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10/13/2008 ORIGINAL RESOLUTION NO. 14902 RESOLUTION AMENDING THE 2008-09 CAPITAL IMPROVEMENT PROGRAM BUDGET TO CREATE AND FUND A $250,000 ENERGY LIGHTING RETROFIT PROJECT AND APPROVE AN ENERGY SERVICE CONTRACT WITH RC CONSTRUCTION WHEREAS, since the year 2000, the City has been upgrading its facilities to make them more energy efficient; and WHEREAS, in 2007, the City joined the Association of Bay Area Governments Energy Watch Partnership, a joint partnership with PG&E and Energy Solutions designed to assist the City in completing energy efficient projects in public facilities; and WHEREAS, Government Code sections 4217.11 through 4217.17 allow a public agency to enter into an energy service contract; and WHEREAS, the City's Finance Director used the City's opportunity cost of capital (increased for project risk) as the yardstick for determining which projects the City should pursue; and WHEREAS, through the City's investment in the energy service contract, the cost of energy and the amortizing of the capital expense will be less than the anticipated marginal cost of energy that would otherwise have been consumed; and WHEREAS, PG&E will contribute a $53,640 rebate to be paid directly to the contractor as a portion of the project cost; and WHEREAS, the City's share of the project cost is $148,072; and WHEREAS, the City will accordingly realize an estimated annual energy savings of $46,090, which will allow the City to recover its financial investment in this project within approximately 3 years; and WHEREAS, on July 21, 2008, the City Council approved its Fiscal Year 2008-09 budget; and WHEREAS, the Fiscal Year 2008-09 budget did not include a new project appropriating funding for a Energy Lighting Retrofit program from Capital Improvement Projects Unfunded fund balance. A TTY IRESO/RESO.1859 100208 14902 Muff # 304