File #: 17-0778    Name: July 25 BOS - MBCP Credit Guarantee
Type: General Agenda Item Status: Passed
File created: 7/13/2017 In control: Board of Supervisors
On agenda: 7/25/2017 Final action: 7/25/2017
Title: a. Approve the Memorandum of Agreement Between the County of Monterey and Monterey County Cities Regarding Credit Guaranty for Monterey Bay Community Power ("Cities Agreement"), contingent on approval by all member cities; b. Approve the Shared Financial Agreement by and Among the County Members of the Monterey Bay Community Power Authority of Monterey, Santa Cruz and San Benito, contingent on approval by all member cities of the Cities Agreement; c. Approve Non-Revolving Credit Guaranty with River City Bank to provide approximately 45.45% percent of the credit guaranty, contingent on approval by all members of the Cities Agreement; and d. Authorize the County Administrative Officer to make modifications to all agreements that do not change the material terms and to execute the agreements on behalf of the County.
Attachments: 1. Board Report, 2. Att. A - Cities Agreement, 3. Att. B - Shared Financial Agreement, 4. Att. C - Non Revolving Credit Guaranty, 5. Completed Board Order
Title
a. Approve the Memorandum of Agreement Between the County of Monterey and Monterey County Cities Regarding Credit Guaranty for Monterey Bay Community Power ("Cities Agreement"), contingent on approval by all member cities;
b. Approve the Shared Financial Agreement by and Among the County Members of the Monterey Bay Community Power Authority of Monterey, Santa Cruz and San Benito, contingent on approval by all member cities of the Cities Agreement;
c. Approve Non-Revolving Credit Guaranty with River City Bank to provide approximately 45.45% percent of the credit guaranty, contingent on approval by all members of the Cities Agreement; and
d. Authorize the County Administrative Officer to make modifications to all agreements that do not change the material terms and to execute the agreements on behalf of the County.

Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:

1. Approve the Memorandum of Agreement Between the County of Monterey and Monterey County Cities Regarding Credit Guaranty for Monterey Bay Community Power ("Cities Agreement"), contingent on approval by all member cities;
2. Approve the Shared Financial Agreement by and Among the County Members of the Monterey Bay Community Power Authority of Monterey, Santa Cruz and San Benito, contingent on approval by all member cities of the Cities Agreement;
3. Approve Non-Revolving Credit Guaranty with River City Bank to provide approximately 45.45% percent of the credit guaranty, contingent on approval by all members of the Cities Agreement; and,
4. Authorize the County Administrative Officer to make modifications to all agreements that do not change the material terms and to execute the agreements on behalf of the County.


SUMMARY:
Monterey Bay Community Power (MBCP) is a regional Community Choice Energy Joint Powers Agency that was formed on February 28, 2017. On March 7, 2017, the Monterey County Board of Supervisors adopted a resolution approving the MBCP Joint Exercise of P...

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