2010 RES R-17-10 - Laserfiche WebLink

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1 RESOLUTION NO. R-17-10 2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON 3 AUTHORIZING THE ENTRY BY THE CITY MANAGER OR HIS DESIGNEE INTO TRANSACTIONS WITH SHELL ENERGY NORTH AMERICA (US) L.P. 4 WHEREAS, the City has entered into or will enter into swaps, options or other 5 financially settled energy derivative transactions ("Transactions") with Shell Energy North America (US), L.P. ("Shell Energy"), pursuant to contracts in the form of master swap 6 agreements, Master Agreements on the form approved by the International Swap and Derivatives Association, Inc. (ISDA), and other commodity agreements (as the same may be amended 7 and supplemented, collectively, the "Master Swap Agreements") between the City and Shell Energy; 8 WHEREAS, on October 20, 2009, the City Council approved a Master Agreement with Shell Energy North America (U.S. Municipal Counterparty Schedule to the 1992 Local Currency — Single 9 Jurisdiction Master Agreement); 10 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES HEREBY RESOLVE AS FOLLOWS: 11 SECTION 1. The City is hereby authorized (i) to enter into Transactions, including, but not 12 limited to, forwards, futures, swaps, and options, (ii) to enter into Master Swap Agreements governing such Transactions and confirmations thereunder designating the terms of specific 13 individual Transactions, and (iii) to the extent necessary or appropriate, to pledge cash, securities, or other property, or to provide letters of credit or other credit support, as support 14 for its obligations with respect to such Transactions. 15 SECTION 2. The City Manager or his designee is authorized and empowered from time to time to negotiate, prepare, execute, and deliver Master Swap Agreements by and on 16 behalf of the City in favor of Shell Energy, in such form and with such terms as the officer executing the same shall approve, such approval and the approval of this City Council to be 17 conclusively evidenced by such officer's execution and delivery thereof. 18 SECTION 3. The City Manager is also authorized and empowered to designate persons who shall be authorized to issue and accept confirmations of Transactions, from time - 19 to -time, in the ordinary course of the City's business. 20 SECTION 4. The City Clerk shall certify to the adoption of this Resolution and this Resolution shall become effective upon its adoption. 21 PASSED, APPROVED AND ADOPTED this 6th day of April, 2010. 22 23 KELLY J.,CIYASTAIN Mayor ATTEST: 24 25 EILEEN C. GOMEZ 26 City Clerk 1 27 ONTARIO\NSTUBBS\309680.3