HomeMy WebLinkAboutResolutions - No. 85-39RESOLUTION NO. 85-39
RESOLUTION APPROVING THE AGREEMENT FOR SALE OF SURPLUS
CAPACITY AND ENERGY OF THE NORTH FORK STANISLAUS RIVER
HYDROELECTRIC DEVELOPMENT PROJECT
WHEREAS, NCPA and each of the Project Participants have
entered into the Third Phase Agreement pursuant to which NCPA has
agreed to provide, and each of the Project Participants has agreed
to take or cause to be taken, their respective Project Entitlement
Percentages of the capacity and energy of the Project; and
WHEREAS, the City of Redding has determined not to
participate in the Project; and
WHEREAS, in order to finance the cost of the Project, it is
necessary that the aggregate of the Project Entitlement Percentages
of all Project Participants willing to participate in the Project
equal 100%; and
WHEREAS, in order to permit the financing to proceed, the
Purchasing Participants have agreed to take, or cause to be taken,
the City of Redding's Project Entitlement Percentage and to that
end, each will enter into the Transfer Agreement; and
WHEREAS, Sections 9 and 10 of the Third Phase Agreement
authorize each Project Participant, subject to the terms and
conditions thereof, to transfer, assign, sell or exchange all or a
portion of the surplus Project capacity and energy to which it is
entitled; and
WHEREAS, Section 10 of the Third Phase Agreement provides
certain terms and conditions to the sale by NCPA of surplus Project
capacity and energy; and
WHEREAS, as an inducement to the Purchasing Participants to
enter into the Transfer Agreement and to take, or cause to be
taken, the Purchased Project Entitlement Percentages, the other
Project Participants have determined that, notwithstanding their
rights to sell surplus Project capacity and energy under the Third
Phase Agreement, to permit any such transfer or sale under a Long
Term Power Purchase Contract to be deemed a transfer or sale of the
Purchased Project Entitlement Percentages, all on the terms and
conditions contained in the Agreement for Sale of Surplus Capacity
and Energy of the North Fork Stanislaus River Hydroelectric
Development Project (the "Sale Agreement");
WHEREAS, there has been proposed and submitted to this
meeting a form of the Sale Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Lodi, as follows:
Section 1. The City Council hereby finds and determines
that the terms and conditions of the Sale Agreement in
substantially the form submitted to this meeting and made a part
hereof as though set forth in full herein be, and the same is
hereby, approved.
Section 2. The City is hereby authorized to enter into the
Sale Agreement and the Mayor and the City Clerk are hereby
authorized to execute and deliver the Sale Agreement by and on
behalf of the City with such changes, insertions and omissions as
may be approved by the City Council, said execution being
conclusive evidence of such approval.
Section 3. The Mayor and City Clerk, and any other proper
officer of the City, acting singly, be and each of them hereby is
authorized and directed to execute and deliver any and all
documents and instruments and to do and cause to be done any and
all acts and things necessary or proper for carrying out the
transactions contemplated by the Sale Agreement and by this
resolution.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF LODI,
this 6th day of March, 1985, by the following vote:
Ayes: Council Members
Noes: Council Members
Absent: Council Members
- Pinkerton, Hinchman, Olson,
Reid, and Snider (Mayor)
None
- None
Attest:
lll►ft
Alice M. Reimche
City Clerk
85-39