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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />installation of public EV chargers, developing low income EV incentive programs, and local <br />business workplace charging incentives. Staffplans to returnto Council in the fall o172018/winter <br />of 2019 with a recommendation on how to utilize the LCFS credit funds as a result of CARB <br />currently developing legislation on allowable expenditure of funding for electric utilities; and <br />WHEREAS, After a court ruling that found procedural issues related to the original <br />adoption of the LCFS, CARB re -adopted the LCFS regulation in September 2015, and the changes <br />went into effect on January 1, 2016. The regulation provides for LCFS credits to be generated by <br />electric utilities for providing the electricity for charging EVs. These credits are allocated by CARB <br />based on the number of EVs registered in the electric utility service territory. Under CARB's <br />formula, each EV generates approximatively 2 LCFS credits per year; and <br />WHEREAS, On April 30, 2018 the City of Anaheim Public Utilities posted bid <br />#20180430-01 for broker services of Low Carbon Fuel Standard. On May 15, 2018 of the bid <br />due date, the City of Anaheim Public Utilities received one responsible bid from Evolution <br />Markets Inc. Evolution Markets Inc. is the broker for this transaction. The buyer of this LCFS <br />credits is Victory Renewables, LLC; and <br />WHEREAS, The transaction of credits from CED to the buyer is done through the online <br />tool called LRT-CBTS, LCFS Reporting Tool and Credit Bank and Transfer System. The tool <br />is used for CARB to deposit credits into CED accounts. This tool also enables CED to transfer <br />the credits to the CARB registered entity that buys the credits from CED; and <br />WHEREAS, Currently CED has 834 and after the agreed upon sales price of $154 CED <br />should net approximately $128,436. The plan for the expenditure of funding is planned to be <br />used for EV rebates to Colton customers, EV charger installation rebates and EV infrastructure <br />for the City. <br />NOW, THEREFORE, the City Council of the City of Colton, State of California do <br />hereby resolve as follows: <br />SECTION 1. Waive the formal bidding process in accordance with Colton Municipal Code <br />3.08.140 (c); <br />-2- <br />