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WHEREAS, a Natural Gas Project Development Agreement has been developed by the <br />Authority's staff and certain SCPPA Project Participants in connection with the Study Project to <br />be executed by the Authority, the SCPPA Participants and the Additional Project Participants; <br />and <br />WHEREAS, the Additional Project Participants have expressed an interest in <br />participating in the Study Project with the SCPPA Project Participants under the terms and <br />conditions of the Natural Gas Project Development Agreement; and <br />WHEREAS, the Board of Directors of the Authority, in its Resolution No. 1990-15, <br />established a revolving general fund (the "General Fund"); in its Resolution No. 1992-1, <br />established a procedure to be followed with respect to additional contributions to the General <br />Fund; and <br />WHEREAS, although the amounts to be contributed under this Resolution and related <br />income shall constitute part of the General Fund, they shall be held and accounted for in a <br />separate account, to be known as the Natural Gas Project Account within the General Fund, for <br />the purpose of holding contributions and related income, and making disbursements, under this <br />Resolution; and <br />WHEREAS, the Board of Directors of the Authority wishes to provide for additional <br />contributions to the General Fund, which contributions will be paid by the Study Project <br />Participants; and <br />WHEREAS, pursuant to Resolution 2003-34 SCPPA established the Petrie Parkman & <br />Company ("PPC") Subaccount and has collected an aggregate total of $132,000 from certain <br />Study Project Participants for services provided by PPC, of which $41,484.29 has been spent to <br />date and $90,516.7 1 remains unspent in the PPC Subaccount; and <br />WHEREAS, certain Study Project Participants desire that the remaining $90,516.71 in <br />the PPC Subaccount be transferred to the Natural Gas Project Account and such funds be used <br />for Project expenses pursuant to the Natural Gas Project Development Agreement; provided that <br />said Study Project Participants shall receive a credit on their first invoice pursuant to the Natural <br />Gas Project Development Agreement for their share of $132,000 paid pursuant to Resolution <br />2003-34; and <br />WHEREAS, if the Authority issues tax-exempt bonds (or taxable bonds) to pay for the <br />acquisition of natural gas rights and related facilities with respect to the Project (which bonds me <br />currently expected not to exceed $500,000,000 in principal amount), a portion of the proceeds <br />thereof are expected to be used to reimburse expenditures made to pay for costs relating to the <br />Study Project and the Project for certain SCPPA Project Participants. <br />NOW, THEREFORE, the Board of Directors of the Southern California Public Power <br />Authority does hereby resolve, determine and order: <br />1. That the proposed Project is hereby declared to be a Study Project of the <br />Authority and that a Coordinating Committee, in accordance with the Natural Gas Project <br />Development Agreement, is hereby created.