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[Project Vote] <br />RESOLUTION NO. 2004-32 <br />RESOLUTTON OF THE BOARD OF DIRECTORS OF SOUTHERN <br />CALIFORNIA PUBLIC POWER AUTHORITY RELATING TO THE <br />SOUTHERN TRANSMISSION PROJECT AUTHORIZING (I) PREPA- <br />RATION OF ALL DOCUMENTS NECESSARY OR APPROPRIATE TO <br />ENTER INTO AN INTEREST RATE SWAP AGREEMENT WITH <br />JPMORGAN CHASE BANK AND (11)THE OFFICERS OF THE <br />AUTHORITY TO DO ALL OTHER THINGS DEEMED NECESSARY OR <br />ADVISABLE <br />WHEREAS, the Finance Committee of the Southern California Public Power Authority <br />(the "Authority") at a meeting held on October 4, 2004, determined that it is in the best interest <br />of the Authority to proceed with the preparation of all documents necessary or appropriate to <br />enter into an interest rate swap agreement with JPMorgan Chase Bank (the "Swap Agreement") <br />relating to the Southern Transmission Project; and <br />WHEREAS, once prepared, a draft of such Swap Agreement will be presented for the <br />Board's consideration. <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Southern <br />California Public Power Authority as follows: <br />1. The Authority's staff and the Authority's team of financing professionals <br />(including the personnel at the Los Angeles Department of Water and Power who work on <br />Authority matters, the Authority's finance and accounting manager, the Authority's General <br />Counsel, the Authority's co-bond counsel and the Authority's financial advisor) are hereby <br />authorized to prepare the Swap Agreement and all other related documents. <br />2. Each of the President, Vice President, Executive Director, Secretary and any <br />Assistant Secretary of the Authority, and any other officer of the Authority, is hereby authorized <br />and directed to do and cause to be done any and all acts and things necessary or advisable for <br />carrying out the transactions contemplated by this Resolution. Each reference in this Resolution <br />to the President, Vice President, Executive Director, Secretary or Assistant Secretary shall refer <br />to the person holding such office or position, as applicable, at the time a given action is taken and <br />shall not be limited to the person holding such office or position at the time of the adoption of <br />this Resolution.