Board Meeting Materials
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[Project Vote: Anaheim, Burbank, Glendale, <br />LADWP, Pasadena and Riverside] <br />RESOLUTION NO. 2011-015 <br />RESOLUTION OF THE BOARD OF DIRECTORS OF THE SOUTHERN <br />CALIFORNIA PUBLIC POWER AUTHORITY (I) AUTHORIZING THE <br />EXECUTION AND DELIVERY OF AN AMENDED AND RESTATED <br />CONFIRMATION WITH RESPECT TO THE INTEREST RATE SWAP <br />AGREEMENT WITH JPMORGAN CHASE BANK, N.A. RELATING TO THE <br />SOUTHERN TRANSMISSION PROJECT AND (II) AUTHORIZING THE <br />OFFICERS OF THE AUTHORITY TO DO ALL OTHER THINGS DEEMED <br />NECESSARY OR ADVISABLE (SOUTHERN TRANSMISSION PROJECT) <br />WHEREAS, in November of 2004 the Southern California Public Power Authority (the <br />"Authority") entered into an interest rate swap agreement in the notional amount of <br />$100,000,000 with JPMorgan Chase Bank, N.A. ("JPMorgan") relating to the Southern <br />Transmission Project; and <br />WHEREAS, such interest rate swap agreement consists of an International Swap Dealers <br />Association, Inc. Master Agreement and the related Schedule and Credit Support Annex, each <br />dated as of November 15, 2004, as well as the Confirmation, now dated May 7, 2008 (the <br />"Confirmation," and together with such Master Agreement, Schedule and Credit Support Annex, <br />the "Swap Agreement'); and <br />WHEREAS, the Board of Directors of the Authority authorized the execution and <br />delivery of the Swap Agreement pursuant to Resolution No. 2004-35 adopted on November 18, <br />2004; and <br />WHEREAS, the findings and determinations set forth in Section 2 of Resolution <br />No. 2004-35 are still true and correct; and <br />WHEREAS, in 2008 the Authority, with a payment from JPMorgan to the Authority, <br />suspended the Swap Agreement until May 1, 2013; and <br />WHEREAS, the Finance Committee of the Authority at a meeting held on March 7, <br />2011, determined, subject to Board approval, that it is in the best interest of the Authority to <br />amend and restate the Confirmation for the primary purpose of further suspending the swap, for <br />an additional payment by JPMorgan to the Authority (the "Amended and Restated <br />Confirmation"); and <br />WHEREAS, the Board of Directors of the Authority desires to execute and deliver the <br />Amended and Restated Confinnation, upon the conditions set forth below; <br />
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