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RESOLUTION NO. 1995-25 <br />RESOLUTION OF THE SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY WITH <br />RESPECT TO THE PAL0 VERDE PROJECT: (I) DETERMINING THAT SURPLUS <br />AMOUNTS ARE AVAILABLE IN CERTAIN ACCOUNTS CREATED UNDER THE PAL0 <br />VERDE INDENTURE; (11) AUTHORIZING THE TRANSFER OF SUCH SURPLUS <br />AMOUNTS TO THE RENEWAL AND REPLACEMENT ACCOUNT; (111) AMENDING THE <br />PAL0 VERDE ANNUAL BUDGET; AND(1V) TAKING RELATED ACTION <br />WHEREAS, the Authority has been advised that the amount <br />collected for the Palo Verde project from the Palo Verde <br />participants for the Power Supply Year ended June 30, 1995 exceeds <br />by approximately $11,100,000 (the "Surplus Amount") the actual <br />amount expended relating to such Power Supply Year; and <br />WHEREAS, the Surplus Amount is currently on deposit in <br />certain accounts created under the Authority's Indenture of Trust <br />relating to the Palo Verde Project, date as of July 1, 1981, as <br />amended and supplemented (the "Indenture"); and <br />WHEREAS,'based upon the information currently available to <br />the Authority, the Authority considers it advisable at this time to <br />retain the Surplus Amount in the Indenture as a reserve for the <br />payment of future costs relating to the Palo Verde Project; and <br />WHEREAS, the authority desires to transfer the Surplus <br />Amount to the Renewal and Replacement Account; and <br />WHEREAS, moneys in the Renewal and Replacement Account in <br />the Reserve and Contingency Fund created under the Indenture may be <br />applied to pay costs of Capital Improvements; and <br />WHEREAS, under certain circumstances moneys in the Renewal <br />and Replacement Account not needed to pay costs of Capital <br />Improvements may be transferred (I) to the operating Fund created <br />under the Indenture to make up any deficiencies in the operating <br />Fund or (ii) to the General Reserve Fund created under the Indenture <br />to be used for any lawful purpose of the ~uthority related to the <br />Palo Verde Project; and <br />WHEREAS, as a result of the transfer of the Surplus Amount <br />to the Renewal and Replacement Account it is necessary and <br />appropriate to adopt an amended Annual Budget for the Palo Verde <br />Project; and <br />WHEREAS, capitalized terms used herein and not defined <br />herein have the respective meanings ascribed thereto in the <br />Indenture.