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HomeMy WebLinkAboutAgenda Report - August 1, 1984 (56)crry COMIM MEET *rA)ST 1 1984, CRD. NO. 1331 Ordinance No. 1331 Eht i t I ed "An Ordinance of the City ADOM-D Council of the City of Lodi, California authorizing the issuance of notes by NCPA (Combustion Turbine Project No. 1)" having been introduced at a regular meting of the Lodi City Council held July 18, 1984 was brought up for passage on motion of Council Member Olson, Reid second. Second reading of the Ordinance was mitted after reading by title, and the Ordinance was then adopted and ordered to print by the following vote: Ayes: Coune i I Members - 01 son, Reid. and H i nchrmn Noes: Counci I Nkvbers - Pinkerton Absent: Council Nimbers Snider (Mayor) d NI CRDINANCR NO. 1331 } CRDINANCE OF THE CITY CC[NC1L OF 'it-iE CITY OF LCDs, CALIFORNIA ALMXRIZING THE ISSUANCE OF NOTES BY NUMI RN CALIFCR41A FC%E'ER AGDICY (O►•lO MICN UMINE PROJECT' NFlIM CNE) WHEREAS. pursuant to the provisions relating to joint exercise of powers found in Chapter S of Division 7 of Title 1 of the Government Code of the State of California. as amended (the "Joint Powers Act"), the City of Lodi. California and certain other- public agencies created pursub:.t to the laws of the State of Ca-lifornia (collectively. the "Menbers"). have entered into a Joint Powers Agreement as amended (the "Agreement"). creating Northern California Power Agency (the "Agency"). a public entity separate and apart from the Menbers; and S1I9E WAS. in accordance with the Agreement and the Joint Powers Act. the Agency has entered or will enter into agreements to acquire and construct (or to cause to be acquired and constructed) a project for the generation and transmission of electric energy consisting of not more than seven 24 -megawatt carbustion turbine generating units or such lesser m=rber of units, but not less than three, as will be determin.-ri in accordance with the terms and corxditions of the Third Phase Agreement (as hereinafter defined) and related facilities. !ncluding electric facilities necessary for the Project to interconner-t with the adjacent electric system, and all rights. properties and improvements necessary therefor, fneluffrig fuel and water facilities and resources, and capital improvements that may be constructed [ram time to time (the "Project"); and WFI REAS, the Agency proposes to issue, in accordance with the Agreement and the Joint Powers Act, from time to time, in one or more installments. its notes and other evidences of indebtedness (including renewal notes) ("Notes") to be outstanding at any one time in accordance with their terms in the estimated maximm aggregate principal amount of 510,000,000; for the purpose of financing studies. the acquisition of options. permits, and other preliminary costs to be incurred prior to the undertaking of the construction or r 'I acquisition of the Project and for the purpose of providing torporary financing of costs of acquisition and construction of the Project; and rt {OFAS, the Agency proposes to issue its revenue bonds and other evidences of indebtedness ("Acquisition Bonds") for the puipose s of providing funds for the financing of the acquisition and construction of the Project; and NEOMAS. notwithstanding the aforesaid estimated maximum aggregate principal amount of Notes proposed to be issued by the Agency for the Project and to be outstanding at any one time in accordance with their terms. additional Notes may be required to crnplete the financing of studies. the acquisition of options, permits and other preliminary costs to be incurred prior to the undertaking of the construction or acquisition of the Project or to complete the tegmrary financing of costs of acqui-sition and construction of the Project; and S1HI7tEAS. the Agency has entered or will enter into one or mare agreements (the "Third Phase Agreements") with certain entities f (including two or mare of the Metamers"). pursuant to which the entities entering into such Third Phase Agreements with the Agency K f (the "Participants") will. in the aggregate, purchase options and/or rights to purchase and/or receive 100% of the capacity and energy of the Project; and WOMAS. the Notes are to be renewable from time to time and the principal of and interest on the Notes are payable from proceeds of renewal Notes and the proceeds of the Acquisition Bonds and, to the extent not so paid, may be payable from revenues of the Agency from the Project, including payments to -be made by the Participants under the Third Phase Agreements; and WOMAS, in accordance with Section 6547 of the Joint Powers Act, the exercise by the Agency of its power to issue the Notes is