Board Meeting Materials
2000 - 2009
4/19/2017 3:24:09 PM
4/19/2017 3:24:06 PM
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WHEREAS, the SCPPA Milford Corridor Wind Project currently is anticipated to entail <br />a 200 MW wind pro-ject to be located in Millard County, Utah, with power to be delivered to <br />SCPPA at the Intermountain Power Project switching station located in Delta, Utah by <br />approximately December 3 1,2008. <br />WHEREAS, the Project Participants contemplate that SCPPA will issue bonds for the <br />purpose of prepaying for certain of the energy which is anticipated to be produced by the Milford <br />Corridor Wind Project generation facility and that each of the respective Project Participant will <br />assume the obligation for the debt service associated with the Bonds under the terms and <br />conditions of the Power Sales Agreements and that, pursuant to the Power Purchase Agreement <br />and Power Sales Agreements additional energy produced by the project in excess of the prepaid <br />energy is anticipated to be purchased by SCPPA on behalf of the Project Participants on a <br />monthly basis; and <br />WHEREAS, SCPPA and the Project Participants anticipate that the Power Sales Agreements <br />will pass on all rights, benefits, obligations and liabilities of SCPPA under the Project to the <br />participants on a pro-rata basis and that with the prepayment bond financing, all typical SCPPA <br />administrative costs are also anticipated to be charged to the Project Participants. <br />WHEREAS, the Project exists entirely in the State of Utah and is subject to review pursuant <br />to the National Environmental Policy Act as well as further review pursuant to certain Utah laws; <br />and <br />WHEREAS, while the Power Purchase Agreement provides for a 20-year term with an early <br />buyout option after the tenth contract year, it is expected that the ten-year buyout option will <br />eventually be executed by SCPPA and the Project Participants; and <br />WHEREAS, Lehman Brothers has consummated a similar prepayment transaction associated <br />with a similar wind Fdcility in Washington and has worked with the Project Participants with <br />respect to the financing structure and the transactional modeling necessary for this Project; and <br />WHEREAS, The Finance Committee has recommended the selection of Lehman Brothers, <br />Inc., as the lead underwriter for the issuance of the prepayment bonds; and <br />WHEREAS, the Project Participants in this Project Element of the SCPPA Renewable <br />Electric Energy Resources Project have expressed the desire to carry forth the negotiations for <br />and eventual consummation of the transactions associated with the Milford Corridor Wind <br />Project, set forth herein; and <br />WHEREAS, the Authority desires to carry forth those measures necessary to proceed <br />with the negotiations for and acquisition of the renewable resource transactions contemplated by <br />the Milford Corridor Wind Project;
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