2005 RES R-60-05 - Laserfiche WebLink

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1 2 3 4 5 6 s 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 W 2( 2P, 21 RESOLUTION NO. R-60-05 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON (1) APPROVING THE PROJECT A GAS SALES AGREEMENT, (II) AUTHORIZING OFFICIALS TO EXECUTE AND DELIVER THE PROJECT A GAS SALES AGREEMENT, AND (III) APPROVING THE SHARE OF PRODUCTION CAPACITY TO BE PURCHASED PURSUANT TO SUCH GAS SALES AGREEMENT WHEREAS, in accordance with Ordinance No. 0-11-05 of the City of Colton (the "City"), the City Council has authorized entering into the Natural Gas Project Gas Sales Agreement as a Project "A" Participant (the "Project A Gas Sales Agreement") between the City and the Southern California Public Power Authority ("SCPPA"); and WHEREAS, under the Project A Gas Sales Agreement, the City will be entitled to a share of the production capacity in certain gas resources, reserves, fields, wells, and related facilities to be acquired by SCPPA (the "Natural Gas Project"); and WHEREAS, under the Project A Gas Sales Agreement, the City is to specify the Imaximum production capacity in the Natural Gas Project to which the City is entitled (the "Maximum Production Capacity"). BE IT NOW THEREFORE RESOLVED AS FOLLOWS: 1. The City hereby approves the Project A Gas Sales Agreement between the City and SCPPA, the City Manager is hereby authorized to execute and deliver the Project A Gas Sales Agreement, and the City Clerk is hereby authorized to attest to such signature. 2. The Maximum Production Capacity for the City to be set forth in the Project A Gas Sales Agreement at the time of its execution and delivery shall not exceed five hundred (500) mmBtu/day. 3. The City Manager is hereby authorized to execute and deliver any and all documents and instruments necessary for carrying out the transactions contemplated by this Resolution, including SCPPA's financing of a portion of the Natural Gas Project for the benefit of the City and certain other participants in the Natural Gas Project. Page 1