HomeMy WebLinkAboutResolutions - No. 2007-192RESOLUTION NO. 2007-192
A RESOLUTION OF THE LODI CITY COUNCIL AUTHORIZING THE
EXECUTION OF AGREEMENT FOR LAYOFF AND SALE RELATING TO
COMBUSTION TURBINE PROJECT NUMBER ONE
WHEREAS, the City of Lodi has determined that a portion of its entitlement to the
CT1 Project is surplus to its needs and that the sale of such CT1 entitlement is in its best
overall interest; and
WHEREAS, the city of Roseville has expressed an interest in procuring Lodi's
surplus entitlement in the CT1 Project; and
WHEREAS, all project participants, including the cities of Biggs and Gridley, are
expected to receive mutual benefits by implementing the terms of the agreement; and
WHEREAS, the agreement provides that the City of Lodi will layoff 26.744% of
project entitlement percentage in the CT1 units to the city of Roseville, which includes
assuming Roseville's layoff obligations to the cities of Biggs and Gridley; and
WHEREAS, said agreement also provides for the sale of the Roseville CT1 units to
the city of Roseville upon retirement of the bonds for the project and would further provide
that the third phase agreement for the CT1 Project would, at the time the bonds for the
project are retired, be amended to delete Roseville as a project participant and to add the
city of Biggs and the city of Gridley as project participants; and
WHEREAS, Lodi supports the terms and conditions of the negotiated agreement for
layoff and sale of project entitlement percentage relating to Combustion Turbine Project
Number One.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council authorizes the
City Manager or his designee to execute and administer an agreement for layoff and sale of
project entitlement percentage to the city of Roseville relating to Combustion Turbine Project
Number One and approves the first amendment to agreement for construction, operation,
and financing of Combustion Turbine Project Number One to become effective at such time
as related bonds are retired.
Dated: September 19, 2007
I hereby certify that Resolution No. 2007-192 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held September 19, 2007, by the following
vote:
AYES: COUNCIL MEMBERS — Hansen, Hitchcock, Katzakian, Mounce, and
Mayor Johnson
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — None
DI JO
City Clerk
2007-192