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05 Finance
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05 Finance
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Last modified
8/23/2012 9:27:47 AM
Creation date
12/12/2008 1:42:53 PM
Metadata
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Template:
AGENDA
Item Number
05
AGENDA - Type
MISCELLANEOUS
Description
Electric power contract with CAPP
AGENDA - Date
12/15/2008
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CAPP has determined that it is in the best interests of Member and the <br />Participating Members to prepay Facility Owners for Contract Capacity in the Facilities <br />("Capaciry Prepayrrzent") out of the proceeds of Bonds issued for such purpose by CAPP. <br />Member and each of the other Participating Members in their respective Participant <br />Contracts, agree to pay Member's Energy Allocation Percentage of the costs incurred by <br />CAPP to issue the Bonds, pay the Capacity Prepayment to the Facility Owners, pay <br />interest costs, establish a reserve, and pay all other costs, fees and charges that CAPP <br />incurs under the Bonds directly to the Trustee, as hereinafter defined, until the Bonds are <br />paid in full according to the payment schedule set forth in the Bonds. The Bonds shall be <br />secured by the collateral assignment of this Contract and all Participant Contracts, as <br />provided in this Contract, including all rights of collection thereon, to the Trustee. A <br />copy of the payment schedule is attached hereto as Exhibit "C" and incorporated by this <br />reference herein for all purposes. <br />Member acknowledges that CAPP shall additionally provide to Member at <br />Member's expense, through Designated Agent(s), all services required and necessary to <br />deliver the Energy from the Facility Owners Delivery Point to Member's Delivery Points, <br />including all costs of transmission, distribution, and including all necessary tariffs, and <br />fees as provided herein. <br />Member agrees to the terms of this Contract, and consents to the terms of the <br />PPA. In reliance thereon, and in reliance upon the acceptance and agreement of all other <br />Participating Members, CAPP (i ) has entered or shall enter the <br />PPA for the benefit of Member and Participating Members, (ii) shall cause the Bonds to <br />be issued, and (iii) shall cause the Capacity Prepayment to be paid to the Facility Owners <br />as provided in the PPA. <br />Accordingly, CAPP and Member have determined that it is in their mutual best <br />interests to enter into this Contract as the means of providing Member with the Member <br />Contract Energy Allocation for its base load needs during the Delivery Period described <br />in Section 3.2, below. Other Participating Members have respectively entered or have <br />committed to enter into contracts with CAPP that, when aggregated with this Contract, <br />collectively account for all Contract Energy associated with the Contract Capacity in the <br />Facilities during the Delivery Period that has or will be acquired by CAPP for the benefit <br />of all Participating Members under the PPA. <br />The Public Property Finance Act, Subchapter A, Chapter 271, Local Government <br />Code, as amended (the "Act"), authorizes Member to execute, perform and make <br />payments under contracts with any person for the use, acquisition or purchase of personal <br />property as described in the Act, including the electricity provided for in this Contract. <br />The Act permits the governing body of Member to execute contracts in any form <br />deemed appropriate by said governing body in connection with the use, acquisition or <br />purchase of personal property. <br />3 <br />~i~~~ <br />UOL) <br />
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