HomeMy WebLinkAbout26-04 • •
Resolution No. 2 6-0 4
A Resolution of the City Council of the Town of Los Altos Hills
Authorizing the ABAG Wind Up Agreement
Terminating the Town's Participation in the
ABAG POWER Electric Aggregation Program
WHEREAS,the Town of Los Altos Hills became a signatory to the Joint Powers
Agreement creating ABAG POWER on September 30, 1997; and
WHEREAS,the Town and ABAG POWER entered into the Direct Access
Electric Aggregation Agreement under which the Town was a participant in the direct
access electric aggregation program until it was suspended effective June 30, 2001; and
WHEREAS during the operation of the Electric Program and pursuant to the
Direct Access Agreement the Town was obligated to pay and did pay to ABAG POWER
its proportionate share of Electric Program costs and working capital needs; and
WHEREAS upon suspension of the Electric Program, ABAG POWER retained
funds previously paid by the members to pay identified potential Electric Program
liabilities, costs of winding up the Electric Program and the costs of marshalling the
Program's assets.
WHEREAS,ABAG POWER has received authorization from it's Board of
Directors to wind up the program and distribute remaining funds to members,while at the
same time passing any remaining risks to members as well.
NOW, THEREFORE,BE IT RESOLVED that the Town of Los Altos Hills
and ABAG POWER agree to terminate the Town's participation in the ABAG POWER
Electric Aggregation Program under the terms and conditions set forth in the Wind Up
Agreement between the Town and ABAG POWER.
BE IT FURTHER RESOLVED,that the City Council of the Town of Los Altos
Hills hereby approves the Wind Up Agreement and authorizes the Mayor to execute same
on behalf of the Town.
ADOPTED this 21/77 day of JVAJE , 2004
By
Attest:
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