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Safford approves amendment to SPA working-capital agreement to ease WCF2 membership changes
Summary
The council authorized Resolution R26-012 to approve the first amendment to the Southwestern Public Power Agency (SPA) WCF2 agreement, a change staff said will streamline adding future municipal participants and increase pooled investment flexibility.
The City of Safford approved Resolution R26-012 authorizing the first amendment to the agreement establishing the SPA Working Capital Fund 2 (WCF2). Jeff Low, the utilities director, told council the amendment eliminates the need for existing members to sign a new agreement each time a new eligible municipal participant joins, and staff recommended approval to increase investment options and improve compliance with power purchase requirements.
Staff said SPA maintains pooled working capital dollars contributed by municipal participants to earn interest and support participants’ power‑purchase needs; adding participants and streamlining the signatory process is intended to provide more funds for investment and to improve collaboration among municipal members.
Council moved and approved the resolution; the council chair confirmed the city would continue to participate in SPA and that the amendment formalizes a streamlined governance step for future participants.
