Res 03-2026 assignment of the Oklaunion Power Stations LLC Raw Water Contract to Platon Investments LLC 01/20/2026 Resolution No. 03-2026
Resolution authorizing the approval of the assignment of the
Oklaunion Power Stations LLC Raw Water Contract to Platon
Investments LLC
WHEREAS, the City of Wichita Falls, Texas (the "City") and Wichita County Water
Improvement District #2 ("WCWID"), as "Owners," entered into a previous contract titled
Oklaunion Power Station, L.L.C. Raw Water Purchase Contract (the "Water Contract")
dated effective October 19, 2023, with Oklaunion Power Station, L.L.C. ("OPS"), as
"Customer"; and,
WHEREAS, OPS has requested Owners' approval of a proposed assignment of
the Contract (the "Assignment") to Platon Investments L.L.C. (the "Assignee"); and,
WHEREAS, Section 6.0 of the Water Contract requires each Owner to approve
any assignment, which approval shall not be unreasonably withheld, conditioned, or
delayed; and,
WHEREAS, the City has reviewed the proposed Assignment and determined that
Assignee possesses the resources necessary to perform the obligations under the
Contract as Customer; and,
WHEREAS, the City finds that consenting to the proposed Assignment will
promote the public interest and provide a public benefit by ensuring the continued and
uninterrupted performance of services and receipt of revenues under the Contract; and,
WHEREAS, the City further finds that approval of the proposed Assignment will
not increase the City's financial obligations or create any new fiscal liability beyond those
previously approved under the Contract.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
1 . Approval of Proposed Assignment. The City hereby authorizes and approves the
proposed Assignment of the Contract from OPS to Assignee.
2. Release of Assignor. Effective upon completion of the proposed Assignment (the
effective date of which shall be the later of the (i) date on which the last Owner
authorizes and approves the proposed Assignment and (ii) effective date of the
Assignment, as stated in an assignment and assumption agreement executed by
Customer and Assignee), OPS is hereby released from all duties, obligations, and
liabilities arising under the Contract accruing after the effective date of the
proposed Assignment, and Assignee shall assume and be solely responsible for
all such obligations thereafter.
3. No Fiscal Impact. Approval of the proposed Assignment shall have no fiscal impact
on the City and shall not modify the compensation, term, or financial obligations of
the City under the Contract.
4. No Other Modifications. Except as expressly approved herein, all other terms and
conditions of the Contract shall remain unchanged and in full force and effect.
5. Effective Date of Resolution. This Resolution shall take effect 30 days after the
adoption of this Resolution.
PASSED AND APPROVED this the 20th day of January, 2026.
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— MAYOR
ATTEST:
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City Clerk