HomeMy WebLinkAboutRESO 9545DocuSign Envelope 10: 6E21 C78C-3141 -4845-9EBC-831972366CE9
Resolution No. 9545
Resolution of the Council of the City of Palo Alto Approving an
Assignment, Assumption, and Consent Agreement with J.P. Morgan
Ventures Energy Corporation and Mercuria Energy
Gas Trading LLC
RECITALS
A. In March 2007 the Palo Alto City Council adopted Ordinance 4936 approving J.P.
Morgan Ventures Energy Corporation ("J.P. Morgan"} as a counterparty eligible to do business
with the City of Palo Alto ("City"}.
B. J.P. Morgan has been an active counterparty transacting gas commodity and gas
commodity-related services with the City.
C. The City purchases gas for the portfolio at month and daily index-based prices
and changes retail rates monthly to reflect those market prices.
D. In October of 2014, JP Morgan Chase & Company sold J.P. Morgan Ventures
Energy Corporation to Mercuria Energy Gas Trading LLC ("Mercuria"}.
E. Mercuria is a privately-held company that does not have a published credit
rating.
The Council of the City of Palo Alto does hereby RESOLVE as follows:
SECTION 1. The Council approves the Assignment, Assumption and Consent
Agreement ("Assignment Agreement"} with J.P. Morgan Ventures Energy Corporation ("J.P.
Morgan"} and Mercuria Energy Gas Trading LLC ("Mercuria"}.
SECTION 2. The Council waives the application of the investment-grade credit rating
requirement of section 2.30.340(c} of the Palo Alto Municipal Code, which applies to energy
companies that do business with the City.
SECTION 3. The Council delegates to the City Manager, and/or his designee, the
authority to execute on behalf of the City the Assignment Agreement with J.P. Morgan and
Mercuria which assigns the Base Contract for Sale and Purchase of Natural Gas with J.P. Morgan
to Mercuria as of the date of execution.
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DocuSign Envelope 10: 6E21 C78C-3141-4845-9EBC-B31972366CE9
SECTION 4. The Council's approval of this Assignment, Assumption and consent
Agreement does not meet the definition of a project under the California Environmental Quality
Act (CEQA), pursuant to Public Resources Code Section 21065.
INTRODUCED AND PASSED: September 21, 2015
AYES: BERMAN, BURT, DUBOIS, FILSETH, HOLMAN, KNISS, SCHARFF, SCHMID,
WOLBACH
NOES:
ABSENT:
ABSTENTIONS:
ATIEST:
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City Clerk Mayor
APPROVED AS TO FORM: APPROVED:
QDocuSigned by:
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Senior Deputy City Attorney City Manager
(\DocuSigned by:
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Director of Utilities
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B2ADF35ED7C5496 ...
Director of Administrative Services
082715 jjs 999010 2
Certificate Of Completion
Envelope Number: 6E21 C78C314148459EBCB31972366CE9
Subject: Please DocuSign this document: RESO 9545 JP Morgan Mercuria 8.27.15 FINAL.pdf
Source Envelope:
Document Pages: 2
Certificate Pages: 5
AutoNav: Enabled
Envelopeld Stamping: Enabled
Record Tracking
Status: Original
10/7/20154:01 :39 PM PT
Signer Events
Jessica Mullan
Jessica.Mullan@CityofPaloAito.org
Jessica.Mullan@CityofPaloAito.org
City of Palo Alto
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered
ID:
Lalo Perez
Lalo.Perez@CityofPaloAito.org
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered
ID:
Valerie Fong
Valerie.Fong@CityofPaloAito.org
Utilities Director
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered
ID:
James Keene
james.keene@cityofpaloalto.org
City Manager
City of Palo Alto
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Accepted: 4/14/2015 5:40:07 PM PT
I D: 44 fe333a-6a81-4cb 7 -b 7 d4-9254 73ac82e3
In Person Signer Events
Editor Delivery Events
Signatures: 4
Initials: 0
Holder: Kim Lunt
kimberly.lunt@cityofpaloalto.org
Signature
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Using IP Address: 199.33.32.254
r-70ocuSignnd by:
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Using IP Address: 166.176.184.70
Signed using mobile
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L 10583588F83E412 ...
Using IP Address: 199.33.32.254
0 DocuSigned by:
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Using IP Address: 199.33.32.254
Signature
Status
Docu ~.
Status: Completed
Envelope Originator:
Kim Lunt
250 Hamilton Ave
Palo Alto , CA 94301
kimberly.lunt@cityofpaloalto.org
IP Address: 199.33.32.254
Location: DocuSign
Timestamp
Sent: 10/7/2015 4:07:24 PM PT
Viewed: 11/24/2015 9:15:14 AM PT
Signed: 11/24/2015 9:32:37 AM PT
Sent: 11/24/2015 9:32:38 AM PT
Viewed: 11/24/2015 10:52:40 AM PT
Signed: 11/24/2015 10:53:02 AM PT
Sent: 11/24/2015 10:53:03 AM PT
Viewed: 11/24/201510:54:34AM PT
Signed: 11/24/201510:54:49AM PT
Sent: 11/24/2015 10:54:50 AM PT
Viewed: 11/30/201511:43:13 PM PT
Signed: 11/30/2015 11 :43:23 PM PT
Timestamp
Timestamp
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