HomeMy WebLinkAboutRES 1997-20 - Board RFC DL UTI �1 t D 9 72Q�l..."....,�......�,�'.....,.....".,�.....
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TR`c�C�cEE DONNER PMBE. �}T1L�ITY DESTf?t�T
.
ADDP7`ING POLIO AUTHDRIZING .DISTRICT STAFF?`O FNTE'R 1111T
CQIIETRAGTS ETAl30HING THL�PRILP POWER
PURCHASED FROKIDAHD PDINER Q VIPA 1E�'
WHEREAS, the District has entered into a three year contract with Idaho Power Company for the
purchase of wholesale power and energy, and
WHEREAS, said contract provides that the price paid by the District to Idaho Power Company for
said power and energy shall be tied to the Mid-Columbia index, and
WHEREAS, the purchase of power and energy on an index places a price risk on the District, and
WHEREAS, the District can manage its price risk by purchasing financial instruments and or
physical instruments,
NOW, THEREFORE, BE 1T RESOLVED BY THE BOARD OF DIRECTORS THAT.
1. The Power Supply Engineer of the District, in consultation with staff of
Northern California Power Agency and with the approval of the District
General Manager, is authorized to execute financial and or physical
contracts which manage the price risk of the power and energy purchased
from Idaho Power Company subject to the following terms and conditions.
2. In entering into a said contract the following procedures shall be observed-
a) There shall be established a list of pre-approved firms offering
financial risk management services within the electric industry, which
list shall be submitted to the Board of Directors for approval, and
may be amended from time to time.
b) A minimum of two telephone quotes shall be secured from firms on
the pre-approved list, which quotes shall be recorded on the
transaction memorandum which shall be prepared to document the
actions leading up to purchase of the contract.
c) The Power Supply Engineer shall consult with the appropriate staff
of the Northern California Power Agency regarding the desirability to
seek quotes, and shall again so consult after receipt of the two
quotes. These consultations shall be documented in the transaction
memorandum.
d) in no event shall any single contract entered into under authority of
this policy extend for a period of greater than three months.
e) Prior to executing the contract, the Power Supply Engineer shall
submit his recommendation to the General Manager of the District.
After securing approval from the General Manager, the Power
Supply Engineer is authorized to execute the contract.
f) The Power Supply Engineer shall inform the Board of Directors of
any executed transaction by providing a copy of the transaction
memorandum as part of the next monthly staff report.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held within the
District on the fifth day of November 1997 by the following roll call vote:
AYES: Aguera, Jones, Maass and Hemig.
NOES: None.
ABSTAIN: Sutton.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
By
Peter L. Ho meister, CI rk of the Board
ATTE .
Susan M. Craig, Deputy District C k
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