HomeMy WebLinkAboutSRCEA Item 5 - Ex A - Resolution re Escrow Agmt (2)RESOLUTION NO. 2018-____
A RESOLUTION OF THE SOUTHWEST RIVERSIDE COUNTY ENERGY AUTHORITY
APPROVING ESCROW AGREEMENT BY/BETWEEN SMER RESEARCH 1, LLC / CITY
OF TEMECULA / SOUTHWEST RIVERSIDE COUNTY ENERGY AUTHORITY
Whereas, the Southwest Riverside County Energy Authority (SRCEA) is a joint exercise of
powers authority duly organized and existing under and pursuant to that certain Joint Powers
Agreement by and between the City of Lake Elsinore (City) and the City of Temecula, under the
provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of
Title 1 (commencing with Section 6500) of the California Government Code (Act); and,
Whereas, prior to the creation of the SRCEA, the City of Temecula entered into a Power Purchase
Agreement (and ancillary agreements with SMER Research 1, LLC); and,
Whereas, the creation of the SRCEA and actions taken since, including the approval of Power
Purchase Agreement(s) between SMER Research 1, LLC and Southwest Riverside County
Energy Authority duplicate the Power Purchase Agreement previously signed by the City of
Temecula; and,
Whereas, the SRCEA desires to enter into the appropriate Escrow Agreement to replace the
original Power Purchase Agreement entered into by the City of Temecula with a similar Power
Purchase Agreement entered into by the Southwest Riverside County Energy Authority.
NOW, THEREFORE, THE SOUTHWEST RIVERSIDE COUNTY ENERGY AUTHORITY
BOARD OF DIRECTORS DOES HEREBY FIND, DETERMINE AND ORDER AS FOLLOWS:
Section 1. In accordance with the provisions of Articles 1 through 4 (commencing with Section
6500) of Chapter 5 of Division 7 of Title 1 (commencing with Section 6500) of the California
Government Code (Act), the SRCEA was created and is duly authorized to enter into agreements.
Section 2. The SRCEA hereby approves the Escrow Instructions by and between SMER
Research 1, LLC / City of Temecula and SRCEA replacing the original Power Purchase
Agreement between SMER Research 1, LLC and the City of Temecula with new Agreement(s)
between SMER Research 1, LLC and SRCEA.
Section 3. The Executive Director of the SRCEA is hereby authorized and directed, for and in
the name and on behalf of the SRCEA, to execute the Escrow Instructions and take all actions
necessary and convenient to implement the Escrow Instructions described in this Resolution.
Section 4. This Resolution shall take effect from immediately upon its adoption.
Passed and Adopted on this 14th day of February 2018.
Steve Manos, Chair
CC Reso. No. 2017-_____
Page 2 of 2
Attest:
Susan M. Domen, MMC
Authority Clerk
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Susan M. Domen, MMC, Authority Clerk of the SCREA JPA, hereby certify that Resolution No.
2018- ___ was adopted by the Southwest Riverside County Energy Authority at the Special
meeting of February 14, 2018, and that the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Susan M. Domen, MMC
Authority Clerk