HomeMy WebLinkAboutRES 121002-BBIKESOLUTION i121002-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, AUTHORIZING A LETTER OF CREDIT TO BE
ISSUED BY THE CITY OF GEORGETOWN THROUGH UNION STATE
BANK, AS FISCAL SURETY FOR THE CITY'S POWER SUPPLY
CONTRACT WITH CONSTELLATION POWER SOURCE, INC.
WHEREAS, The City of Georgetown Texas, has negotiated a power supply agreement with
Constellation Power Source, Inc.; and
WHEREAS, The power supply agreement requires the City of Georgetown, Texas, to post a
$1,000,000 letter of credit as fiscal surety for the term of the contract; and
WHEREAS, the City of Georgetown, Texas, currently has a depository contract with Union State
Bank of Georgetown, Texas; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, THAT:
SECTION 1. The facts and recitations contained in the preamble of this resolution are hereby found
and declared to be true and correct, and are incorporated by reference herein and expressly made a part hereof,
as if copied verbatim. The City Council hereby finds that this resolution implements Finance Policy 14.00 of
the Century Plan - Policy Plan Element, which states: "All municipal operations are conducted in an efficient
business -like manner and sufficient financial resources for both current and future needs are provided"; and
further finds that the adoption of this resolution is not inconsistent or in conflict with any other Century Plan
Policies, as required by Section 2.03 of the Administrative Chapter of the Policy Plan.
SECTION 2. The Mayor is hereby authorized to direct, and the City Secretary to attest thereto, Union
State Bank to issue a letter of credit for the City of Georgetown, Texas, in the amount not to exceed
$1,000,000 per year for the term of the Constellation contract through January 31, 2006.
SECTION 3. This resolution shall be effective immediately upon adoption.
RESOLVED this 10th day of December 2002.
AT T:
r 2 ,
Sandra Lee
City Secretary
APPROVED AS TO FORM:
Patricia E. Carls, Brown and Carls, LLP
City Attorney
Depository Resolution No. 02 1002 ° 8
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THE QJTY OF GEORGETOWN:
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y: Gary 14elon
Mayor