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RESOLUTION 2012 -159R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, APPROVING AN EXTENSION OF THE LETTER OF <br />INTENT WITH THE LOWER COLORADO RIVER AUTHORITY <br />( "LCRA ") IN ORDER TO COMPLETE NEGOTIATION OF AN <br />AGREEMENT FOR THE CITY'S FINANCIAL PARTICIPATION IN THE <br />THOMAS C. FERGUSON REPLACEMENT POWER PLANT; <br />AUTHORIZING THE CITY MANAGER TO EXECUTE THE <br />EXTENSION DOCUMENT; AND DECLARING AN EFFECTIVE DATE. <br />WHEREAS, the City of San Marcos and the Lower Colorado River Authority (LCRA) <br />entered into a Letter of Intent on August 7, 2012 regarding the negotiation of an agreement <br />providing for the city's financial participation in the Thomas C. Ferguson Replacement Plant; <br />and <br />WHEREAS, the Letter of Intent contained a timeline for completion and execution of a <br />participation agreement on or before December 14, 2012; and <br />WHEREAS, additional time is necessary in order to complete ongoing negotiations. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. The San Marcos City Council hereby approves and authorizes the City <br />Manager to execute an extension of the Letter of Intent from December 14, 2012 until January <br />31, 2013. <br />PART 2. This resolution shall be in full force and effect immediately from and after <br />its adoption. <br />ADOPTED on December 4, 2012. <br />iel Guerrero <br />Mayor <br />Attest: <br />ie Lee Pettijohn <br />City Clerk <br />