HomeMy WebLinkAboutReso 91-147 - Approve of and Authorize the COR, through M-R-S to participate in the financing of the Mead-Phoenix, Mead-Adelanto, and Adelanto-Lugo Transmission projecti
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING OF AND AUTHORIZING THE CITY OF REDDING, THROUGH
M-R-S, TO PARTICIPATE IN THE FINANCING OF THE MEAD-PHOENIX,
MEAD-ADELANTO, AND ADELANTO-LUGO TRANSMISSION PROJECTS, WITH
THE CITY OF REDDING' S SHARE NOT TO EXCEED $22. 5 MILLION.
WHEREAS, the City Council of the City of Redding has
established a Resource Plan, with a goal of having the City of
Redding become energy independent; and
WHEREAS, the City of Redding is a member of the Modesto-
Santa Clara-Redding Public Power Agency (M-S-R) ; and
WHEREAS, in 1982 M-S-R acquired a share of San Juan Unit
No. 4. a coal-fired power plant located near Farmington, New
Mexico; and
WHEREAS, the need for transmission of electric power was
established with the acquisition of the San Juan Plant; and
JWHEREAS, the Mead-Phoenix, Mead-Adelanto, and Adelanto-Lugo
Transmission Projects (Projects) have been recognized in the 1986
and 1988 Resource Plans of the City of Redding; and
WHEREAS, said Projects are part of the transmission path for
the power produced by the San Juan Power Plant; and
WHEREAS, the City of Redding has been paying its
proportionate share of the funding of studies of these Projects
since their inception; and
WHEREAS, it is desirable to authorize the financing of the
Projects as soon as possible in order to allow M-S-R time to
optimize the interest rate on the bonds between now and the
execution of documents committing M-S-R to the Projects; and
WHEREAS, the Electric Department and the Electric Utility
Commission have concluded that it is beneficial for the City of
Redding to participate, through M-S-R, in the financing of the
Projects at this time, with the City of Redding' s share not to
exceed $22. 5 million;
NOW, THEREFORE, IT IS HEREBY RESOLVED by the City Council of
the City of Redding as follows:
1 . That the City Council of the City of Redding hereby
approves the City of Redding participating, through M-S-R, in the
financing of the Mead-Phoenix, Mead-Adelanto, and Adelanto-Lugo
Transmission Projects, with the City of Redding' s share not to
exceed $22. 5 million.
2. Subject to the City Attorney' s prior approval as to
form of the necessary documentation, the City Manager of the City
of Redding is hereby authorized and directed to sign all
necessary documents on behalf of the City of Redding in
connection with said financing, and that the City Clerk is hereby
authorized and directed to attest the signature of the City
Manager and to impress the official seal of the City of Redding
thereto.
I HEREBY CERTIFY that the foregoing Resolution was
introduced and read at a regular meeting of the City Council of
the City of Redding on the 2nd day of April 1991, and was duly
r
adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Arness, Dahl, Fulton, Moss & Buffum
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
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City f Redding
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ATTEST:
ETHEL A. NICHOLS, City Clerk
FO PROVED:
1
RJ DALL A. HAYS, City Attorney
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I 2