Page 16 - scvwa010918

Appendix B to the Preliminary Official Statement, as of its date, does not contain any untrue
statement of a material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading in any material respect.
The President, Vice Presidents, General Manager and Secretary are hereby authorized
and directed to execute, approve and deliver the Agency Portion of the final Official Statement
with such changes, insertions and omissions as may be approved by General Counsel and
Bond Counsel, said Agency officers’ execution being conclusive evidence of such approval.
The underwriter named in the Preliminary Official Statement is hereby authorized to distribute
copies of the Agency Portion of Preliminary Official Statement to persons who may be
interested in the initial purchase of the previously approved Upper Santa Clarita Valley Joint
Powers Authority bonds (the “Bonds”) and is directed to deliver copies of the final version of the
Agency Portion of the Official Statement to all actual initial purchasers of the Bonds.

SECTION 2. To comply with laws of the State applicable to public agencies such as
the Agency and federal securities laws, the Agency hereby confirms that certain policies and
procedures of the former CLWA with respect to the CLWA wholesale water system shall be the
policies and procedures of the Agency for purposes of the issuance of the Bonds, which include,
but are not limited to, the former CLWA wholesale water system’s Investment Policy, Debt
Management Policy, Reserve Fund Policy, Derivatives Policy, Disclosure Procedures Policy and
Wire Transfer Policy. Notwithstanding the foregoing, the Agency may amend or supplement
such policies from time-to-time as necessary or desirable.

The General Manager and Assistant General Managers of the Agency and their
designees, in consultation with General Counsel and Bond Counsel, are each hereby
authorized to take all necessary actions and to revise the policies and procedures set forth in
the preceding paragraph to comply with this resolution, including changing all references to
“Castaic Lake Water Agency” to “Santa Clarita Valley Water Agency” and to otherwise comply
with applicable law.

SECTION 3. This resolution shall take effect immediately.

20