01/24/2000 Resolutions 2000-27
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RES 0 L UTI 0 N 2000-27
WHEREAS, on November 22, 1999, by Resolution 99-372, the City of Grand Island
approved a 230/115 Transformer Replacement Agreement by and between the City of Grand Island
and Nebraska Public Power District (NPPD) to ensure compliance with MAPP regulations and to
have adequate resources to provide sound electrical service to the City; and
WHEREAS, the agreement authorizes the City to receive interest at the lowest prime
rate on the unused advance balance paid to NPPD for equipment procurement and construction; and
WHEREAS, upon further review, it was decided between the parties that U.S.
Treasuries is the more appropriate interest rate for this transaction; and
WHEREAS, Amendment No. 1 to the Transformer Replacement Agreement which
reflects said change in interest rate computation has been reviewed and approved by the City
Attorney's office.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that Amendment No.1 to the Transformer
Replacement Agreement by and between the City and Nebraska Public Power District is hereby
approved; and the Mayor is hereby authorized and directed to execute such amendment on behalf
of the City of Grand Island.
Adopted by the City Council ofthe City of Grand Island, Nebraska, January 24,2000.
u~n./
Cindy K. J
Approved as to Form ... (;!iiZ:::'
January 20, 2000 ... City Attorney