HomeMy WebLinkAboutTC Res 2018-03-07 RESOLUTION NO. 10-2018
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TIBURON
APPROVING THE MEMORANDUM OF UNDERSTANDING FOR THE
TRANSFER OF PG&E RULE 20A CREDITS FROM THE COUNTY OF TRINITY
WHEREAS, the Town of Tiburon is currently undergrounding Tiburon Boulevard from
Lyford Avenue to Ned's way("Project"), and is funding the Project in part with Rule 20A Credits
from PG&E.; and
WHEREAS, the Town of Tiburon has the desire to purchase and use the County of
Trinity's available Rule 20A Credits to assist in funding the Project; and
WHEREAS, the California Public Utilities Commission and PG&E allow for Rule 20A
Credits to be transferred from one agency to another; and
WHEREAS, the County of Trinity is willing to enter into a Memorandum of
Understanding ("MOU") with the Town and transfer $700,000 of the County of Trinity's Rule
20A Credits to the Town, in exchange for a $350,000 payment by the Town, and grant the Town
an option to purchase up to an additional $345,000 of the County of Trinity's Rule 20A credits at
a price of.50 (fifty cents) per credit; and
WHEREAS, the Town Council for the Town of Tiburon has reviewed and understands
the terms for the transfer of credits set forth in the attached MOU;
NOW THEREFORE, the Town Council of the Town of Tiburon does resolve as follows:
Section 1. The Town Council hereby approves the MOU between the County of
Trinity and the Town of Tiburon for the transfer of$700,000 of the County of Trinity's PG&E
Rule 20A Credits in exchange for a cash payment from the Town of Tiburon to the County of
Trinity in the amount of$350,000, with an option to purchase up to an additional $345,000 of the
County of Trinity's Rule 20A Credits, in substantially the form attached hereto as Exhibit "A"
and incorporated herein by reference.
Section 2. The Town Manager is hereby authorized execute the MOU with the
County of Trinity and to take all necessary action to carry out the terms of the MOU.
Section 3. The Town Council hereby directs that the Rule 20A credits transferred to
the Town from the County of Trinity be used for the Project.
PASSED AND ADOPTED at a regular meeting of the Town Council this 7"' day of
March, 2018, by the following vote:
AYES: COUNCILMEMBERS: Fraser, Fredericks, Kulik, Thier, Weiner
NAYES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
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Town Council Resolution No. 10-2018 03/07/2018
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JIM FR S,* ,MAYOR
TOWN OF IBURON
ATTEST:
LEA STEF NI, TOWN CLERK
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Town Council Resolution No. 10-2018 03/07/2018