09/27/2005 Resolutions 2005-271
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RES 0 L UTI 0 N 2005-271
WHEREAS, on October 14,2003, by Resolution 2003-279, the City Council ofthe
City of Grand Island approved a Power Participation Agreement between the City of Grand Island
and Omaha Public Power District (OPPD) to obtain up to 30 MW of energy from Omaha Public
Power District after its Nebraska City Unit #2 plant is constructed and operational; and
WHEREAS, all environmental permitting and state agency approvals have been
completed, and the project is proceeding to the point that major capital expenditures are pending for
construction; and
WHEREAS, the financing of the project is outlined in the Power Participation
Agreement and is structured such that OPPD will issue their bonds for their share and will also issue
the bonds for the Participant's share; and
WHEREAS, the Participant's costs to service that debt are to be billed monthly over
the 40 year life ofthe power plant, with the Participants obligated to begin Capital Cost payments at
the time the unit goes into commercial operation in 2009; and
WHEREAS, after reviewing its options, City staff recommends providing its share of
the Project Capital Costs via the Separate System Bond issue as provided in the Power Participation
Agreement with OPPD; and
WHEREAS, the City's share of Project Capital Cost is estimated at $30,000,000, to be
paid over the life of the Nebraska City Unit #2 power plant.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that Omaha Public Power District is hereby
authorized to issue Separate System Bonds for the City of Grand Island's share ofthe Capital Cost of
construction of the Nebraska City Unit #2 Power Plant Project, in accordance with the Power
Participation Agreement.
BE IT FURTHER RESOLVED, that the Utilities Director is hereby authorized to
notify Omaha Public Power District ofthis election.
Adopted by the City Council ofthe City of Grand Island, Nebraska, September 27,2005.
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RaNae Edwards, City Clerk
Approved as to Form l:l ~/
September 22, 2005 l:l Ity A or y