HomeMy WebLinkAbout5.939 Original Contract
~ORTANGELES
WAS H I N G TON, U. S. A.
Public Works & Utilities Department
June 8, 2009
Ms. Shannon Greene
Account Executive
Power Services
Mail Stop: PSW-Seattle
909 First Avenue, Suite 380
Seattle, WA 98104-3636
Reference: Accord and Satisfaction Aqreement
Dear Shannon,
I am pleased to provide you an executed original Accord and Satisfaction
Agreement. The Accord and Satisfaction Agreement discharges two legacy
weatherization agreements and the billing credits agreement.
We sincerely appreciate the perseverance it took on your part to bring this
agreement to fruition.
SiniJ .
Larry DU~
Deputy D~~:~tJof Power Systems
Cc Becky Upton, City Clerk
Phone: 360-417-4800 ! Fax: 360-417-4542
Website: www.cityofpa.us! Email: publicworks@cityofpa.us
321 East Fifth Street - P.O. Box 1150! Port Angeles, WA 98362-0217
5. q~4
5.9dQ
Contract No. 09PB-12043
ACCORD AND SATISFACTION AGREEMENT
Executed by the
BONNEVILLE POWER ADMINISTRATION
and
THE CITY OF PORT ANGELES, WASHINGTON
Table of Contents
Section
1
2.
3.
4.
Page
Term and Termination ................................................................................. 2
Acco rd .............................................................................................................. 2
Sa ti sf ac ti 0 n ..................................................................................................... 2
Signature s ....................................................................................................... 3
Exhibit A Calculations
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This ACCORD AND SATISFACTION AGREEMENT (Agreement) is executed
by the UNITED STATES OF AMERICA, Department of Energy, acting by and
through the BONNEVILLE POWER ADMINISTRATION (BPA), and THE CITY OF
PORT ANGELES, WASHINGTON (Port Angeles). BPA and Port Angeles are
sometimes referred to individually as "Party" and collectively as "Parties."
NOW THEREFORE, the Parties agree as follows:
1. TERM AND TERMINATION
This Agreement shall be effective upon execution by the Parties and shall
continue in effect until such time as both Parties have satisfied the conditions
of section 3.
2. ACCORD
By this Agreement, BPA and Port Angeles hereby mutually agree to discharge
the following three existing agreements between them:
BPA contract # DE-MS79-81BP90811 ("Weatherization Agreement I")
BPA contract # DE-MS79-80BP90170 ("Weatherization Agreement 2")
BPA contract # DE-MS79-91BP93489 ("Billing Credits Agreement")
Upon satisfaction ofthe requirements of section 3 ofthis Agreement, the
Parties' rights and obligations under Weatherization Agreement 1,
Weatherization Agreement 2, and the Billing Credits Agreement shall be
extinguished.
3. SATISFACTION
The Parties hereby mutually agree that Port Angeles has financial obligations
to BPA arising under Weatherization Agreements 1 and 2.
The Parties hereby mutually agree that BPA has financial obligations to Port
Angeles arising under the Billing Credits Agreement.
The Parties hereby mutually agree that the combined amount Port Angeles
owes to BPA under Weatherization Agreements 1 and 2 is equal to the
amount BPA owes to Port Angeles under the Billing Credits Agreement.
The Parties hereby mutually agree that the amounts due to each other under
the three existing agreements offset themselves and the Parties hereby
mutually agree to discharge all three existing agreements without further
compensation to either Party.
Upon execution of this Agreement, Weatherization Agreement 1,
Weatherization Agreement 2, and the Billing Credits Agreement shall be
discharged and the parties shall relinquish all rights and be relieved of all
obligations thereunder.
The Parties hereby mutually agree that this Accord and Satisfaction does not
address outstanding loans between Port Angeles and homeowners made
pursuant to Weatherization Agreements 1 and 2 except that, upon execution
of this Accord and Satisfaction, any rights or obligations under such loans
belong solely to Port Angeles and the homeowners, BP A shall have no rights
or obligations under such loans.
4. SIGNATURES
Each Party represents that it has the authority to execute this Agreement
and that it has been duly authorized to enter into this Agreement.
THE CITY OF PORT ANGELES
UNITED STATES OF AMERICA
Department of Energy
Bonneville Power Administration
By:
By:
01vJ/Vt/YlW J) .)JUt/!A-L
Name:
Name: Shannon K. Greene
Title:
Title: Account Executive
Date:
Date:
4-/3-()'1
(Psw-S: \PM\CUST_SKG \ PORT ANGELES \Financial Obligation Settlement IPa_09PB-12043_AcrdSatAgrmt_04132009_RevisedFina1.docJ 4/13/2009
1. CALCULATIONS
Exhibit A
CALCULATIONS
1.1
Port Angeles Zero Interest Weatherization Loan Agreement & Billing Credit
Agreement Settlement
Year
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Totals
Loan Default
I nflation Rate
Borrowing Rate
Discount Rate (Real Cost of Capital)
AC-PF
(mills/Kwh)
Net Present Value
City Payment Owed SPA (Due From SPA)
Port Angeles Payment
Loan payoff estimate
$ 21,300
21,300
21,300
21,300
21,300
21,300
21,300
21,300
21,300
21,300
21,300
21,300
21,300
21,300
298,200 $
$
BP A Payment
Billing credit estimate
18,300
18,700
19,200
19,700
20,200
20,700
21 ,200
21,700
22,200
22,700
23,300
23,900
24,500
25,100
301 ,400
0.00%
Port Angeles
1.95%
4.91%
6.86%
BPA
1.95%
4.67%
6.62%
1997
2008
Average Annual
Escalation
33.60
43.87
2.45%
$187,800.00
$187,800.00
$
(PSW-S: \ PM \ CUST _SKG \PORT ANGELES \ Financial Obligation Settlement \Pa_09PB-12043_AcrdSatAgrmt_04132009_RevisedFinal.doc) 4/13/2009
09PB-12043, Port Angeles
Accord and Satisfaction Agreement
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