HomeMy WebLinkAboutAgenda Report - October 19, 1983 (53)Al
( CITY COUNCIL MEETING
OC'T'OBER 19, 1983
CENERAL A general Agreement of Indemnity Bill Guaranty Bond Rolat Ing
AGREMOU OF to the NCPA/PG&E Interconnection Agreement was presented for
INMBNI7Y BILL Council's approval. City Attorney Stein reported that this
GUARANTY BCW subject Agreement represents a result of Section 9.5
RELATING 1U UIE (Liability) of the Interconnection Agreement between NCPA
NCPA/PG&E Cities and PG&E wherein NCPA agreed to put up a $25 million
I NITrCGt�1'FJCT ICN performance bond which PG&E could cal 1 upon, if an NCPA City
AiCR:Ef1VWr failed to pay its s,iare of the fees for power which was
submitted pursuant to the Interconnection Agreement.
The Agreement is an Indemity Agreement between this City
and the Surety which would require this City to pay back any
funds which the Surety put up for a non-payment by this
City.
RFS. NO. 83-118
Following discussion, on motion
of Council Mw1ber Reid,
Snider second, Council adopted
Resolution No. 83-118
approving the General Agreement
of I ndexnn i t y Bill Guaranty
Bond relating to the NCPAIPG&E
Interconnection Agreement and
authorized the City Manager to
execute the subject document
on behalf of the City.
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