HomeMy WebLinkAboutRESO 9798Resolution No. 9798
Resolution of the Council of the City of Palo Alto Authorizing the City Manager to
ACT Commodities, Inc. Under Specified Terms and Conditions during Calendar
Years 2018 through 2027, Inclusive
RECITALS
A. On December 5, 2016, the Council adopted Resolution 9649 approving a
Carbon Neutral Natural Gas Plan to achieve a carbon neutral gas portfolio by fiscal year 2018
with no greater than a 10¢/therm rate impact.
B. In accordance with the Carbon Neutral Plan, the City must purchase
environmental offsets or verified emission reductions equal to the annual emissions from natural
gas use by all City of Palo Alto Natural Gas Utility customers.
C. By Ordinance 5387 adopted August 15, 2016, Council approved changes to
the Municipal Code specifically streamlining the purchase and sale of wholesale utility
commodities and services and explicitly allowing for standard form Master Agreements.
D. The standard form Verified Emissions Reduction Master Agreement was
approved by Council on August 21, 2017.
E. The City intends to purchase verified emission reductions from one or more
prequalified suppliers from delivery during calendar years 2018 through 2027, inclusive, so long
as the supplier with whom the City negotiates a specific purchase transaction continues to be
qualified and otherwise eligible to transact with the City.
NOW, THEREFORE, the Council of the City of Palo Alto RESOLVES as follows:
SECTION 1. The Council hereby authorizes the City Manager or his designee, the
verified emission reduction
requirements from ACT Commodities, Inc. by negotiating one or more individual transactions,
including, but not limited to, contracts, addenda, confirmations, and transactions.
SECTION 2. The purchases negotiated under Section 2 with ACT Commodities, Inc.
shall not exceed $10 million in aggregate.
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