HomeMy WebLinkAboutResolution - 3967Resolution No. 3967
Page 1 of 3
STATE OF CALIFORNIA) RESOLUTION NO. 3967
COUNTY OF RIVERSIDE)ss
CITY OF SAN JACINTO)
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO
AUTHORIZING THE EXECUTION OF A SURETY BOND TO MEET
FINANCIAL SECURITY REQUIREMENT FOR SAN JACINTO POWER
COMMUNITY CHOICE AGGREGATION PROGRAM
WHEREAS, Community Choice Aggregation authorized by Assembly Bill 117, is
a state law that allows cities, counties, and other authorized entities to aggregate
electricity demand within their jurisdictions in order to purchase and/or generate
alternative energy supplies for residents and businesses within their jurisdiction while
maintaining the existing electricity provider for transmission and distribution service; and
WHEREAS, on December 6, 2016, City Council adopted Ordinance 16-12,
Establishing a Community Choice Aggregation program, San Jacinto Power; and
WHEREAS, the California Public Utilities Code Section 394.25 requires posting of
a bond or insurance sufficient to cover costs of an involuntary return of customers, also
known as the Financial Security Requirement; and
WHEREAS, the minimum Financial Security Requirement is $147,000, but may
increase because of market conditions or regulatory decisions; and
WHEREAS, the City of San Jacinto, on behalf of San Jacinto Power, has
previously satisfied the Financial Security Requirement through the issuance of a letter
of credit; and
WHEREAS, the City of San Jacinto, on behalf of San Jacinto Power, now seeks
to satisfy the Financial Security Requirement through the issuance of a Surety Bond.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SAN JACINTO
DOES HEREBY RESOLVE, DETERMINE AND ORDER, AS FOLLOWS:
Section 1. The foregoing recitals are true and correct.
Section 2. That the City Manager is authorized to execute documents to enable
the issuance of, and amendments to, a Surety Bond in satisfaction of the San Jacinto
Power’s Financial Security Requirement.
Section 3. This resolution shall take effect immediately upon its adoption.
DocuSign Envelope ID: C91C0F7F-D0CA-4496-89B0-B1AA2EED091B
Resolution No. 3967
Page 2 of 3
PASSED, APPROVED, and ADOPTED this 21st day of March, 2023, by the following
vote:
AYES: Vandever, Hawkins, Ayala, Ruiz, Ledezma
NAYS: None
ABSENT: None
ABSTAIN: None
CITY OF SAN JACINTO:
________________________________
Alonso Ledezma, Mayor
ATTEST:
Julia Espinoza, City Clerk
APPROVED AS TO FORM:
BEST, BEST & KRIEGER, LLP.
______________________________
Michael J. Maurer, City Attorney
DocuSign Envelope ID: C91C0F7F-D0CA-4496-89B0-B1AA2EED091B
Resolution No. 3967
Page 3 of 3
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) ss
CITY OF SAN JACINTO)
CERTIFICATION
I, Julia Espinoza, City Clerk of the City of San Jacinto, DO HEREBY CERTIFY
that the foregoing Resolution No. 3967 was passed, approved, and adopted at the
Regular Meeting of the San Jacinto City Council held on the 21st day of March 2023, by
the following vote:
AYES: Vandever, Hawkins, Ayala, Ruiz, Ledezma
NAYS: None
ABSENT: None
ABSTAIN: None
WITNESS MY HAND AND OFFICIAL SEAL this 21st day of March, 2023.
________________________________
Julia Espinoza, City Clerk
City of San Jacinto
DocuSign Envelope ID: C91C0F7F-D0CA-4496-89B0-B1AA2EED091B