Board Meeting Materials
1980 - 1989
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[Roll Call Vote] <br />RESOLUTION NO. 1987-7 <br />A RESOLUTION OF THE SOUTHERN CALIFORNIA PUBLIC <br />POWER AUTHORITY REGARDING FLOW AND USE OF <br />MONEYS IN THE OPERATING FUND AND GENERAL RESERVE <br />FUND RELATED TO THE PAL0 VERDE PROJECT. <br />WHEREAS, Southern California Public Power Authority <br />(the ttAuthoritytt) has entered into an Indenture of Trust, dated <br />as of July 1, 1981, as amended and supplemented, by and between <br />the Authority and First Interstate Bank of California, as Trustee <br />(the "Indenturett) ; and <br />WHEREAS, in accordance with the terms of the Indenture <br />there have been established funds and accounts including, but not <br />limited ta, the Operating Fund (including the Operating Expense <br />Account and the Working Capital Reserve Account) and the General <br />Reserve Fund; and <br />WHEREAS, the ~uthosity wishes to clarify for the <br />benefit of the Trustee the flow and use of moneys in the <br />Operating Fund and General Reserve Fund. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF <br />DIRECTORS AS FOLLOWS: <br />1. The Trustee is hereby instructed that during each <br />month commencing on or after the date hereof, all moneys required <br />to be deposited in the Operating Fund from the Revenue Fund shall <br />be deposited in the Operating Expense Account. <br />2. To the extent that moneys in the operating Expense <br />Account are not sufficient to make any payment of Authority <br />Operating Expenses, the Trustee is hereby instructed to transfer <br />moneys from the Working Capital Resewe Account to the Operating <br />Expense Account to the extent of the insufficiency. <br />3. The Trustee is hereby instructed that on and after <br />the date hereof all Authority Operating Expenses shall be paid, <br />as they become due and payable, from moneys in the Operating <br />Expense Account. <br />4. The Trustee is hereby instructed that all amounts <br />on deposit in the Operating Expense Account at the end of any <br />month commencing on or after the date hereof, shall be <br />transferred to the Working Capital Reserve Account. <br />5. The Trustee is hereby instructed to transfer all <br />amounts which are now on deposit or hereafter deposited in the <br />General Reserve Fund to the working Capital Resewe Account,
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