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~ • <br />AGREEMENT <br />between <br />ABAG POWER <br />and <br />City of Pleasanton <br />to Wind U~flectric Program <br />This Agreement be <br />exercise of powers <br />Government Code <br />een ABAG Publicly Owned Energy Resources (ABAG POWER), a joint <br />~ency created under the California Joint Powers Act (California <br />6500 et seq.), and City of Pleasanton (City), is made effective <br />RECITALS <br />A. The City bec me a signatory to the Joint Powers Agreement creating ABAG POWER <br />(JPA) (Attach ent A, Exhibit 1) and a Member of ABAG POWER. <br />B. ABAG POWE has been, and continues to be, staffed by employees of the Association <br />of Bay Area overnments (ABAG). <br />C. The City and BAG POWER entered into the Direct Access Electric Aggregation <br />Agreement ( A Agreement) (a form of the DA Agreement is at Attachment A, Exhibit <br />2). Under th DA Agreement, the City was a participant in the direct access electric <br />aggregation rogram .(Electric Program) until the Electric Program was suspended <br />effective ]un 30, 2001 (the Electric Program is described in more detail in <br />Attachment ). <br />D. During the o eration of the Electric Program and pursuant to the DA Agreement, <br />each Membe was obligated to pay, and did pay, to ABAG POWER a proportionate <br />share of Elec ric Program costs and Working Capital needs (Electric Program costs <br />and Working apital needs are described in more detail in Attachment B). <br />E. Upon suspen ion of the Electric Program, ABAG POWER retained funds (previously <br />paid by the embers as described in paragraph D) to pay (1) identified potential <br />Electric Progr m liabilities, (2) the costs of winding up the Electric Program, and (3) <br />the costs of arshalling assets (amounts owed to ABAG POWER and Members) <br />(liabilities, as ets and costs are described in more detail in Attachments B and C). <br />ABAG POWE has determined that it cannot, within a reasonable timeframe, (1) pay <br />or eliminate ertain potential liabilities, (2) marshal certain assets, or (3) eliminate <br />identified pot ntial liabilities associated with a major asset. <br />Therefore, ABAG PO ER and City agree to wind up the Electric Program under the following <br />terms and condition <br />Payment. Ci~y accepts as a true and .proper accounting of all sums due to it from a <br />wind up of th Electric Program the following specific and contingent sums: <br />a) <br />b) <br />c) <br />Balanci g Account -a sum to be determined <br />Workin Capital Deposits ($182,101) <br />DA Cre it - ($432,240) <br />pursuant to §4 <br />Page 1 <br />Wind Up Agreement <br />