HomeMy WebLinkAboutPR 17113: CONSENT AND JOINDER AGREEMENT WITH SABINE LIQUEFACTION, LLC P.R. NO. 17113
06/08/12 vrt
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE EXECUTION OF A
FORM AND CONSENT AGREEMENT AND JOINDER
AGREEMENT BETWEEN THE CITY OF PORT ARTHUR AND
SABINE PASS LIQUEFACTION, LLC
WHEREAS, on December 13, 2011, the City Council authorized the
City Manager to enter into a Water Service Agreement with Sabine
Pass Liquefaction, LLC; and
WHEREAS, on May 15, 2012, this agreement was amended to modify
the terms of the agreement whereby Sabine Pass Liquefaction, LLC,
will hire an engineering firm to prepare the proposed design,
engineering plans, and detailed cost estimate; and
WHEREAS, Sabine Pass Liquefaction has requested that the City
enter into a form and consent agreement which will allow Sabine
Pass Liquefaction, LLC, to grant a first priority security interest
of its obligations under the aforementioned agreement to its
financing party or Common Security Trustee; and
WHEREAS, in the event of default by Sabine Pass Liquefaction,
LLC, the City acknowledges the right of the Common Security Trustee
to exercise and enforce all rights of Sabine Pass Liquefaction,
LLC, under its agreement with the City of Port Arthur.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PORT ARTHUR:
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Section 1. The facts and opinions in the preamble are true
and correct.
Section 2. That the City Council hereby authorizes the
City Manager to execute the Consent and Agreement and Joinder
Agreement to Consent and Agreement, in substantially the same form
as attached hereto as Exhibit "A ".
Section 3. That a copy of the caption of this Resolution
shall be spread upon the Minutes of the City Council.
READ, ADOPTED, AND APPROVED, this day of
2012 AD, at a Regular Meeting of the City Council of the City of
Port Arthur, Texas by the following vote: AYES:
Mayor:
Councilmembers:
NOES:
Deloris "Bobbie" Prince, Mayor
ATTEST:
Sherri Bellard, City Secretary
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APPROVED AS TO FORM:
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Val Tizeno, City i ttorney
APPROVED FOR ADMINISTRATION:
John A. Comeaux, P.E.,
Acting City Manager
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EXHIBIT "A"
TO BE DISCUSSED IN
EXECUTIVE SESSION AND
PRESENTED AT THE COUNCIL MEETING
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