HomeMy WebLinkAboutMinutes - City Council - 1981-12-24 463
1
i
City Council, Adjourned Regular Meeting
Police Dept. & Council Chambers
Redding, California
December 24 , 1981 12 :00 Noon J
The meeting was called to order by Mayor Pugh with the following
Council Members present: Demsher, Fulton, Gard, Kirkpatrick,
and Pugh
i
Also present were Assistant City Manager Courtney, Director of
Electric Lindley , City Clerk Richter, and Deputy City Clerk
Strohmayer.
ARIZONA NUCLEAR POWER PROJECT - Monthly Deposit Payment
Requirement
In a memorandum dated December 17, 1981, which is incorporated
herein by reference , Electric Director Lindley requested
authorization for continued City of Redding participation in the
Palo Verde Nuclear Power Project. Mr. Lindley stated that on
September 21, the City Council authorized the expenditure of
$166 ,667 as Redding' s 16 .67 percent share of the $1,000 ,000
initial deposit required by the original Memorandum of Under-
standing. This request is for the approval of the monthly
payment schedule for the remainder of the payments required l
prior to the issuance of the M-S-R Public Power Agency Revenue
Bonds . Redding' s share of the payments are as follows :
$416 ,667 due January 1, 1982
416 ,667 due February 1, 1982 1
416 ,666 due March 1, 1982 ;
111 250 ,000 due April 1, 1982
Total $1,500 ,000
L
i
Subsequent to the initial understanding, there has been a i
modification in the timing with regard to the final closing e
date. It is now expected that the project closing date would
occur in June or July, Therefore, additional payments may be i
required in the amounts of $208 , 333. 33 due May 1, 1982 , and 1
$208 , 333. 33 due June 1 , 1982 .
Councilwoman Gard expressed concern with the borrowing rate. +
MOTION : Made by Councilman Kirkpatrick, seconded by Councilman
Fulton, approving the appropriation and expenditures of funds as I
outlined in the Electric Director' s memorandum pursuant to the
requirements of the assignment agreement and authorizing short-
term borrowing by the City as may be required to provide such )
funding.
Voting was as follows :
Ayes : Council Members - Fulton, Kirkpatrick, and Pugh
Noes : Council Members - Demsher, Gard <
Absent : Council Members - None
ADJOURNMENT
There being no further business , at the hour of 12 :10 P.M. ,
Mayor Pugh declared the meeting adjourned.
APPROVED: _____..---- .
4
_-Ma or �% /�
ATTEST: 6/ y
J
City Clerk