Board Meeting Materials
2000 - 2009
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[Project Vote] <br />RESOLUTION NO. 2004-35 <br />RESOLUTION OF THE BOARD OF DIRECTORS OF THE SOUTHERN <br />CALIFORNIA PUBLIC POWER AUTHORITY (I) AUTHORIZING THE <br />EXECUTION AND DELIVERY OF AN INTEREST RATE SWAP <br />AGREEMENT WITH JPMORGAN CHASE BANK RELATING TO THE <br />SOUTHERN TRANSMISSION PROJECT AND (11) AUTHORIZING THE <br />OFFICERS OF THE AUTHORITY TO DO ALL OTHER THINGS <br />DEEMED NECESSARY OR ADVISABLE <br />WHEREAS, the Finance Committee of the Southern California Public Power Authority <br />(the "Authority") at a meeting held on November 1, 2004, determined that it is in the best <br />interest of the Authority to enter into a "fixed spread basis swap" with JPMorgan Chase Bank <br />relating to the Southern Transmission Project; and <br />WHEREAS, the Authority desires to enter into such a fixed spread basis swap with <br />JPMorgan Chase Bank. <br />NOW THEREFORE BE lT RESOLVED BY the Board of Directors of the Southern <br />California Public Power Authority as follows: <br />1. Each of the President and Vice President of the Authority is hereby authorized and <br />directed to execute and deliver, in the notional amount of $100,000,000, an International Swaps <br />and Derivatives Association, Inc. Master Agreement and the related Schedule, Credit Support <br />Annex and Confirmation, each between the Authority and JPMorgan Chase Bank or an affiliate <br />thereof, in substantially the form on file with the Authority, with such changes, insertions and <br />omissions as shall be approved by said President or Vice President (such approval to be <br />conclusively evidenced by his execution and delivery thereof). Said Master Agreement, <br />Schedule, Credit Support Annex and Confirmation are hereinafter referred to collectively as the <br />"Swap Agreement." The Swap Agreement is hereby made a part of this Resolution as though set <br />forth in full herein and the same is hereby approved. <br />2. Pursuant to Section 5922(a) of the Government Code of the State of California, the <br />Board of Directors hereby finds and determines that the Swap Agreement is designed to enhance <br />the relationship between risk and return with respect to a program of investment in connection <br />with the Swap Agreement. The Board of Directors also finds and determines that the Swap <br />Agreement is being entered into in connection with the acquisition or carrying of a program of <br />investment and that entering into the Swap Agreement is necessary or appropriate as provided in <br />Section 5922(a) of the Government Code of the State of California. <br />3. Each of the President, Vice President and Executive Director of the Authority is <br />hereby authorized to execute and deliver a financial advisory services agreement, between the <br />Authority and Public Financial Management, Inc., relating to the Swap Agreement, in <br />substantially the form attached hereto.
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