(a) The mayor and city clerk are hereby authorized and directed to execute the Gas Acquisition Prepay Program Participation Agreement (the “participation agreement”) on behalf of the city substantially in the form presented to the governing body this date; provided, that the average effective cost of program gas under the participation agreement, including the price of gas and financing costs, but excluding costs of transportation and management fees, if any, shall not exceed $1.959/MMBtu.
(b) The revenues of the electric utility system of the city (the “system”) are hereby pledged for the repayment of the obligations of the city under the participation agreement.
(c) The city agrees to fix, establish, maintain and collect such rates, fees and charges for the use and services furnished by or through the system, as will produce revenues sufficient to enable the city to fulfill its obligation under the participation agreement.
(d) The mayor, city clerk, city attorney and other officials of the city are hereby further authorized and directed to execute any and all documents, certificates and opinions, and take such actions as they may deem necessary or advisable, in order to carry out and perform the purposes of this article.
(Ord. 1219, Secs. 2:5)