99-077RESOLUTION NO. 99R-)Z
A RESOLUTION OF THE COUNCIL OF THE CITY _
COUNCIL OF THE CITY OF ANAHEIM AUTHORIZING
PREPAYMENT AND ESCROW AGREEMENTS RELATED TO
THE INTERMOUNTAIN POWER PROJECT
WHEREAS, Intermountain Power Agency ("IPA") has financed the
cost of the Intermountain Power Project ("IPP") through the
issuance of its Bonds and Subordinated Indebtedness (collectively
the "IPP Debt").
WHEREAS, under the IPP power contracts, the City of
Anaheim (the "City") and the other California cities purchasing
IPP power (the "California Purchasers") are obligated to pay
monthly power costs which include their respective shares of
amounts for the payment of debt service on IPP Debt; and
WHEREAS, the City and each of the other California
Purchasers desire to have an option to prepay amounts for the
payment of debt service on IPP Debt included in such monthly
power costs; and
WHEREAS, the IPP Coordinating Committee and the IPA Board of
Directors have approved a proposed Prepayment Agreement
("Prepayment Agreement"), a copy of which has been presented to
this meeting, which specifies the terms and conditions upon which
a prepayment may be made, the proceeds thereof applied to the
retirement of IPP Debt and the means by which the prepaying
California Purchaser would be provided with the reduction in its
future monthly power costs resulting from the prepayment; and
WHEREAS, the Prepayment Agreement has been developed so as
' to provide that the effect of any prepayment is equitable among
both prepaying and non-prepaying California Purchasers; and
WHEREAS, the amount of any such prepayment,
application thereof, would be deposited under an
(the "Escrow Agreement") by and among the City,
California Purchasers and the U.S. Bank National
Association, as Escrow Agent, a proposed form of
presented to this meeting.
pending
Escrow Agreement
the other
Trust
which has been
NOW, THEREFORE, BE IT RESOLVED that the Prepayment Agreement
and the Escrow Agreement are each hereby approved in
substantially the forms presented to this meeting, subject to and
with such changes therein as shall be approved by the Public
Utilities General Manager or the Public Utilities Assistant
General Manager, Finance and Administration of the City, such
approval to be evidenced by the execution of said Prepayment
Agreement and Escrow Agreement, respectively; that the Public
Utilities General Manager be, and hereby is, authorized on behalf
of the City to execute and deliver said Prepayment Agreement and
said Escrow Agreement. ~'
THE FOREGOING RESOLUTION is approved and adopted by the City
Council of the City of Anaheim this 27th day of April ,
1999.
/~
MAYOR
CITY CLERK
28752.1\LMOSES\February 1, 1999
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing
Resolution No. 99R-77 was introduced and adopted at a regular meeting provided by law, of the
Anaheim City Council held on the 27th day of April, 1999, by the following vote of the members
thereof:
AYES: MAYORlCOUNCIL MEMBERS:
NOES: MAYOR/COUNCIL MEMBERS:
ABSENT: MAYOR/COUNCIL MEMBERS:
Feldhaus, Kring, Tait, McCracken, Daly
None
None
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said Resolution
No. 99R-77 on the 27th day of April, 1999.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of
Anaheim this 27th day of April, 1999.
(SEAL)
CITY CLERK OF THE CITY OF ANAHEIM
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing is
the original of Resolution No. 99R-77 was duly passed and adopted by the City Council of the City
of Anaheim on April 27th, 1999.
CITY CLERK OF THE CITY OF ANAHEIM