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HomeMy WebLinkAboutRES 900525 - Exclude Annual PaymentRESOLUTION 90 J a A RESOLUTION INSTRUCTING THE STAFF OF THE CITY OF GEORGETOWN TO EXCLUDETHE ANNUAL PAYMENT OF $51544100 FROM THE "FACILITIES AND PREMISES LEASE" AOREEMENT WITH THE LOWER: COLORADO RIVER AUTHORITY WEEK CALCULATING THE BASE REVENUE REQUIREMENTS. WHEREAS, the City of Georgetown, Texas (CITY owns and operates an electrical power distribution system; and WHEREAS, the City of Georgetown is a wholesale' power purchaser from the Lower Colorado River Authority; and WHEREAS, the Lower Colorado River Authority has, as a part of Docket No. 9427 (before the PUCT Application of LORA for authority to change rates{ proposed a "Facilities and Premises Lease"; and WHEREAS, the City of Georgetown entered into a`"Facilities and Premises Lease" with the Lower Colorado River Authority, rdated September 11, 1990, for facilities and premises valued at $61,111.00, which provides for an annual payment of $5,544; and WHEREAS; the final order of Docket No. 9427 provided that "the lease payments should be approved t0 the extent that the Lower Colorado River Authority can ensure that there is no double recovery of costs associated with the related facilities"; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, THAT: Section 1. The City council adopts the recitals set forth above as true and correct and adopted herein verbatim as if fully set forth at length, Section II, The City Staff is instructed to exclude the payment of $5,544 from the revenue requirements when adjusting the retail rates upward to recover the wholesale power costs imposed by the Lower Colorado River Authority from Docket 9427. Section III, The Mayor be authorized to execute, the City Secretary to attest and forward a copy to the Lower Colorado River Authority, 7 RESOLVED this the - day of "„ 19906 Attest: W. H. Connor, Mayor Elizabeth Gray, Qity Secretary