2002 RES R-18-02 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. R-18-02 RESOLUTION OF THE CITY OF COLTON, AUTHORIZING OFFICIALS TO EXECUTE AND DELIVER THE MAGNOLIA POWER PROJECT POWER SALES AGREEMENT AND APPROVING THE SHARE OF CAPACITY AND ENERGY TO BE PURCHASED PURSUANT TO THE MAGNOLIA POWER PROJECT POWER SALES AGREEMENT WHEREAS, in accordance with Ordinance No. 0-01-02 of the City of Colton (the "City"), the City Council of the City of Colton has authorized entering into the Magnolia Power Project Power Sales Agreement (the "Power Sales Agreement") between the City and the Southern California Public Power Authority (the "Authority"); and WHEREAS, under the Power Sales Agreement the City will be entitled to a rcrce; Mage of the capacity and energy in the Magnolia Power Project, a natural gas-fired generating facility and associated facilities to be owned by the Authority and to be located in the City of Burbank, a member of the Authority (the "Magnolia Power Project"); and WHEREAS, under the Power Sales Agreement, the City is to specify the percentage of capacity and energy in the Magnolia Power Project to which the City is entitled (the "Generation Entitlement Share") NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Colton: 1. The City Manager and the Utilities Director of the City are each hereby authorized to execute and deliver the Power Sales Agreement, with such changes, insertions and omissions as shall be approved by the official executing the Power Sales Agreement (such approval to be conclusively evidenced by such execution), and the City Clerk is hereby authorized to attest to such signature. 2. The Generation Entitlement Share for the City to be set forth in the executed Power Sales Agreement shall not exceed four and 1322/10000 percent (4.1322%). 3. Each of the officials referred to in paragraph 1 above is hereby authorized to execute and deliver any and all other documents and instruments and to do and cause to be done any and all acts and things necessary or advisable for carrying out the transactions contemplated by this Resolution, including the Authority's financing of the Magnolia Power Project for the benefit of the City and the other participants in the Magnolia Power Project.