IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
A RESOLUTION authorizing the County Executive to execute a Guaranty Termination and Release with Suez Energy Congeneration Corporation and a replacement Performance Guarantee with Thermal North America, Inc., at no cost to the County.
Intro
RESOLUTION #16470, December 3, 2007
INTRODUCED BY Bob Spence, County Legislator
Body
WHEREAS, in 1997, the County entered into a Cooling Service Agreement with Trigen Missouri Corporation to provide chilled water cooling of County buildings within the downtown Kansas City chilled water loop; and,
WHEREAS, the then parent company of Trigen Missouri, Trigen Energy Corporation, now know as Suez Energy Cogeneration Corporation, guaranteed the performance of Trigen Missouri in an guarantee Agreement executed on February 13, 1997 (the "Old Guarantee"); and,
WHEREAS, Thermal North America, Inc., acquired from Suez all of the capital stock of certain Trigen subsidiaries, including Trigen Missouri; and,
WHEREAS, in exchange for the County's release of the Old Guarantee, Thermal North America, Inc., has agreed to provide a replacement performance guarantee (the "New Guarantee") for the services of Trigen Missouri; and,
WHEREAS, the New Guarantee, contains an additional financial covenant wherein the Guarantor shall, for the duration of the New Guarantee, maintain a net worth of at lease Fifty Million Dollars ($50,000,000.00); now therefore,
BE IT RESOLVED by the County Legislature of Jackson County, Missouri, that the County Executive be and hereby is authorized to execute the attached Guaranty Termination and Release with Suez Energy Cogeneration Corporation and the attached Performance Guarantee with Thermal North America, Inc.
Enacted and Approved
Effective Date: This Resolution shall be effective immediately upon its passage by a majority of the Legislature.
APPROVED AS TO FORM:
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