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RESOLUTION NO. 2013 -62 <br />A RESOLUTION OF THE CITY COUNCIL OF <br />THE CITY OF NEWPORT BEACH <br />DECLARING ITS INTENTION TO ENTER <br />INTO AN OPERATING AGREEMENT FOR <br />THE MANAGEMENT OF THE CITY'S OIL, <br />GAS AND OTHER HYDROCARBON <br />RESOURCES <br />WHEREAS, the City of Newport Beach ( "City ") manages the tidelands within its <br />boundaries on behalf of the State of California pursuant to the provisions of the Beacon <br />Bay Bill (Chapter 74 of the Statutes of 1978, as amended); <br />WHEREAS, as part of its tidelands management responsibilities and consistent <br />with Charter Section 1401, the City manages oil, gas and other hydrocarbon resources <br />( "Oil Operations "); <br />WHEREAS, the income earned from the City's Oil Operations is deposited into <br />the City's tidelands funds as required by the Beacon Bay Bill to finance the <br />improvement, maintenance and operation of the tidelands; <br />WHEREAS, the City desires to seek proposals and enter into an operating <br />agreement with a third -party experienced in the management of Oil Operations to <br />further increase efficiency and income derived from the City's Oil Operations, <br />WHEREAS, prior to entering into an operating agreement with a third -party for <br />the management of the City's Oil Operations, the City is required by California Public <br />Resources Code Section 7058.5 to adopt this resolution declaring its intent to enter into <br />said operating agreement; and <br />WHEREAS, pursuant to California Public Resources Code Section 7060, the <br />State Lands Commission has reviewed and approved this resolution at its Special <br />Meeting held on Friday, July 12, 2013. <br />NOW, THEREFORE, the City Council of the City of Newport Beach resolves as <br />follows: <br />Section 1: The City Council declares its intent to enter into an operating <br />agreement to manage the City's Oil Operations. Pursuant to California Public <br />Resources Code Section 7058.5 the City provides the following information; <br />(1) Consistent with Charter Section 1401, exploration, drilling, production <br />or processing of oil, gas or other hydrocarbon substances by vertical, <br />slant or other drilling method will originate from the land surface within <br />