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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 />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON <br />DOES HEREBY RESOLVE AS FOLLOWS: <br />Section 1. Approve and authorize the CED's participation, so long as it is in <br />compliance with CED's Risk Management Plan and when applicable appropriate action <br />by the Risk Management Committee, in the California Air Resources Board (GARB and <br />any successor thereto) Cap -and -Trade Program and auction and secondary markets for <br />Carbon Offsets, Emission Allowances and Carbon Allowances on behalf of the City of <br />Colton; <br />Section 2. So long as such actions are in compliance with CED's Risk <br />Management Plan and when applicable appropriate action by the Risk Management <br />Committee, approve and authorize the purchase, trade and/or sale of Carbon Offsets and <br />Carbon Allowances by Colton as part of CARB's auction and/or secondary markets; <br />direct the Electric Utility Director, or designee, on behalf of Colton to take such actions <br />to purchase, trade and or/sell Carbon Allowances and Carbon Offsets on an as needed <br />basis to comply with California Assembly Bill 32 (AB 32) and CARB's Program; and <br />prepare, attest to, execute and where appropriate, register or submit such information and <br />documentation needed with appropriate and designated agencies; <br />Section 3. Authorize the Electric Utility Director, or designee, on behalf of <br />Colton, to negotiate, execute and deliver Carbon Offset and/or Carbon Allowance <br />purchase and sales agreements with GARB, brokers, other utilities, exchanges, carbon <br />traders, including supplemental transaction confirmations and service agreements that are <br />the best and least -cost solutions for Colton, as well as any other agreements or documents <br />deemed necessary, advisable or required to implement, participate and administer <br />Colton's participation in the secondary markets and CARB Program, so long as all such <br />agreements or documents are in compliance with CED's Risk Management Plan and <br />when applicable appropriate action by the Risk Management Committee, and so long as <br />they are in a form and include such changes, additions, insertions and omissions as shall <br />be approved by the Electric Utility Director, City Attorney and Risk Manager consistent <br />with the OED's Risk Management Plan; <br />Section 4. Authorize the Electric Utility Director to modify insurance and <br />indemnification provisions of any CARB Program or secondary agreements, so long as <br />such modified provisions are acceptable to the City Attorney and Risk Manager and are <br />in compliance with OED's Risk Management Plan and when applicable appropriate <br />action by the Risk Management Committee,; <br />