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11 <br />5 <br />0 <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 />RESOLUTION NO. R-78-16 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF COLTON AMENDING AND RESTATING <br />RESOLUTION R-03-16 RELATING TO THE <br />AUTHORIZION OF THE UTILITY DIRCTOR TO ENTER <br />INTO TRANSACTIONS WITH SHELL TRADING RISK <br />MANAGEMENT, LLC <br />WHEREAS, the City has previously entered into swaps, options, or other financially <br />settled energy derivative transactions ("Transactions") with Shell Energy North America (US), <br />LP ("Shell Energy") and will enter into Transactions with Shell Trading Risk Management, LLC <br />("STRM"), pursuant to contracts in the form of master swap agreements, Master Agreements on <br />the form approved by the International Swap and Derivatives Association, Inc. ("ISDA"), and <br />other commodity agreements (as the same may be amended and supplemented, collectively, the <br />"Master Swap Agreements") between the City and Shell Energy; and <br />WHEREAS, on October 20, 2009, the City Council approved an ISDA Master <br />Agreement with Shell Energy North America (US) L.P.; and <br />WHEREAS, on April 6, 2010, the City Council approved Resolution R-17-10 <br />authorizing the City Manager, or his or her designee to enter into transactions with Shell Energy; <br />WHEREAS, to reflect and conform to changes in federal commodities laws and Dodd - <br />Frank legislation, Shell Energy has transferred much of its financial ISDA Master Agreement <br />transactions and activity to STRM; and <br />WHEREAS, on January 19, 2016 the City Council approved Resolution R-03-16 <br />authorizing the Electric Utility Director, or his or her designee to enter into transactions with <br />Shell Trading Risk Management, LLC; and <br />WHEREAS, the City desires to amend and restate Resolution R-03-16 relating to the <br />Utility Director's authorization to enter into swaps, options, or other settled energy derivative <br />transactions ("Transactions") with Shell Trading Risk Management, LLC ("STRM"), pursuant <br />to contracts in the form of master swap agreements, Master Agreements on the form approved <br />by the International Swap and Derivatives Association, Inc. ("ISDA"), and other commodity <br />agreements (as the same may be amended and supplemented, collectively, the "Master Swap <br />Agreements") between the City and STRM. <br />