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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 />271 <br />281 <br />RESOLUTION NO. R-03-16 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF COLTON AUTHORIZING THE UTILITY DIRCTOR <br />TO ENTER INTO TRANSACTIONS WITH SHELL <br />TRADING RISK MANAGEMENT, LLC <br />WHEREAS, the City has entered into or will enter into swaps, options, or other <br />financially settled energy derivative transactions ("Transactions") with Shell Energy North <br />America (US), LP ("Shell Energy"), pursuant to contracts in the form of master swap <br />agreements, Master Agreements on the form approved by the International Swap and <br />Derivatives Association, Inc. ("ISDA"), and other commodity agreements (as the same may be <br />amended and supplemented, collectively, the "Master Swap Agreements") between the City and <br />Shell Energy; and <br />WHEREAS, on October 20, 2009, the City Council approved a Master Agreement with <br />Shell Energy North America (U.S. Municipal Counterparty Schedule to the 1992 Local <br />Currency — Single Jurisdiction Master Agreement); 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 />and <br />WHEREAS, to reflect and conform to changes in federal commodities laws and Dodd - <br />Frank legislation, Shell Energy has transferred all ISDA and Master Agreement transactions to <br />Shell Trading Risk Management, LLC ("STRM"); <br />NOW, THEREFORE, the City Council of the City of Colton does hereby <br />resolve the following: <br />Section 1. The City is hereby authorized (i) to enter into Transactions, including <br />but not limited to forwards, futures, swaps, and options, (ii) to enter into Master <br />Swap Agreements governing such transactions and confirmation thereunder <br />designating the terms of specific individual Transactions, and (iii) to the extent <br />necessary or appropriate, to pledge cash, securities, or other property, or to provide <br />letters of credit or other credit support, as support for its obligations with respect to <br />such Transactions. <br />