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HomeMy WebLinkAbout12-76 'e ~ 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. e e 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 -2- e e . 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 -3- - e 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. ~tZ0.~LA ~~ M yor ATTEST: ~A CAA"~. \AJ.. Ci ty Cl~k ,-< ~~~? ~L :::2 FORM, city ~-A C <l< -4-