subject to the authorization of such issuance by the Participants pursuant to ordinance; and 14OMAS, neither the payment of principal of the Notes nor any part thereof nor interest thereon shall constitute a debt, -2- liability or obligation of the City of Lodi. California; nor does this Ordinance commit the City of Lodi. California to take or pay for any capacity or energy of the Project; and t1tMEMAS. this City Council has determined that the financing of the acquisition and construction of the Project by the Agency is appropriate to assist the City in meeting the future power needs of its customers for electric energy; and V1EMEAS, this City Council has authorized by Ordinance the Issuance and sale by the Agency of its Acquisition Bonds. the priceeds from the sale of which are to be used for the financing of the acquisition and construction of the Project including interest on such Acquisition Bonds and deposits to reserves, aW to pay the principal. premium. if any. and interest on the Notes authorized by this Ordinance when due. Nati. T1. the City Council of the City of Lodi. California does ordain as follows: I. The issuance and sale by the Agency from time to time. in one or more Installments. of its Notes (including renewal Notes) for the purpose of financing studies. the acquisition of options. permits and other preliminary costs to be incurred prior to the undertaking of the construction or P.,-,quisition of the Project and for the purpose of providing temporary financing of costs of acquisition F= z + and construction of the Project. outstanding at one time in j n8' any ^; accordance with their terms in a maximum aggregate principal amount of $130,000,000 is hereby authorized. Notwithstanding such maximum aggregate principal amount, tl:e Agency is hereby authorized to issue additional principal amx»�ts oi'Iwces if and to the extend required to caTplete the finanei-ng of studies, the acquisition of options. permits FX�c` and other preliminary costs to be incurred prior to the undertaking of y. r; the construction or acquisition of the Project or to conplete the temporary financing of costs of acquisition and construction of the Project. The proceeds from the sale of the Notes hereby authorized . are to be used for the purpose of financing financial feasibility ~' studies. environmental inpact studies and other studies relating to sE the Project, the acquisition of options, permits and other preliminary -3- costs to be incurred prior to the undertaking of the construction cr acquisition of the Project aryl for the purpose of providing temporary financing of costs of acquisition and construction of the Project, including interest on the Notes. The Notes hereby authorized are to be renewable from time to time and the principal of such Notes, and premium, if any, and interest thereon, are to be payable from proceeds of renewal Notes and the proceeds of Acquisition Bonds of the Agency, and, to the extent not so paid, may be payable from revenues of the Agency from the Project, including payments received by the Agency from the Participants under the Third Phase Agreements. 2. Pursuant to Section 6547 of the Joint Powers Act, this Ordinance is subject to the provisions for referendum prescribed by Section 3751.7 of the Elections Code of the State of California 3. The City Clerk shall certify to the enactment of this Ordinance and shall cause notice of the same to be published in accordance with Section 6040.1 of the Government Code of the State of California. 4. Sixty (60) days from: and after its enactment, this Ordinance shall take effect and be in full force, in the manner provided by law. TIE SING ORDINANCE is approved, enacted and adopted by the City Council of the City of Lodi. California this lst day of August. 1984. Attest: Alice M. Reimche City Clerk State of California County of San Joaquin, ss. I, Alice M. Reimche, City Clerk of the City of Lodi, do hereby certify that Ordinance No. 1331 was introduced at a regular meeting of the City Council R k of the City of Lodi held. July 18, 1984 and was thereafter passed, adopted and ordered to print at a regular meeting of said Council held August 1, 1984 by the following vote: Ayes: Council 11' tubers - Hinchnan, Olson, and Reid Noes: Council Mwbers - Pinkerton Absent: Council Mwbers - Snider Abstain: Council Mangers - None I further certify that Ordinance No. 133-1 was approved and signed by the Mayor on the date of Its passage and the same has been published pursuant to law. Alice M. Reimcihe City Clerk NOTICE OF CRDINANCE SUBJBCT TD REEZRENDLA1 CITY OF LCDI , CALIECIRNIA CIRDINANCE NO. 1331 ADOPTED BY THE CITY MMIL OF THE CITY OF LCDI, CALIFORNIA CN AUGUST 1. 