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LADWP Anaheim Burbank <br />Glendale Pasadena and Riverside <br />RESOLUTION NO 2011076 <br />RESOLUTION RELATING TO THE SOUTHERN TRANSMISSION <br />PROJECT IAUTHORIZING THE EXECUTION AND DELIVERY OF A <br />STANDBY BOND PURCHASE AGREEMENT RELATING TO THE <br />AUTHORITYS TRANSMISSION PROJECT REVENUE BONDS 2001 <br />SUBORDINATE REFUNDING SERIES A SOUTHERN TRANSMISSION <br />PROJECT II AUTHORIZING THE EXECUTION AND DELIVERY OF A <br />RE MEMORANDUM RELATING TO SUCH TRANSMISSION <br />PROJECT REVENUE BONDS AND III AUTHORIZING OFFICERS OF <br />THE AUTHORITY TO DO ALL THINGS DEEMED NECESSARY OR <br />APPROPRIATE <br />WHEREAS on June 14 2001 Southern California Public Power Authority the <br />Authority issued 79795000 of Transmission Project Revenue Bonds 2001 Subordinate <br />Refunding Series A Southern Transmission Project the Bonds <br />WHEREAS the Bonds were issued in a weekly interest rate mode with a liquidity <br />facility currently provided by Dexia Credit Local Dexia acting through its New York <br />Branch <br />WHEREAS the Authority Dexia and US Bank National Association the Trustee <br />have entered into a Standby Bond Purchase Agreement relating to the Bonds the 2001 Standby <br />Agreement <br />WHEREAS the Authority wishes to replace the 2001 Standby Agreement provided by <br />Dexia with a substitute Standby Bond Purchase Agreement the Standby Agreement provided <br />by Bank of America NA or such other financial institution as may be selected by the officers or <br />the Executive Director authorized hereunder the Bank and <br />WHEREAS in connection with the replacement of Dexia by the Bank as liquidity <br />provider for the Bonds the Authority wishes to prepare and distribute a Remarketing <br />Memorandum as defined herein describing the Bank the Authority and the Bonds <br />NOW THEREFORE BE IT RESOLVED by the Board of Directors of the Authority as <br />follows <br />1 Each of the President Vice President and Executive Director of the Authority is <br />hereby authorized i to select the financial institution which is to serve as the Bank and ii to <br />execute and deliver the Standby Agreement in substantially the form on file with the Authority <br />with such changes insertions and omissions as shall be approved by said President Vice <br />President or Executive Director such approval to be conclusively evidenced by such officers <br />execution and delivery thereof provided however that the fee to be paid to the Bank to induce <br />it to execute and deliver the Standby Agreement shall not exceed 49 basis points per annum of