RESOLUTION NO. R-2023-023
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PISMO BEACH,
CALIFORNIA APPROVING AN ASSIGNMENT OF RIGHTS UNDER A WATER
PRESALE AGREEMENT BETWEEN THE CITY AND CENTRAL COAST
DEVELOPMENT COMPANY TO INTREPID FINANCIAL, LLC
WHEREAS, the City is party to a water presale agreement with Central Coast Development Company (CCDC) that governs the allocation of 20 acre-feet of State Water Project water for property owned by CCDC; and
WHEREAS, due to an impending dissolution of CCDC, CCDC desires to assign all of its rights under the water presale agreement to Intrepid Financial, LLC; and WHEREAS, the water presale agreement requires City consent to any assignment of rights under that agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pismo Beach that the City Manager is authorized and directed to sign the Assignment of Rights and City Approval agreement to effectuate the assignment of rights under the water presale agreement, in substantially the form attached hereto (Exhibit A).
UPON MOTION OF Council Member Newton, seconded by Council Member Guthrie, the foregoing resolution was adopted by the City Council of the City of Pismo Beach this 4th day of April 2023, by the following vote:
AYES:
4 Newton, Guthrie, Reiss, Waage
NOES:
0 ABSENT:
1 Inman
ABSTAIN:
0 RECUSED:
0 Approved:
Ed Waage, Mayor
Attest:
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R-2023-23