Resolution No. 4535 - Laserfiche WebLink

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RESOLUTION NO. '63 ~ A RESOLUTION APPROVING A CHANGE IN EWEB'S RATE OF PAYMENT TO CITY RELATED TO TROJAN REVENUES. The City Council of the City of Eugene finds that: A. The City of Eugene (the City), Eugene Water & Electric Board (EWEB), and Bonneville Power Administration (BP A) have been negotiating since July, 1995, to resolve the issue of the appropriateness of BP A continuing to reimburse for EWEB' s contributions in lieu of tax (CIL T) payments to the City related to the Trojan project, the operation of the plant having been terminated. B. In July, 1997, the City, EWEB and BPA agreed to recommend to their governing bodies that a settlement of $2.25 million be approved. C. It would be in the best interest of the City, EWEB and BP A to accept the settlement. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: Section 1. Based on the above findings, which are hereby adopted, the City Council approves, pursuant to section 44(4) of the Eugene Charter of 1976, a change in the "rates of payment" related to the Trojan facility. EWEB no longer shall pay to City an amount equal to 3 % of the Trojan revenues. Instead, EWEB shall pay to City the amount of $2.25 million, as follows: $1.15 million by October 1, 1997; $550,000 by July 1, 1998; and $550,000 by July 1, 1999. Section 2. This Resolution shall become effective after the EWEB Board approves a substantially similar resolution, and BP A formally has approved the settlement. Section 3. Except as provided by this Resolution with respect to revenues derived from the Trojan project, by Resolution 4490 for sales for resale, and the Agreement between the City, EWEB, and Lane Electric Cooperative, Inc., EWEB's payments to the City pursuant to Section 44(4) of the Eugene Charter shall remain the same as they were at the time that Section 44(4) of the Charter was adopted by the electorate. ~ The foregoing Resolution adopted ~ ::: Of~ City Recorder , 1997.