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RESOLUTION NO. I ~ -? b
A RESOLUTION authorizing the execution and delivery
of Participants' Agreement with Washington Public
Power Supply System relating, among other things,
to Washington Public Power Supply System Nuclear
projects Nos. 4 and 5.
On July 22, 1975, the City of Port Angeles, Washington
(the "City") and the Washington Public Power Supply System (the
"Supply System") entered into an agreement entitled 'Washington
Public Power Supply System Nuclear Projects Nos. 4 and 5 and
Skagit Project - Agreement for Option to Enter Participants' Agree
ment, Reservation of Project Capability and Performance of
Services" (the "Option Agreement"). Pursuant to said Agreement
the Supply System, among other things, granted the City an option
to enter into the Participants' Agreement hereinafter referred to.
Pursuant to Section 3(d) of the Option Agreement the Supply System
has timely delivered to the City (i) signatory copies of the
Participants' Agreement, dated April 15, 1976, and entitled
"Washington Public Power Supply System Nuclear Projects Nos. 4
and 5-Participants' Agreement" and (ii) a notice affording the
City the opportunity to execute and deliver the Participants'
Agreement within 90 days after delivery of said notice. In
compliance with the provisions of the Option Agreement, the
Participants' Agreement provides for the sale by the Supply System
to the City of a share of the capability of (i) the Supply System's
Nuclear Project No.4, which will be solely owned by the Supply
System, and (ii) the Supply System's ownership share of its
Nuclear Project No.5, which will be 90% owned by the Supply
System and 10% owned by the Pacific Power & Light Company.
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Pursuant to the Option Agreement, prior to delivery to the
City of the Participants' Agreement and the aforementioned notice,
the Executive Conunittee of the Public Power Council (the "PPC")
reviewed said documents. The PPC also requested the Supply
System to proceed with the Participants' Agreement.
In connection with the Participants' Agreement the Supply
System has prepared a draft of "Bond Resolution", which resolution
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 AC-
QUISITION AND CONSTRUCTION BY WASHINGTON PUBLIC POWER
SUPPLY SYSTEM OF A NUCLEAR GENERATING PLANT TO BE KNOWN
AS WASHINGTON PUBLIC POWER SUPPLY SYSTEM NUCLEAR PRO-
JECT NO. 4 AND THE CONSTRUCTION BY SAID SYSTEM OF A
NUCLEAR GENERATING PLANT TO BE KNOWN AS WASHINGTON
PUBLIC POWER SUPPLY SYSTEM NUCLEAR PROJECT NO. 5 AND
THE ACQUISITION BY SAID SYSTEM OF AN OWNERSHIP INTEREST
THEREIN; AND PROVIDING FOR THE ISSUANCE OF REVENUE
BONDS FOR SAID PURPOSES.
A copy of the draft dated April 12, 1976, of such resolution
(referred to in Section led) of the Participants' Agreement) is
on file with the City. Any Bond Resolution as adopted by the
Supply System subsequent to the execution of the Participants'
Agreement will be substantially in the form of said draft of Bond
Resolution and consistent with the Participants' Agreement.
In connection with the Participants' Agreement the Supply
System has also prepared a draft of an agreement entitled
Washington Public Power Supply System Nuclear Project No. 5
Agreement" (the "Ownership Agreement") to be executed with the
Pacific Power & Light Company, and a copy of a draft dated April
15, 1976, of said agreement is on file with the City.
The Council has reviewed the Participants' Agreement, the
Ownership Agreement and the Bond Resolution above referred to, and
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has considered the environmental, technical, economic and other
factors and studies relevant to this Resolution.
The Council has also reviewed and considered environmental
documents, including, but not limited to, the following detailed
statements: (il Environmental Impact Statement on Location of
WPPSS Nuclear Project No.4, dated July 1974, (ii) Environmental
Impact Statement on Location of WPPSS Nuclear Project No. 5
Adjacent to WPPSS Nuclear Project No.3, dated July 1974, and
{iiil Environmental Impact Statement Supplement for Furtherance
of WPPSS Nuclear Projects Nos. 4 and 5, dated April 1976.
The Council now finds: that the aforementioned detailed
statements and environmental documents are adequate and adequately
provide for consideration of environmental factors in the decision
making reflected by this Resolution; that entering into the
Participants' Agreement with the Supply System is in the best
interests of the City; and that performance of the Participants'
Agreement, among other things, is necessary and advisable in order
for the City to meet its prospective needs for power and energy in
a timely, environmentally and economically sound manner to assist
in serving the prospective power and energy needs of its customers
in the future.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE COUNCIL OF THE
CITY OF PORT ANGELES:
Section 1. The Mayor and City Clerk are hereby authorized
and directed, on behalf of the City, to execute with the Supply
System the Participants' Agreement above referred to, sub-
stantially as set out in the draft thereof, dated April 15, 1976,
on fi'le with the City and to deliver copies thereof to the Supply
System: Provided that, the City's Participant's Preliminary
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Share as shown in Column 1 on Exhibit A to such agreement may be
increased up to a maximum of .01000.
PASSED by the City Council of the City of Port Angeles and
approved by its Mayor at a regular meeting of the Council held on
the ~ ~ day of July, 1976.
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