Title
Resolution - Approval for Authority to Exercise Rights Under Wholesale Power Agreement Confidential Terms - D Thompson
Other Info
Submitted By: Robyn Miller on behalf of Markets
Department: Markets
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session; Exercising our right under this wholesale power agreement will produce a net positive benefit to the PEC cost of power.
Discussion
PEC wishes to exercise a provision in a wholesale power agreement. Details are provided in PEC Executive Session documentation.
Body
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF PEDERNALES ELECTRIC COOPERATIVE, INC. that the Cooperative authorizes the Chief Executive Officer, or designee, be, and hereby is, authorized as a duly authorized officer or agent of the Cooperative, to exercise a right under a wholesale power agreement, subject to the conditions as discussed by the Board during Executive Session of this meeting, and to deliver such notices as may be required by any wholesale power agreement of the Cooperative; and
BE IT FURTHER RESOLVED, that the Secretary of the Board is, authorized as a duly authorized officer of the Cooperative, for and in the name and on behalf of the Cooperative, to execute, acknowledge as appropriate, and deliver any officer's certificates in such officer's reasonable discretion as necessary, appropriate, or desirable.
BE IT FURTHER RESOLVED, that the Chief Executive Officer, or their designee, is hereby authorized and directed to do any and all such other things, and take such other actions, as the Chief Executive Officer, or their designee, deems necessary or desirable to effectuate the purposes of this resolution.