ITEM:		ACTION ITEM
12.	CONSIDER ADOPTION OF RESOLUTION 2022-03 FOR REIMBURSEMENT OF EXPENDITURES FOR PURE WATER MONTEREY EXPANSION
Meeting Date:			January 27, 2022	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 January 19, 2022 and recommended approval.
CEQA Compliance: This action does not constitute a project as defined by the California Environmental Quality Act Guidelines section 15378.

SUMMARY: At its November 15, 2021 meeting, the District’s Board approved Amendment 6 to the cost sharing agreement with Monterey One Water for Pure Water Monterey expansion officially declaring its intent to reimburse 75% of pre-construction expenditures made on the Project (the “Expenditures”) from advances of District revenues and reserves

Resolution No. 2022-03 (Exhibit 12-A) is a Resolution of the Board of Directors of the Monterey Peninsula Water Management District Declaring the Official Intent to Reimburse Expenditures from the Proceeds of Tax-Exempt Securities. Adoption of the Resolution will allow amounts expended for construction of the Pure Water Monterey expansion project between the date of the adoption of the Resolution and actual receipt of the financing proceeds to be reimbursed from the financing proceeds when they are actually received, consistent with federal tax laws.

This Resolution is a safety measure in case tax-exempt debt is utilized, but the priority remains to finance through the State Revolving Fund or the federal WIFIA loan program.

RECOMMENDATION: The Administrative Committee recommends that the Board adopt Resolution No. 2022-03.

EXHIBIT

12-A Resolution No. 2022-03

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