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Vice Mayor Tyson replied and said the out-of-pocket would be the amount we are <br />spending for the credits, less the amount of betterment credits we get from PG&E, <br />AT&T and Comcast, which represent roughly three-quarters of our net costs. <br />Somewhere in the half -million to one million net Town expenditure. The Town <br />would up -front the cost and we receive the money back once the project was <br />complete. <br />Further Council discussion ensued. <br />MOTION MADE AND SECONDED: Councilmember Schmidt moved to approve <br />Resolution 23-21 to Enter into Memorandum of Agreements with Three Jurisdictions <br />to Purchase 4,323,712 Rule 20a Work Credits to Complete the Town's <br />Undergrounding Project for an Amount of $2,012,240; the agreements would be <br />effective upon execution by the Vice Mayor; and approval of a letter to the CPUC. <br />The motion was seconded by Councilmember Swan. <br />MOTION PASSED 4-0-1: <br />AYES: Tyson, Mok, Schmidt, Swan <br />NOES: None <br />ABSTAIN: None <br />RECUSE: Tankha <br />ABSENT: None <br />3. ADJOURN <br />The meeting adjourned at 4:00 p.m. <br />Respectfully submitted, <br />Deborah Padovan <br />Deborah Padovan <br />City Clerk <br />The minutes of the April 28, 2021 special City Council meeting were approved as presented at <br />the May 20, 2021 regular City Council meeting. <br />2 <br />City Council Special Meeting Minutes <br />April 28, 2021 <br />