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• • <br /> Resolution No. 2 6-0 4 <br /> A Resolution of the City Council of the Town of Los Altos Hills <br /> Authorizing the ABAG Wind Up Agreement <br /> Terminating the Town's Participation in the <br /> ABAG POWER Electric Aggregation Program <br /> WHEREAS,the Town of Los Altos Hills became a signatory to the Joint Powers <br /> Agreement creating ABAG POWER on September 30, 1997; and <br /> WHEREAS,the Town and ABAG POWER entered into the Direct Access <br /> Electric Aggregation Agreement under which the Town was a participant in the direct <br /> access electric aggregation program until it was suspended effective June 30, 2001; and <br /> WHEREAS during the operation of the Electric Program and pursuant to the <br /> Direct Access Agreement the Town was obligated to pay and did pay to ABAG POWER <br /> its proportionate share of Electric Program costs and working capital needs; and <br /> WHEREAS upon suspension of the Electric Program, ABAG POWER retained <br /> funds previously paid by the members to pay identified potential Electric Program <br /> liabilities, costs of winding up the Electric Program and the costs of marshalling the <br /> Program's assets. <br /> WHEREAS,ABAG POWER has received authorization from it's Board of <br /> Directors to wind up the program and distribute remaining funds to members,while at the <br /> same time passing any remaining risks to members as well. <br /> NOW, THEREFORE,BE IT RESOLVED that the Town of Los Altos Hills <br /> and ABAG POWER agree to terminate the Town's participation in the ABAG POWER <br /> Electric Aggregation Program under the terms and conditions set forth in the Wind Up <br /> Agreement between the Town and ABAG POWER. <br /> BE IT FURTHER RESOLVED,that the City Council of the Town of Los Altos <br /> Hills hereby approves the Wind Up Agreement and authorizes the Mayor to execute same <br /> on behalf of the Town. <br /> ADOPTED this 21/77 day of JVAJE , 2004 <br /> By <br /> <br /> Attest: <br /> <br /> City erk <br />