HomeMy WebLinkAbout05-73
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RESOLUTION NO. .5- 73
A RESOLUTION amending Resolution No.1-73 relating
to Washington Public Power Supply System Nuclear
project No. 3 net billing
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PORT ANGELES as follows:
Resolution No. 1-73 is amended to read as follows:
The City of Port Angeles, Washington (hereinafter
called the "City") is authorized by law to purchase electric
power, to provide for the distribution of electric power to its
customers and to enter into contracts to provide for sources of
additional power supply to meet the prospective power needs of
the City and its electric customers.
The United States of America, Department of the Inter-
ior, acting by and through the Bonneville Power Administrator
(hereinafter called "Bonneville") and the utilities of the Pacific
Northwest have developed the Ten Year Hydro Thermal Power Program
pursuant' to which Bonneville will acquire by net billing from
, statutory preference customers in the Northwest generating
capability from non-federally financed thermal generating plants
to meet the power requirements of Bonneville's preference and
other customers in the region.
Pursuant to said program, the City proposed to execute
with the Washington Public Power Supply System (hereinafter called
the "System") and with Bonneville a contract designated "WPPSS
Nuclear Project No. 3 Net Billing Agreement" in the form and
content as set forth in the draft thereof on file with the City,
Contract No. 14-03-39171, dated November 27, 1972, with revision
I of Exhibit A, under which the System sells to the City (called
the "Participant" in said agreement) a specified share of
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capability of the nuclear generating plant and associated
facilities identified therein and Bonneville acquires such
capability from the City.
The System proposes to finance, construct, own and
operate said generating plant and facilities associated there-
with, such plants and facilities being referred to in the Net
Billing Agreement as the "Washington Public Power Supply System
Nuclear Project No.3" (hereinafter called the "Project").
In accordance with the Net Billing Agreement, the
System proposes to adopt a "Bond Resolution" at a later date
which provides, among other things, for the issuance of Bonds
in series or otherwise, and is entitled:
A RESOLUTION providing a plan and system for
the acquisition and construction by Washington
Public Power Supply System of a utility system
consisting of a nuclear generating plant and
associated facilities to be known as the Wash-
ington Public Power Supply System Nuclear Pro-
ject No.3, and providing for the issuance of
revenue bonds for said purpose.
A draft of such resolution dated November 29, 1972, is on file
with the City. Prior to the adoption of the above Bond Resolution,
the System expects to adopt a Bond Resolution providing for the
sale of short-term notes to finance the System's preliminary costs
of acquiring and constructing the Project, which Bond Resolution
will be similar to the note resolutions adopted by the System
for preliminary ~financing of Washhgton Public Power Supply System
Nuclear Project No. 2 and will be consistent with the above Bond
Resolution and the Net Billing Agreement.
The Council of the City has reviewed the Net Billing
Agreement and the Resolution above referred to and now finds that
entering into the said Net Billing Agreement with the System and
Bonneville is in the best interest of the City, that performance
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of the Net Billing Agreement, among other things, will make
additbnal amount of low-cost power and energy available from
Bonneville to meet the prospective powers needs of the City, to
serve residents and customers of the City and the future.
THEREFORE, IT IS RESOLVED:
Section 1. The Mayor and Clerk of the City are hereby
authorized and directed, on behalf of the City, to execute with
Bonneville and the Washington Public Power Supply System the Net
Billing Agreement above referred to, substantially as set out in
the draft thereof on file with the City, No. l4-03-39l7l, dated
November 27, 1972, as revised, and to deliver copies thereof to
the other parties to the agreement.
ADOPTED by the City Council of the City of Port Angeles
this ..ii..8d day of April, 1973.
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Mayor
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Att-e,st:' :,-
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City Clerk
Approved as to form:
rf,e: {f~
~ty Attorney
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