resolution 2012-14 anticipated the use of tax-exempt securities, but did not specifically identify the State Water Board’s State Revolving Fund. This Resolution will clarify that the tax-exempt securities, “Debts”, or Certificates of Participation envisioned by Resolution 2012-14 are construed to include the Obligations issued through the State Water Board.

RECOMMENDATION: The General Manager recommends that the Board of Directors approve Resolution 2015-15.

EXHIBIT

4-A Resolution 2015-15

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