2005 AGN FEB 15 I04 - Laserfiche WebLink

Browse Search

1 2 WHEREAS, the Project "B" Participants of the Natural Gas Project desire to pay their 3 fair share of the capital required for acquiring, developing, and improving their share of the 4 Natural Gas Project through direct capital contributions to SCPPA. The Project "B" 5 Participants will consist of the Cities of Glendale and Pasadena; and 6 WHEREAS, the City has need for stable long-term natural gas supplies to satisfy the 7 City's fuel needs, especially with respect to the Magnolia Project, and to assist in meeting 8 future fuel needs; and 9 WHEREAS, the City Council finds and determines that it is in the best interests of the 10 City and its residents to purchase an entitlement share in the Natural Gas Project pursuant to 11 Project "A" of the Natural Gas Project Gas Sales Agreement between the City and SCPPA 12 (the "Project A Gas Sales Agreement"), a form of which has been submitted to this Council; 13 and 14 WHEREAS, in accordance with the Agreement and the Joint Powers Act, SCPPA has 15 the power to enter into the Project A Gas Sales Agreement; and 16 WHEREAS, payments to be made under the Project A Gas Sales Agreement will be 17 used in part for payment of the principal of, premium, if any, and interest on certain of the 18 bonds, notes or other evidences of indebtedness issued by SCPPA to finance a portion of 19 the Natural Gas Project. 20 2111 NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES ORDAIN AS FOLLOWS: SECTION 1. The City Council hereby approves the entering into of the Project A 23 Gas Sales Agreement by the City. 24 SECTION 2. Pursuant to Section 54241 of the Government Code of the State of 25 California, this Ordinance is subject to the provisions for referendum applicable to the City. 26 SECTION 3. If any part of this Ordinance is held to be invalid for any reason, such decision shall not affect the validity of the remaining portion of this Ordinance, and this City 27 Council hereby declares that it would have passed the remainder of this Ordinance, if such invalid portion thereof has been deleted. 28 Page 2