pages: CityCouncil/2010-07-20.pdf, 3
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CityCouncil | 2010-07-20 | 3 | The City Attorney responded in the affirmative; stated changes could have been made to an employee's title. Councilmember Gilmore moved adoption of the resolution. Councilmember Matarrese seconded the motion, which carried by unanimous voice vote - 5. (*10-365) Ordinance No. 3019, "Revising the City's Sewer Service Charges." Finally passed. CITY MANAGER COMMUNICATIONS None. REGULAR AGENDA ITEMS (10-366) Resolution No. 14477, "Approving Proceedings to Refinance Installment Payment Obligations of Alameda Municipal Power, Approving Issuance of Revenue Bonds by the Alameda Public Financing Authority for Such Purposes, and Approving Related Documents and Actions." Adopted. The Alameda Municipal Power (AMP) General Manager and Paul Thimmig, Bond Counsel, gave a brief presentation. Councilmember Tam stated pages 34 and 35 of the Preliminary Official Statement show the ten largest electricity customers count for 21.8% of total sales; commercial revenue for energy sales is almost half of the total generated revenue; inquired whether there is a great sensitivity to what happens with the top ten as it affects commercial revenue. The AMP General Manager responded the rating agencies look at revenue concentration; stated Alameda is considered medium concentration; very few customers contribute a large portion of the revenues; Fitch mitigated the concern by talking about the federal government being one of the highest customers. Councilmember Tam inquired whether sensitivity would be acceptable if MARAD leaves. The AMP General Manager responded in the affirmative; stated AMP did a bottom up risk analysis as part of the financial review over the year; the analysis looked at recourse risks as well as load risk; revenue impacts due to customer loss, aggressive energy efficiency programs, and lost sales has been included the amount of reserves appropriate to hold; reserves accommodate for load loss. Councilmember Gilmore stated page 5 of the Escrow Deposit and Trust Agreement is an indemnification clause and states: "...whether or not any of the transactions Regular Meeting Alameda City Council 3 July 20, 2010 | CityCouncil/2010-07-20.pdf |