Laserfiche WebLink
RESOLUTION NO. 2007-4 <br />RESOLUTION OF THE SOUTHERN CALIFORNIA PUBLIC <br />AUTHORITY AUTHORIZING: (1) THE EXECUTION AND <br />DELIVERY OF A GUARANTEED INVESTMENT <br />CONTRACT (GIC) WITH RESPECT TO THE DEBT <br />SERVICE RESERVE ACCOUNT FOR THE MAGNOLIA <br />POWER PROJECT A REVENUE BONDS, 2006-1; <br />(11) AUTHORIZING CERTAIN RELATED ACTIONS; AND <br />(Ill) AUTHORIZING THE OFFICERS OF THE AUTHORITY <br />TO DO ALL OTHER THINGS DEEMED NECESSARY OR <br />ADVISABLE <br />WHEREAS, the Southern California Public Power Authority ("SCPPA) <br />lnvestment Policy provides overall direction in the form of policies, guidelines, and <br />procedures regarding cash management and investment activities; and <br />WHEREAS, certain investment contracts not expressly authorized in the <br />lnvestment Policy, such as guaranteed investment contracts (GICs), may be entered <br />into only upon approval by the SCPPA Board; and <br />WHEREAS, the Board of Directors of SCPPA wishes to enter into a <br />guaranteed investment contract in connection with the Debt Service Reserve Account <br />for the Magnolia Power Project A, Revenue Bonds, 2006-1, which guaranteed <br />investment contract shall be bid pursuant to the Request for Bids from Eligible <br />lnvestment Providers, in substantially the form attached hereto as Attachment A (the <br />"Investment Contract"). <br />BE IT RESOLVED by the Board of Directors as follows: <br />1. The Board of Directors hereby approves the bidding of the lnvestment <br />Contract by the Trustee for the Magnolia Power Project A, Revenue <br />Bonds, 2006-1, and hereby authorizes the execution and delivery of <br />the lnvestment Contract by the Trustee for the Magnolia Power Project <br />A, Revenue Bonds, 2006-1. <br />2. Bond Logistix LLC shall act on behalf of SCPPA as the structured <br />products bidding agent for the lnvestment Contract. <br />3. Bond Logistix LLC's fee for its services under its agreement as the <br />structured products bidding agent is $7,500, and such fee shall be <br />contingent upon and payable by the provider at the time of execution <br />and delivery of the lnvestment Contract, attached hereto as <br />Attachment B (the Sewices Agreement).