HomeMy WebLinkAboutAgenda Report - August 17, 1988 (103)APPROVAL OF AMENDMENT
NO. 1 TO PROE T
AGREEMENT NO. 2 AND
AMENDING ORDINANCE
FOR TANC REVENUE
ANTICIPATION NOTES,
SERIES 1985
CPD1NWgCE NO. 1432
INTRODUCED
RES. NO. 88-118
ADOPTED
CC -7(s)
CC -149
CITY COUNCIL MEETING
AUGUST 17, 1988
Electric Utility Director Henry Rice apprised the City
Council that, at its July 20, 1988 meeting, the Commission
of the Transmission Agency of Northern California ("TANC") ,
of which Lodi is a member, approved Amendment No. 1 (the
"Amendment") to the Project Agreement No. 2 for the
California -Oregon Transmission Project among TANC and its
Members. The purpose of the Amendment is to permit TANC to
utilize the remaining proceeds of its Revenue Anticipation
Notes, Series 1985 (the "Notes") to be used to pay costs of
acquisition and construction of the California -Oregon
Transmission Project. At said meeting, the TANC Commission
also adopted a supplement to its Resolution No. 85-23
(pursuant to which the Notes have been issued) for the same
purpose.
In addition to the TANC Commission action noted above, to
permit the expenditure of Note proceeds for such purposes
it is necessary that each Member of TANC amend certain
approvals given in connection with the issuance of the
Notes, namely: ( i )the resolutions approving Project
Agreement No. 2; and (ii) the ordinance approving the
issuance of the Notes.
Specifically, TANC requests that the following action be
taken by each Member in the order indicated below:
1. Present the resolution approving the Amendment in the
form provided.
2. Present the ordinance in the form provided amending the
original ordinance relating to the Notes.
3. Within 15 days of its adoption, notice of the enactment
of the ordinance in the form provided must be published
in accordance with Government Code Section 6040.1.
Discussion followed with questions being directed to Mr
Rice by the City Council.
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