1992 ORD O-30-92 - Laserfiche WebLink

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1'. 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ORDINANCE NO. 0-30-92 ORDINANCE OF THE CITY OF COLTON APPROVING ENTERING INTO POWER SALES CONTRACT WHEREAS, pursuant to the provisions relating to the joint exercise of powers found in Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California, as amended (the "joint Powers Act."), the City and certain other public agencies created pursuant to the laws of the State of California (collectively, the "Members"), have entered into a Joint. Powers Agreement, as amended (the "Agreement"), creating the Southern California Public Poser Authority (the"Authority"), a public entity separate and apart from the Members; and WHEREAS, the Authority proposes to enter into the San Juan 3 Purchase Agreement for San Juan 3 Project relating to a project to provide for the acquisition of an interest in a coal -fueled electric generating unit known as Unit 3 of San Juan Generating Station, together with associated facilities (the "San Juan 3 Project"); and WHEREAS, this Governing Body finds and determines that it is in the best interests of the customers of the electric system of the City for the City to contract with the Authority for capacity and energy of the San Juan 3 Project pursuant to a San Juan 3 Project Power Sales Contract,' a form of which has been submitted to this Governing Body; and WHEREAS, in accordance with the Agreement and the Joint Powers Act, the Authority has the power to enter into a San Juan 3 Project Power Sales Contract to sell capacity and energy of the San Juan 3 Project to the City; and WHEREAS, payment, by the City pursuant to a San Juan 3 Project Power - Sales Contract will be used in part by the Authority for payment of the principal of, premium, if any, and interest on bonds, notes or other indebtedness issued