Board Meeting Materials
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[Project Vote] <br />RESOLUTION NO. 2011-091 <br />RESOLUTION RELATING TO THE MEAD-ADELANTO <br />PROJECT: (I) AUTHORIZING THE EXECUTION AND <br />DELIVERY OF DOCUMENTS RELATING TO THE <br />TERMINATION OF AN EXISTING INTEREST RATE <br />SWAP AGREEMENT AND (In AUTHORIZING THE <br />OFFICERS OF THE AUTHORITY TO DO ALL OTHER <br />THINGS DEEMED NECESSARY OR ADVISABLE <br />WHEREAS, the Southern California Public Power Authority (the "Authority") has <br />previously entered into that certain International Swaps and Derivatives Association, Inc. Master <br />Agreement, related Schedule and related Credit Support Annex, each dated as of January 31, <br />2007, and a related Confirmation, dated January 31, 2007, between the Authority and Bear <br />Stearns Financial Products Inc. (including any successor, `SSFP"), as amended by the First <br />Amendment Agreement, dated as of October 2, 2008, between the Authority and BSFP <br />(collectively, the "BSFP Mead-Adelanto Swap"); and <br />WHEREAS, the BSFP Mead-Adelanto Swap was subsequently transferred and novated <br />to JPMorgan Chase Bank, N.A. (a wholly-owned subsidiary of JPMorgan Chase) such that <br />JPMorgan Chase Bank, N.A. (hereinafter, the "Swap Counterparty") assumed the rights, <br />liabilities, duties and obligations of BSFP under the BSFP Mead-Adelanto Swap (such <br />transferred and novated swap to be known as the "Mead-Adelanto Swap"); and <br />WHEREAS, the Authority desires to authorize the termination of the Mead-Adelanto <br />Swap and the execution and delivery of documents in connection therewith; <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Southern <br />California Public Power Authority as follows: <br />1. Each of the President, Vice President and Executive Director of the Authority is <br />hereby authorized and directed to execute and deliver an amended confirmation, a termination <br />agreement or similar documentation with the Swap Counterparty to provide for the termination <br />of the Mead-Adelanto Swap and, after consultation with the Finance Committee (as provided in <br />Paragraph 2 hereof), the payment to the Authority of a termination payment in consideration <br />thereof. <br />2. Each of the President, Vice President and Executive Director of the Authority is <br />hereby authorized to determine, in consultation with the Finance Committee: <br />(i) the amount of the termination payment to be received by the Authority <br />from the Swap Counterparty in consideration for the termination of the Mead-Adelanto Swap, <br />which termination payment shall not be less than $6,000,000 (which amount shall be after the <br />payment of all expenses incurred by the Authority in connection with such termination); and <br />(ii) such other matters as may be determined by the Finance Committee. <br />
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