R-078-16 Amending and Restating Resolution R-03-16 Relating to the Authorization of the Utility Director to Enter into Transactions with Shell Trading Risk Management, LLC

Browse Search

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 0 NOW, THEREFORE, the City Council of the City of Colton does hereby resolve the following: Section 1. The City is hereby authorized (i) to enter into Transactions, including but not limited to forwards, futures, swaps, and options, (ii) to enter into Master Swap Agreements governing such transactions and confirmation thereunder designating the terms of specific 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 for its obligations with respect to such Transactions. Section 2. The Utility Director is authorized and empowered from time to time to negotiate, prepare, execute, and deliver Master Swap Agreements by and on behalf of the City in favor of STRM, 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 conclusively evidenced by such officer's execution and delivery thereof. Section 3. The Utility Director is authorized and empowered to enter into Transactions pursuant to such Master Swap Agreements or to designate such persons authorized to enter into Transactions. Section 4. The Utility Director is also authorized and empowered to designate persons who shall be authorized to issue and accept confirmations of Transactions, from time -to -time, in the ordinary course of the City's business. Section 5. The City Clerk shall verify to the adoption of this Resolution and this Resolution shall become effective upon its adoption. PASSED, APPROVED AND ADOPTED this 191" day of July 2016. RICHARD A. DELAROSA, Mayor ATTEST: CAROLINA R. PADILLA, City Clerk