Board Meeting Materials
2000 - 2009
4/19/2017 3:26:47 PM
4/19/2017 3:26:45 PM
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[Roll Call Vote] <br />RESOLUTION NO. 2007-15 <br />RESOLUTION OF THE BOARD OF DIRECTORS OF <br />SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY <br />RELATING TO THE PREPAID NATURAL GAS <br />PROGRAM STUDY PROJECT AUTHORIZING THE <br />PAYMENT OF SPECIFIED EXPENSES ASSOCIATED <br />WITH NATURAL GAS CONTRACT RELATED SERVICES <br />OF HOLLAND & HART LLP WHICH HAVE BEEN <br />INCURRED IN THE DEVELOPMENT OF THE PREPAID <br />NATURAL GAS PROGRAM PROJECTS THROUGH <br />AUGUST 31, 2007, AND AUTHORIZING THE OFFICERS <br />OF THE AUTHORITY TO DO ALL THINGS DEEMED <br />NECESSARY OR APPROPRIATE. <br />WHEREAS, over the course of the past several years members of the Southern <br />California Public Power Authority have investigated a substantial number of means and methods <br />by which to secure long term reliable supplies of natural gas for electric generation; and <br />WHEREAS, in furtherance of these aims, during 2006 representatives of the cities <br />of Anaheim, Burbank, Colton, Glendale and Pasadena, as well as the Department of Water and <br />Power of the City of Los Angeles serving on the Finance Committee of the Southern California <br />Public Power Authority (the "Authority") carried out an extensive investigation into the merits of <br />a prepayment methodology for the acquisition of a long tern reliable supply of natural gas; and <br />WHEREAS, the Finance Committee previously studied a number of potential <br />natural gas prepayment arrangements utilizing tax exempt financing, and examined a substantial <br />number of proposals presented by investment banking firms and natural gas suppliers to <br />determine the most suitable structure with the best pricing attributes to provide the best value to <br />SCPPA participants; and <br />WHEREAS, the Finance Committee's determination to proceed to negotiate the <br />prepayment transactional instruments associated with the selected prepayment arrangement and <br />SCPPA's objective to achieve the most beneficial terms for the natural gas prepayment and sales <br />agreements and instruments and the related agreements and instruments, required SCPPA to <br />address a number of transactional issues associated with natural gas prepayment structure and <br />natural gas contract issues and to employ specialists to assure that the proposed structure was <br />framed in a manner which provided the most beneficial terms for SCPPA; and <br />WHEREAS, the Board of Directors on October 19, 2006 approved the <br />Authority's participation in this significant project on behalf of the cities of Anaheim, Burbank, <br />Colton, Cerritos, Glendale, Pasadena, and the City of Los Angeles acting by and through the <br />Department of Water and Power and declared this program an Authority Study Project for the <br />implementation of a prepayment framework by which to acquire a reliable long term supply of <br />natural gas for these members, and approved the provision of those resources necessary for <br />
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