Common use of Designated Fund Clause in Contracts

Designated Fund. The City is a municipal corporation and is precluded under the California State Constitution and applicable law from entering into obligations that financially bind future governing bodies without an appropriation for such obligation, and, therefore, nothing in this Agreement shall constitute an obligation of future legislative bodies of the City to appropriate funds for purposes of the Agreement; provided, however, that (i) the City has created and set aside a designated operating fund for San Xxxx Clean Energy as further described in Section 4.80.4050 of the City of San Xxxx Municipal Code (the “Designated Fund”) for payment of its obligations under this Agreement, (ii) as set forth in Section 4.80.4060 of the City of San Xxxx Municipal Code, all monies derived from operation of San Xxxx Clean Energy, including revenues from sale of electricity, payments from other entities, and any financing proceeds associated with San Xxxx Clean Energy will be deposited in the Designated Fund, and (iii) subject to the requirements and limitations of applicable law and taking into account other available money specifically authorized by the San Xxxx City Council and allocated and appropriated to the San Xxxx Clean Energy’s obligations, the City agrees to establish San Xxxx Clean Energy rates and charges that are sufficient to maintain revenues in the Designated Fund necessary to pay its obligations under this Agreement and all of the City’s payment obligations under its other contracts for the purchase of energy for San Xxxx Clean Energy. The City shall provide Consultant with reasonable access to account balance information with respect to the San Xxxx Clean Energy Designated Fund during the Term

Designated Fund. The City Buyer is a municipal corporation and is precluded under the California State Constitution and applicable law from entering into obligations that financially bind future governing bodies without an appropriation for such obligation, and, therefore, nothing in this Agreement shall constitute an obligation of future legislative bodies of the City to appropriate funds for purposes of the Agreement; provided, however, that (i) the City Buyer has created and set aside a designated operating fund for San Xxxx Clean Energy as further described in Section 4.80.4050 of the City of San Xxxx Municipal Code (the “Designated Fund”) for payment of its obligations under this Agreement, (ii) as set forth in Section 4.80.4060 of the City of San Xxxx Municipal Code, all monies derived from operation of San Xxxx Clean Energy, including revenues from sale of electricity, payments from other entities, and any financing proceeds associated with San Xxxx Clean Energy will be deposited in the Designated Fund, and (iii) subject to the requirements and limitations of applicable law and taking into account other available money specifically authorized by the San Xxxx City Council and allocated and appropriated to the San Xxxx Clean Energy’s obligations, the City Buyer agrees to establish San Xxxx Clean Energy rates and charges that are sufficient to maintain revenues in the Designated Fund necessary to pay its obligations under this Agreement and all of the CityBuyer’s payment obligations under its other contracts for the purchase of energy for San Xxxx Clean Energy. The City Buyer shall provide Consultant Seller with reasonable access to account balance information with respect to the San Xxxx Clean Energy Designated Fund during the Term.

Designated Fund. The City is a municipal corporation and is precluded under the California State Constitution and applicable law from entering into obligations that financially bind future governing bodies without an appropriation for such obligation, and, therefore, nothing in this Agreement shall constitute an obligation of future legislative bodies of the City to appropriate funds for purposes of the Agreement; provided, however, that (i) the City has created and set aside a designated operating fund for San Xxxx Clean Energy as further described in Section 4.80.4050 of the City of San Xxxx Municipal Code (the “Designated Fund”) for payment of its obligations under this Agreement, (ii) as set forth in Section 4.80.4060 of the City of San Xxxx Municipal Code, all monies derived from operation of San Xxxx Clean Energy, including revenues from sale of electricity, payments from other entities, and any financing proceeds associated with San Xxxx Clean Energy will be deposited in the Designated Fund, and (iii) subject to the requirements and limitations of applicable law and taking into account other available money specifically authorized by the San Xxxx José City Council and allocated and appropriated to the San Xxxx Clean Energy’s obligations, the City agrees to establish San Xxxx Clean Energy rates and charges that are sufficient to maintain revenues in the Designated Fund necessary to pay its obligations under this Agreement and all of the City’s payment obligations under its other contracts for the purchase of energy for San Xxxx Clean Energy. The City shall provide Consultant with reasonable access to account balance information with respect to the San Xxxx Clean Energy Designated Fund during the Term

Designated Fund. The City Buyer is a municipal corporation and is precluded under the California State Constitution and applicable law from entering into obligations that financially bind future governing bodies without an appropriation for such obligation, and, therefore, nothing in this Agreement shall constitute an obligation of future legislative bodies of the City to appropriate funds for purposes of the Agreement; provided, however, that (i) the City Buyer has created and set aside a designated operating fund for San Xxxx Clean Energy as further described in Section 4.80.4050 of the City of San Xxxx Municipal Code (the “Designated Fund”) for payment of its obligations under this Agreement, (ii) as set forth in Section 4.80.4060 of the City of San Xxxx Municipal Code, all monies derived from operation of San Xxxx Clean Energy, including revenues from sale of electricity, payments from other entities, and any financing proceeds associated with San Xxxx Clean Energy will be deposited in the Designated Fund, and (iii) subject to the requirements and limitations of applicable law and taking into account other available money specifically authorized by the San Xxxx City Council and allocated and appropriated to the San Xxxx Clean Energy’s obligations, the City Xxxxx agrees to establish San Xxxx Clean Energy rates and charges that are sufficient to maintain revenues in the Designated Fund necessary to pay its obligations under this Agreement and all of the CityBuyer’s payment obligations under its other contracts for the purchase of energy for San Xxxx Clean Energy. The City Buyer shall provide Consultant Seller with reasonable access to account balance information with respect to the San Xxxx Clean Energy Designated Fund during the Term.

Designated Fund. The City Buyer is a municipal corporation and is precluded under the California State Constitution and applicable law from entering into obligations that financially bind future governing bodies without an appropriation for such obligation, and, therefore, nothing in this Agreement shall constitute an obligation of future legislative bodies of the City Buyer to appropriate funds for purposes of the this Agreement; provided, however, that (i) the City Buyer has created and set aside a designated operating fund for San Xxxx Clean Energy as further described in Section 4.80.4050 of the City of San Xxxx Municipal Code (the “Designated Fund”) for payment of its obligations under this Agreement, (ii) as set forth in Section 4.80.4060 of the City of San Xxxx Municipal Code, all monies derived from the operation of San Xxxx Clean Energy, including revenues from for sale of electricity, payments payment from other entities, and any financing proceeds associated with San Xxxx Clean Energy Energy’s obligation will be deposited in the Designated Fund, and (iii) subject to the requirements and limitations of applicable law and taking into account other available money specifically authorized by the San Xxxx José City Council and allocated and appropriated to the San Xxxx Clean Energy’s obligations, the City Buyer agrees to establish San Xxxx Clean Energy rates and charges that are sufficient to maintain revenues in the Designated Fund necessary to pay its obligations under this Agreement and all of the CityBuyer’s payment obligations under its other contracts for the purchase of energy and related products for San Xxxx Clean Energy. The City Buyer shall provide Consultant Seller with reasonable access to account balance information with respect to the San Xxxx Clean Energy Designated Fund during the Term.