HomeMy WebLinkAbout83-16 RESOLUTION 83-16
A RESOLUTION OF THE CITY COUNCIL OF THE
TOWN OF LOS ALTOS HILLS AUTHORIZING THE CITY MANAGER TO
EXECUTE A SUBORDINATION AGREEMENT WITH RIVER CITY BANK
WHEREAS, On February 12, 2016, the Los Altos Hills City Council approved to participate in
the Silicon Valley Clean Energy Authority(SVCE); and
WHEREAS, to fund the Community Clean Energy program pre-launch activities and the
negative cash flow in the first few months of operation, SVCE requires credit capacity until
sufficient ratepayer revenues are received; and
WHEREAS, as a member of SVCE, the Town contributed $25,000 towards initial studies and
subsequent activities; and
WHEREAS, the SVCE Board approved River City Bank (RCB) banking services in September
and approved the Credit Agreement on November 9, 2016. In order for RCB to make funds
available post entering power supply agreement in January 2017, it is necessary for all member
agencies to approve the subordination agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the Town of Los Altos Hills
that the City Manager is hereby authorized to execute a subordination agreement with River City
Bank.
The above and foregoing Resolution was passed and adopted by the City Council of the Town of
Los Altos Hills at regular meeting held on the 17th day of November, 2016 by the following
vote:
AYES: Harpootlian, Corrigan, Radford, Spreen
NOES: None
ABSTAIN: None
ABSENT: Waldeck
BY:
,
n Harpootlian, Mayor
ATTEST:
/ ;
Deborah Padovan, City Clerk
Resolution 83-16 Page 1