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RESOLUTION NO. )~ -77
A RESOLUTION of the City of Port Angeles
approving proposed bond resolutions of
the Washington PUblic Power Supply System
relating to the Net Billing Agreements
entered into with such system and the
Bonneville Power Administrator.
The City of Port Angeles (hereinafter called the "partic-
ipant") has heretofore entered into one or more agreements with
the United States of America, Department of Energy (formerly the
Department of the Interior), acting by and through the Bonneville
Power Administrator (hereinafter called "Bonneville") and the
Washington PUblic Power Supply System (hereinafter called the
"System"). Such agreements (hereinafter called the "Net Billing
Agreements") relate to the purchase of project capability of cer-
tain nuclear electric generating projects being constructed by
the System and are agreements for those projects designated
opposite the name of the Participant on Exhibit A attached hereto.
Pursuant to the Net Billing Agreements the System
adopted a separate bond resolution (hereinafter collectively calle
"Prior Lien Bond Resolutions") relating to each such generating
project, a draft of which relating to each such project in which
the Participant is a participant is on file in the records of the
Participant. Consistent with such drafts of bond resolutions the
Prior Lien Bond Resolutions authorize the System to finance, among
other things, interest on the bonds issued pursuant to such res-
olutions accruing prior to a certain specified date for each such
project. At the time the Net Billing Agreements were entered into
Bonneville, the System and the Participant anticipated that each
such specified date would occur on or about the project's date of
commercial operation.
It is now anticipated that each such specified date will
occur substantially before such date of commercial operation and
Bonneville and the System propose that for each such project the
System issue subordinate lien bonds to be secured by the Net
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Billing Agreement for such project to finance, among other things,
(i) the debt service on the bonds issued pursuant to the Prior
Lien Bond Resolution for such project accruing during the period
beginning on the aforementioned specified date and ending no later
than the date of commercial operation and (ii) the debt service
accruing on such subordinate lien bonds during such period. A
draft dated February 15, 1979, of a proposed bond resolution
authorizing the issuance of subordinate lien bonds for such pur-
poses is on file with the Participant.
The City Council has reviewed the draft of proposed sub-
ordinate lien bond resolution above referred to and now finds that
the adoption of subordinate lien bond resolutions by the System
substantially in the form thereof and the sale of bonds issued
pursuant thereto is in the best interests of the Participant and
its electric energy customers. The City Council also finds that,
under applicable statutes and regulations relating to the State
Environmental Policy Act, the actions taken by and pursuant to
this Resolution are exempt from the detailed statement require-
ments of such Act.
THEREFORE, it is resolved that the Participant hereby
approves the aforesaid proposal of the System and Bonneville,
approves the draft of subordinate lien bond resolution above
referred to relating to the Net Billing Agreements and approves
the adoption by the System and approval by Bonneville of a sub-
ordinate lien bond resolution for each such project in substan-
tially the same form thereof.
It is understood by the Participant (i) that any bond
resolution adopted by the System substantially in the form of
such draft of proposed bond resolution and bonds issued pursuant
thereto with respect to a project constitute a "Project Bond
Resolution" and "project Bonds" or "Bonds" as such terms are
defined in its Net Billing Agreement relating to such project and
(ii) that the adoption of any such resolution or the issuance of
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any such bonds shall reduce the amounts the Participant is
obligated to pay under its Net Billing Agreement prior to the date
of commercial operation of such project only to the extent funds
amounts.
obtained by the issuance of such bonds are applied to reduce such
It is directed that a certified copy of this Resolution
be sent to the System and Bonneville.
ADOPTED by the City Council of the City of Port Angeles
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at a regular meeting of the Council held on the /1 day of
April, 19 79.
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ATTEST:
~~:~
Marian C..,Parrish, City
Clerk
APPROVED AS TO FORM:
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EXHIBIT A
LIST OF NET BILLING AGREEMENTS BETWEEN
WASHINGTON PUBLIC POWER SUPPLY SYSTEM, BONNEVILLE
POWER ADMINISTRATION AND PARTICIPANTS
Participants
City of Albion, Idaho
~ity of Bandon, Oregon
jliublic Utility District No.1 of Benton County, Washington
~enton Rural Electric Association, Inc.
Big Bend Electric Cooperative, Inc.
Blachly-Lane County Cooperative Electric Association
City of Blaine, Washington
City of Banners Ferry, Idaho
City of Burley, Idaho
City of Canby, Oregon
City of Cascade Locks, Oregon
Central Electric Cooperative, Inc.
Central Lincoln Peoples! Utility District
City of Centralia, Washington
Public Utility District No. 1 of Chelan County, Washington
City of Cheney, Washington
Public Utility District No.1 of Clallam County, Washington
Public Utility District No. 1 of Clark County, Washington
Clatskanie Peoples' Utility District
Clearwater Power Company
Columbia Basin Electric Cooperative, Inc.
