HomeMy WebLinkAboutResolutions - No. 2011-57RESOLUTION NO. 2011-57
A RESOLUTION OF THE LODI CITY COUNCIL AUTHORIZING
THE CITY MANAGERTO EXECUTEA NOVATION AGREEMENT WITH
JP MORGAN VENTURES ENERGYAND SEMPRA ENERGYTRADING
LLC TRANSFERRING INTEREST INA POWER PURCHASE SALES
AND ENABLING AGREEMENT DATED OCTOBER 17,2007, WITH
ADMINISTRATION BYTHE ELECTRIC UTILITY DIRECTOR
WHEREAS, the City of Lodi and Sempra Energy Trading LLC (Sempra) are
parties to an October 17, 2007, Power Purchase Sales and Enabling Agreement; and
WHEREAS, JP Morgan has announced it has purchased Sempra's North
American power and gas wholesale books and will be the principal entity under future
electric transactions between the City and JP Morgan; and
WHEREAS, JP Morgan has requested that the City of Lodi execute a Novation
Agreement, which will formally recognize that JP Morgan assumes responsibility for
trades previously executed by Sempra; and
WHEREAS, staff believes it is beneficial to continue to have the agreement
remain in effect with JP Morgan.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council does hereby
approve the Novation Agreement and authorize the City Manager or his designee to
execute the Agreement and authorize the Electric Utility Director or her designee to
administerthe Agreement.
Dated: April 20, 2011
hereby certify that Resolution No. 2011-57 was passed and adopted by the Lodi
City Council of the City of Lodi in a regular meeting held April 20, 2011, by the following
vote:
AYES: COUNCIL MEMBERS — Hansen, Katzakian, Nakanishi, and
Mayor Johnson
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — Mounce
ABSTAIN: COUNCIL MEMBERS — None
IJOHL
City Clerk
2011-57