04/12/2016 Resolutions 2016-85RESOLU7'ION 20t6-85
WHEREAS, Southwest Powe� Pool, Ina (SPP) is a regionai transmission
operator that provides a real-time energy markot to the CiYy Of Grand Island; and
WHEKEAS, SPP reyuires the City to put into place au approved hnancial assurance
mechanism in Che amount of $2,OOQ000 to cover the cosls of the power transactions; and
WAEREAS, a Lettec of Credit namiog SPP as the beneficiary would be un acceptable
form of tinancia] assurance; and
WHHREAS, Wells Fazgo Bank can provide the necessary Letter of Credit to the CiTy
of Grand isiand; and
W HEREAS, the Letter of Cxedit from Wells Pazgo will be issued Por one yeaz for a
Fee of 1.0% ($20,000) of $2,000,000.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GR9ND ISLANll, NEBRASKA, that the Mayor is hereby authorized to, on
behalf of the Ciry, execute the Letter of Credit between the City of Grand Island and Wells
Fargo naming SPP as the beneficiary for She cost o�f $2Q000.
Adopted by the City Council of the CiTy of Grand Island, Nebraska, Apxil 12, 2016
ACt'est:
Nicki Stoltenberg City lerk Pro Tem
er my I. J� e ayor
Approved as to Fo�m �
Hpn1�2,20i6 Clry may