Columbia Power Cooperative Association, Inc.
Columbia Rural Electric Association, Inc.
Consolidated Irrigation District No. 19
Consumers Power, Inc.
Coos-Curry Electric Cooperative, Inc.
City of Coulee Dam, Washington
Public Utility District No.1 of Cowlitz County, Washington
City of Declo, Idaho
Public Utility District No. 1 of Douglas County, Washington
Douglas Electric Cooperative, Inc.
City of Drain, Oregon
East End Mutual Electric Co., Ltd.
City of Ellensburg, Washington
City of Eugene, Oregon
Fall River Rural Electric Cooperative, Inc.
Farmers Electric Co., Ltd.
Public Utility District No.1 of Ferry County, Washington
Flathead Electric Cooperative, Inc.
~ity of Forest Grove, Oregon
*Washington Public Power Supply System Nuclear Project
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NP* NP~': NP*
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Participants
Public Utility District No.1 of Franklin County, Washington
Public Utility District No.2 of Grant County, Washington
Public Utility District No.1 of Grays Harbor County, Washington
Harney Electric Cooperative, Inc.
City of Reyburn, Idaho
Hood River Electric Cooperative of Hood River County, Oregon
Idaho County Light & Power Cooperative Association, Inc.
~ity of Idaho Falls, Idaho
~land Power & Light Company
Public Utility District No.1 of Kittitas County, Washington
Public Utility District No. 1 of Klickitat County l Washington
Kootenai Electric Cooperative, Inc.
Lane County Electric Cooperative, Inc.
Public Utility District No. I of Lewis County, Washington
Lincoln Electric Cooperative, Inc. (Montana)
Lincoln Electric Cooperative, Inc. (Washington)
Lost River Electric Cooperative, Inc.
Lower Valley Power & Light, Inc.
Public Utility District No.1 of Mason County, Washington
Public Utility District No.3 of Mason County, Washington
Town of McCleary, Washington
City of McMinnville, Oregon
Midstate Electric Cooperative, Inc.
City of Milton-Freewater, Oregon
City of Minidoka, Idaho
Missoula Electric Cooperative, Inc.
City of Monmouth, Oregon'
Nespelem Valley Electric Cooperative, Inc.
Northern Lights, Inc.
Northern Wasco County People's Utility District
Okanogan County Electric Cooperative, Inc.
Public Utility District No. I of Okanogan County, Washington
Orcas Power and Light Company
Public Utility District No.2 of Pacific County, Washington
. Jublic Utility District No. 1 of Pend Oreille County, Washington
~~ity of Port Angeles, Washington
Prairie Power Cooperative, Inc.
Raft River Rural Electric Cooperative, Inc.
Ravalli County Electric Cooperative, Inc.
City of Richland, Washington
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~"Washington Public Power Supply System Nuclear Project
-2-
Np-.... NP* NP~'"
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Participants
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#2 111 #3
Riverside Electric Company, Ltd.
City of Rupert, Idaho
Rural Electric Company
Salem Electric
Salmon River Electric Cooperative, Inc.
City of Seattle, Washington
Public Utility District No.1 of Skamania County, Washington
~ublic Utility District No.1 of Snohomish County, Washington
~outh Side Electric Lines, Inc.
City of Springfield, Oregon
x x x
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Town of Sumas, Washington
Surprise Valley Electrification Corporation
City of Tacoma, Washington
Tanner Electric
Tillamook Peoples' Utility District
Umatilla Electric Cooperative Association
Unity Light and Power Company
Vera Irrigation District No. 15
Vigilante Electric Cooperative, Inc.
Public Utility District No.1 of Wahkiakum County, Washington
x x x
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Wasco Electric Cooperative, Inc.
Wells Rural Electric Company
West Oregon Electric Cooperative, Inc.
Public Utility District No.1 of Whatcom County, Washington
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*Washington Public Power Supply System Nuclear Project
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TO:
MAYOR, CITY COUNCIL AND CITY MANAGER.
FROM:
T. G. HONNOLD, LIGHT DEPARTMENT.
DATE:
APRIL 12, 1979.
.
SUBJECT: WPPSS FINANCING OF WNP 1, 2, AND 3, DEBT SERVICE.
(AGENDA ITEM)
Bonneville's proposed rate increase for 1980 reflected
an increased revenue requirement of 90 percent. A major
factor of this rate increase is financing of the WPPSS Projects
No.1, 2, and 3.
Studies by the Washington Public Supply System and
Bonneville determined that the 90 percent increased revenue
requirements could be reduced to approximately 40 percent
by financing debt service until the projects are completed and
, producing energy.
