HomeMy WebLinkAboutres1981-0331
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DATE: August 20, 1981
INTRODUCED BY: Johnson
PROPOSED BY: Puget Power
RESOLUTION NO. 81 -33
A RESOLUTION CONSENTING TO AN ASSIGNMENT
FOR FINANCING PURPOSES OF PUGET SOUND
POWER & LIGHT COMPANY'S 25 -YEAR WATER
AND WASTE WATER FRANCHISE ON CERTAIN ROADS
IN WHATCOM COUNTY, GRANTED BY ORDINANCE NO. 79 -72.
WHEREAS, Puget Sound Power & Light Company has been
granted a 25 -year water and waste water franchise on certain county
roads by Ordinance 79 -72 dated November 15, 1979; and,
WHEREAS, Ordinance 79 -72 permits the grantee, Puget
Sound Power & Light Company, to mortgage the franchise to a trustee
for the grantee's bond holders; and,
WHEREAS, Puget Sound Power & Light Company has entered
into certain agreements to finance construction of the combustion
turbine units commonly known as Whitehorn Combustion Turbine
Electric Generating Facility, and pursuant to that agreement, has
assigned said franchise for security purposes to the Bank of
California, National Association, and National Banking Association,
as a trustee under the trust agreement dated November 30, 1980; and,
WHEREAS, the trustee requires that the Whatcom County
Council consent in writing to said assignment for financing pur-
poses;
NOW, THEREFORE, BE IT RESOLVED that the Whatcom County
Council hereby consents to and approves the assignment by Puget
Sound Power & Light Company of all its right, title and interest
in and to the 25 -year water and waste water franchise granted by
Ordinance No. 79 -72 dated November 15, 1979, Whatcom County, Wash-
ington, to Puget Sound Power & Light Company, unto the Bank of
California, National Association, a National Banking Association,
as trustee, for security purposes.
DATED this 20th day of August, 1981.
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
rte„
8HI)2LEY VAN ZANT N,
IRESOLUTION - 1. Council Chairperson
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ATTEST:
County Auditor & Ex Officio
Clerk of the County Council
BY
Deputy,
v
APPROVED AS TO FORM:
BRUCE L. DISEND',
Civil Deputy Prosecuting Attorney
RESOLUTION - 2.