HomeMy WebLinkAboutAgenda Report - March 22, 1989 (72)41ENDMENT NO. 2
TO ?RG0 ECT N0. 2
AGREEMENT OF THE
TRANSMISSION AGENCY
OF NORTHERN CALIFORNIA
APPROVED
CITY COUNCIL MEETING
MARCH 22, 1989
RES. NO. 89-32 The City Cocnci? was advised that the Commission of the
Transmissio;, Agency of Northern California (TAMC) is
cc -6 proceeding with a proposed $60 million note issue to
CC -7(s) provide for the payment of TANC's cutstanding 1985 Revenue
CC` -51(d) Anticipation Notes and to pay certain costs of the Project
to keep Project completion.on, schedule: In this regard,
each member of TAMC' is being requested to approve the
above -noted amendment to the existing Project Agreement No,
2 to provide for such. note financing.
The City of Lodi entered into the September 30, 1985,
"Transmission Agency of Northern California Project
Agreement No. 2 for the California -Oregon Transmission
Project" (Agreement) with TANC and the other members of
TANC .
The Agreement was amended July 1, 1988 by the "Transmission
Agency of Northern California Project Agreement No. 2 for
the Cal ifornia-Oregon Transmission Project Amendment No. 1 -"
Approval of the Project Agreement Amerdnent No. 2 pursuant
to the ,proposed Resolution will ensure proper execution and
delivery of the necessary documents for carrying out the
transactions contemplated by the parties.
The City Council, on motion of Mayor Pro Tempore Snider,
Hinchman second, by the following vote, .adopted Resolution
No. 83-32 approving Transmission Agency of Northern
California -Amendment No. 2 to Project Agreement No. 2 for
the Cal ifornia-Oregon Transmission Project and authorized
the Mayor and City Clerk to execute the documents on behalf
of the City:
Ayes:
Council
Members
- Hinchman, Olson, Reid, and
Snider
Noes :
Council
Members
- Pinkerton
Absent:
Council
Members
- None
Abstain :
Council
Members
- None