It should be apparent that additional borrowing of funds
for this purpose will utimately result in slightly higher rates
by the mid-nineties. More importantly the studies determined
that on a present value basis, taking inflation into account.
it is actually cheaper to finance this debt service for the
interim period.
In general this will allow rates to increase between
now and the mid-nineties in smaller increments.
COnditions of existing agreements are such that the
refusal of one participant to sign this document will result in
the ninety percent increase compared to forty percent.
I would therefore, strongly recommend approval
resolution by the City Council.
TGH/nes
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of the ;/
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April 9, 1979
MEMORANDUM
TO:
Marian Parrish, City Clerk
FROM:
City Attorney
RE:
WPPSS Resolutions
Attached is a form of a Certificate for Washington Cities which
is required to be executed in connection with a resolution which
will be presented to the City Council on April 20, in regard to
the issuance of new bonds for WPPSS. It would be appreciated if,
after the meeting, you could prepare such a certificate, stating
the name, title, etc., of persons present, the vote, and other
matters.
The meeting would be a regular meeting, and it would not be
necessary to include the last paragraph on page 2 and continued
on page 3.
Thank you,
'"
CERTIFICATE FOR WASHINGTON CITIES
I, the undersigned, City Clerk of the City of
Port Angeles ,
Washington (hereinafter called the "City"), certify with regard
to the City and the meeting of its City Council, at which the
. resolution hereinafter described was adopted, as follows:
At the time of said meeting the Council consisted of seven
members whose names and titles were:
Samuel Haguewood, Mayor
Name and Title.
Harold Buck, Councilman
Name and Title
Earl Anderson, Councilman
Name and Title
Dorothy Duncan, Councilman
Name and Title
Carol Boardman Councilman
Name and Title
John Hordyk, Councilman
Name and Title
Richard Wray, Councilman
Name and Title
Date and hour of meeting:
April 17 , 197~, 7:30 p.m.
Place: The regular place of meeting of the Council
in Port Angeles , Washington.
The following named members, constituting a quorum, were
present and participated in the proceedings:
Mayor Sam Haguewood, Councilman Earl Anderson, Councilman
Carole Boardman, Councilman Harold Buck, Councilman Dorothy
Duncan,Councilman John Hordyk, Councilman Richard Wray
The meeting was called to order by
Mayor Haguewood
,
President. Resolution No. 16-79, entitled:
e
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A RESOLUTION Approving Proposed Bond Resolutions
of the Washington Public Power Supply System
Relating to the Net Billing Agreements Entered
Into With Such System and the Bonneville Power
Administrator.
was presented and discussed.
The motion was made by Councilman Hordyk
. ,
. and seconded by Councilman Wray that
,
such resolution be adopted. The motion passed by the following
vote which was thereupon entered in the journal:
For:
7
Against:
o
The resolution was thereupon declared duly adopted and filed
in the records of the City. A true copy thereof is attacted
hereto:
Minutes of the meeting, showing the above proceedings, have
been entered 1n the records of the City. A true copy thereof is
attached hereto.
The meeting was a regular meeting, was duly and regularly
called and held, and was open to the public. All notices thereof
required to be given were given in due time, form and manner as
prescribed by applicable laws and by charter, ordinances, bylaws,
rules, resolutions and motion.
As of the date of this certificate, said Resolution No. 16-79
is in full force and effect and has not been amended, modified
or repealed.
Executed this
18 day of
April
, 1979.
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Port Angeles City Clerk
(SEAL)
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STATE OF WASHINGTON
ss
COUNTY OF CLALLAM
I, the undersigned City Clerk of the City of Port Angeles, Washington,
do hereby certify that the following is a true excerpt from the minutes
of the City Council of its regular meeting held on the 17th day of April,
1979.
"VI Washington Public Power Supply System: Bond Resolution.
A memorandum from T.G. Honnold, Light Department Superintendent
regarding the washington Public Power Supply System's Financing
of W.N.P. 1, 2, and 3, Debt Service, was read in full by Mayor
Haguewood. Following a brief discussion concerning the proposed
completion date of the nuclear power plants, Mayor Haguewood read
the title of Resolution No. 16-79 entitled,
Resolution No. 16-79
A RESOLUTION of the City of Port Angeles
approving proposed bond resolutions of
the Washington Public Power Supply System
relating to the Net Billing Agreements
entered into with such system and the
Bonneville Power Administrator.
Councilman Hordyk moved the Council adopt Resolution No. 16-79 as read
by title by Mayor Haguewood. The motion was seconded by Councilman
Wray and unanimously passed by the Council. II
WITNESS my hand and official seal this /'112 day of ~
, 1979.
~er~
City Clerk of ,the City of Port Angeles
Washington