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HomeMy WebLinkAboutRESO 6765.. ORIGINAL RESOLUTION NO. 676~ -- PJ!:SOLUTIOH OF THE COUliCIL OF THE CITY OF PALO ALTO APPROVIHG ARD AUTBORIZISG EXBCUTIOS OP AMBtlTDMBST RO. 2 TO PROJECT AGREEMEB'l' NO. 2 FOR THE CALIPORNIA-OREGOH TRANSMISSION PROJECT WHEREAS, the City of Palo Alto ("City") has entered into that certain "'l'ransmission Agency of Northern California Project Agree- ment No. 2 for the California-Oregon Transmission Project" (the "Agreement") dated as of September 30, 1985, with the Transmission Agency of Northern California { "TANC 11 ) and the other Members of TANC: and WHEREAS, this City and the other parties to the Agreement have amended the Agreement as provided in the July 1, 1988, "Transmission Agency of Northern California Project Agreement No. 2 for the California-Oregon Transmission Project Amendment No. lu7 and WHEREAS~ the City and the other parties to the Agreement desire to amend the Agreement, as in effect as of the date hereof, as provided in the March 1, 1989, •Transmission Agency of Northern California Project Agreement No. 2 for the California-Oregon Transmission Project Amendment No. 2" (the "Project Agreement Amendment"}; NOW THEREFORE, the Council of the City of Palo Alto does hereby RESOLVE as follows: SECTION l. The Project Agreement Amendment, in substantially the form submitted to this meeting and made a part hereof as though set forth in full herein, be and the same is hereby approved. The Mayor is hereby authorized and directed to execute and deliver the Project Agreement Amendment in the form presented to this meeting with such changes, insertions and omissions as may be appr~ved by the Mayor, the execution of the Project Amendment by the Mayor shall be conclusive evidence of such approval and the City Clerk is hereby authorized and directed to attest to such execution. SE~tION 2: Unless otherwise provided by resolution of this City Council, the amount of Indebtedness payablP. from amounts received by TANC pursuant to the Project Agreement which may be outstanding under all Ind'9ntures &t any time shall not exceed $60,000,000 and City shall not be required to pay more than its share of same as provided in the Project Agreement and its Amend- ments as those documents read o.r are hereby approved on the date of this Resolution. SECTION 3: The Mayor and each other proper officer of the City, acting singly, is authorized and directed to execute and deliver any and all documents and instruments, and to do and cause ..... ,,,, ...... ~---F;; . to be done any and all acts and things, necessary or proper for carrying out the transactions contemplated by the Project Agree- ment Amendment and by this Resolution. SECTION 4: Capitalized terms used herein and not otherwise defined shall have the meanings given such terms pursuant to the Project Agreement. SECTION 5: This Resolution shall take effect immediately upon its adoption. INTRODUCED AND PASSED: March 27, 1989 AYES: Bechtel, Cobb, Fletcher, Klein, Levy, Patitucci, Renze!, Sutorius, Woolley NOES: None ABS TENT IONS: None ABSEN:i' i None City Attorney acb 2.