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RESOLUTION 83-16 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE <br /> TOWN OF LOS ALTOS HILLS AUTHORIZING THE CITY MANAGER TO <br /> EXECUTE A SUBORDINATION AGREEMENT WITH RIVER CITY BANK <br /> WHEREAS, On February 12, 2016, the Los Altos Hills City Council approved to participate in <br /> the Silicon Valley Clean Energy Authority(SVCE); and <br /> WHEREAS, to fund the Community Clean Energy program pre-launch activities and the <br /> negative cash flow in the first few months of operation, SVCE requires credit capacity until <br /> sufficient ratepayer revenues are received; and <br /> WHEREAS, as a member of SVCE, the Town contributed $25,000 towards initial studies and <br /> subsequent activities; and <br /> WHEREAS, the SVCE Board approved River City Bank (RCB) banking services in September <br /> and approved the Credit Agreement on November 9, 2016. In order for RCB to make funds <br /> available post entering power supply agreement in January 2017, it is necessary for all member <br /> agencies to approve the subordination agreement. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the Town of Los Altos Hills <br /> that the City Manager is hereby authorized to execute a subordination agreement with River City <br /> Bank. <br /> The above and foregoing Resolution was passed and adopted by the City Council of the Town of <br /> Los Altos Hills at regular meeting held on the 17th day of November, 2016 by the following <br /> vote: <br /> AYES: Harpootlian, Corrigan, Radford, Spreen <br /> NOES: None <br /> ABSTAIN: None <br /> ABSENT: Waldeck <br /> BY: <br /> , <br /> n Harpootlian, Mayor <br /> ATTEST: <br /> / ; <br /> Deborah Padovan, City Clerk <br /> Resolution 83-16 Page 1 <br />