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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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State of Texas. Nothing in this Contract shall constitute a pledge by the Member of any <br />taxes or other money, other than such funds so Appropriated and received in each Fiscal <br />Year during the Term of this Contract and constituting Available Funds, to the payment <br />of any Energy Payment due or to become due hereunder. <br />6.4 Intent to Continue Payments. Member presently intends to continue this <br />Contract for the entire Term and to pay all Energy Payments required hereunder. <br />Member presently intends to Appropriate, from lawfully Available Funds received in <br />each Fiscal Year, money sufficient to pay the Energy Payments required hereunder. <br />However, Member has no obligation to, and makes no representation that it will, <br />Appropriate or seek to Appropriate in any Fiscal Year Available Funds for the payment <br />of Energy Payments due pursuant to this Contract. <br />6.5 Failure to Appropriate Available Funds. If, for any Fiscal Year of the <br />Member, the Member does not Appropriate Available Funds received during such Fiscal <br />Year to pay the Energy Payments required under this Contract due and payable by <br />Member during the succeeding Fiscal Year, and if the Member provides CAPP with <br />written notice of such failure to Appropriate thirty (30) days prior to the expiration of <br />Member's then-current Fiscal Year, the obligation to take electric Energy from CAPP <br />under this Contract and make Energy Payments for such electric energy shall tertninate <br />and be canceled at the end of such current Fiscal Year for the period of the next Fiscal <br />Year for which the Member has failed to Appropriate Available Funds. The written <br />notice shall be accompanied by a statement as to whether or not Member has made an <br />assignment to another Participating Member under Section 6.6 hereof. The Member may <br />Appropriate Available Funds for any subsequent Fiscal Year for Energy Payments due <br />during such subsequent Fiscal Year and then shall be entitled to receive electric Energy <br />from CAPP under this Contract for such F'iscal Year. <br />6.6 Assignment Upon Failure to Appropriate. For any Fiscal Year which the <br />Member has failed to Appropriate for Energy Payments (or portion thereof), the Member <br />may assign to another Participating Member all or a portion of such non-appropriating <br />Member's right to receive electric energy for such Fiscal Year provided the Participating <br />Member certifies to CAPP that the assigned electric energy will be utilized by such <br />Participating Member for its buildings and facilities, in compliance with the Local <br />Government Code Chapter 304. The Energy Payments associated to such assigned right <br />to such electric energy shall be calculated according to the terms of this Contract <br />(assuming the Member was receiving such electric energy). At such time the Member <br />provides written notice of its failure to Appropriate for Energy Payments for any Fiscal <br />Year, the Member may also give written notice to CAPP of its assignment of all or a <br />portion of its right to receive electric energy under this Contract, including a written <br />agreement between the Member and the Participating Member reflecting the terms and <br />conditions of such assignment. Prior to the beginning of the relevant Fiscal Year, the <br />assuming Participating Member must provide CAPP written notice of (i) its <br />Appropriation for the Energy Payments associated with the assumed electric energy for <br />the period of the non-appropriating member's Fiscal Year which such non-appropriation <br />is applicable (or portion thereof), (ii) certification that such assumed electric energy will <br />18 <br />- 0 ()i?0 4%'j <br />
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