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Agmt 2004 ABAG Power
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Agmt 2004 ABAG Power
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Last modified
8/12/2009 12:38:26 PM
Creation date
8/10/2009 11:10:38 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
6/7/2004
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PERM
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Reso 2004-083
(Approved by)
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\City Clerk\City Council\Resolutions\2004
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b) ABAG POWER covenants that it will: <br />1) Notify the City and all Third Party Beneficiaries of any information, written <br />notices, bills or any other communication regarding a Contingent Risk, <br />described in Attachment D, <br />2) Upon the occurrence of an event described in 9(a)(1) or 9(b)(1): <br />(i) the Board of Directors of ABAG POWER (Board) or the Executive <br />Committee of the Board (Executive Committee), shall designate no <br />fewer than five (5) and no more than eleven (11) Third Party <br />Beneficiaries to form a Liability Allocation Committee (LAC). <br />(ii) The Board or the Executive Committee shall delegate to the LAC, the <br />exercise of ABAG POWER's rights under Section 9. <br />c) ABAG POWER, on behalf of the LAC, covenants that the LAC shall: <br />1) Cooperate with the City and all Third Party Beneficiaries to eliminate, <br />mitigate or resolve the possibility that a Contingent Risk will be triggered, <br />2) Cooperate with the City and all Third Party Beneficiaries to fairly and <br />reasonably allocate costs associated with any Contingent Risk that is <br />actually incurred by the City or any Third Party Beneficiary, and <br />3) The LAC shall confirm the reasonableness and fairness of the proposed <br />allocation of costs by conducting a poll of Third Party Beneficiaries. If the <br />proposed allocation is agreed to by a majority of Third Party Beneficiaries, <br />then such plan is approved. For the purposes of this section, a majority <br />is: <br />(i) More than fifty percent (50%) of the votes cast determined by <br />counting each Third Party Beneficiary as having one vote, and <br />(ii) More than fifty percent (50%) of the votes cast determined by <br />weighing each Third Party Beneficiary's vote by the amount disbursed <br />to it under this Agreement. <br />4) If the Third Party Beneficiaries do not approve a cost allocation plan under <br />Section 9 (c)(3) then the costs associated with a Contingent Risk will be <br />allocated among all Third Party Beneficiaries in accordance with CTC <br />Reversal Ratio for any costs associated with recovery of DA Credits and in <br />accordance with the Usage Ratio for costs associated with recovery of <br />energy and/or UDC costs (see Attachment D). <br />5) Receive from the City the share of any Contingent Risk incurred by the <br />City, said share to be determined by the process described in subsection <br />9(3) or 9(4) of this subsection. <br />6) Pay the liability. <br />10. Effectiveness of the Wind Up Agreement. This Wind Up Agreement becomes <br />effective only if Members owed a total of Twenty Million Dollars ($20,000,000) under <br />§ § 1(a)-(c) execute a Wind Up Agreement substantially identical to this Wind Up <br />
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