1984 Notice is hereby given that at a regular meeting of the City Councii of the City of Lodi, California (the "City Council"), held on August 1. 1984. Ordinance No. 1331 (the "Ordinance") was adopted. The tile and a summary of the Ordinance are set forth below. The Ordinance is subject to referendum. as discussed below. Title CRDINANCE C� TIIE CITY OOLMIL OF THE CITY (k LCDI , CAL I MIN IA AUI11CRI Z ING THE ISSUANCE OF NM`ES BY NCRT ON CALI FC RN IA Summary Pursuant to the Ordinance. the City Council has authorized the issuance and sale by Northern California Power Agency (the "Pigency") of its notes and other evidences of indebtedness (including renewal notes) ("Not -s"), to be issued, from time to time, in one or more installments. in an estimated aggregate principal amount outstanding at any one time in accordance with their terms of $130,000,000. The actual interest rates on each installment of such Notes or the method .of determining such rates will be determined. by the Cmmission of the Agency in accordance with law at the time of issuance of such installment. notwithstanding such max-inu m aggregate principal ami ant of Notes, the Agency is authorized. pursuant to the Ordinance, to issue additional principal amounts of its Nc,ces if and to the extent required to corrplete the financing of studies, the acquisition of options, permits and other preliminary costs to be -1- • incurred prior to the undertaking of the construction or acquisition of the Project or to ccuplete the temporary financing of costs of acquisition and constructic- of the Project discussed below. The Agency was created pursuant to a Joint Powers Agreement. as amended (the "Agreement"), heretofore entered into between the City of Lodi. California and certain other public agencies created pursuant to the laws of the State of Cal i fornit, (collectively. the "Members") pursuant to the provisions relating to the joint exercise of powers found in Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California, as amended (the "Joint Powers Act"). The Agency is a pub l i c entity separate and apart from the llkrrbers . The Agency, in accordance with the Joint Powers Act and the Agreement, has entered or will enter into agreencnts to acquire and construct (or to cause to be acquiree: and constructed) a project for the generation and transmission of electric energy consisting of not more than seven 24 -megawatt combustion turbine generating units or such lesser number of units. but not less than three. as will be detemined in accordance with the terrors and conditions of the Third Phase Agreements (as hereinafter defined) and related facilities. including electric facilities necessary for the Project to interconnect with the adjacent electric system. and all rights. properties and improvements necessary therefor. including fuel wxi water facilities and resources, and capital improvements that rmy be constructed from time to time (the "Project"). The Agency has entered or will enter into one or more agreements (the "'Mird Phase Agreements") with certain entities (including two or more of the Members), pursuant to which the entities entering into such 'third 13wse Ag-eements with the Agency (the 1wa "Participants") will, in the aggregate, purchase options and/or rights to purchase and/or receive 100% of the capacity and energy of the Project. The City Council heretofore has auths0zed, by ordinance, the issuance and sale by the Agency of its Acquisition Bonds to provide funds for the financing of the acquisition and construction of the Project. The principal of and interest on the Acquisition Bonds are to be payable from funds held intrust for the benefit of the holders of such Bonds and frau revenues of the Agency from the Project, including payments to be made by the Participants under the Third Phase Agreements. Neither the payment of principal of the Notes nor any part thereof nor interest thereon will constitute a debt. liability or obligation of the City of Lodi, California; nor does the Ordinance ccamit the City of Lodi. Califorrii.a to take or pay for any capacity or ener?y of the Project. The City Council has determined that the financing of the acquisiti-on and construction of the Project is appropriate to assist the City in meeting the future power needs of its customers for electric energy. The Notes will mature within seven years from the date of issuance thereof and will bear interest at the probable or anticipated rate of III per annum. 111E AGENCY PROFS TO ISSUE, IN A INCE WI111 THE 's 5 S ACRESM ' AND THE JOINT PC WEBS ACT, ITS NMES (INCUDING RENEWAL NUM) PCR THE PIStMSE OF FINANCING =110, '1HE ACQ,U I S IT ICN OF i -3- 0FrICVS. PERMIT'S. AND OTHER PRELIMINARY CASTS 'ID BE INCURRED PRIOR TO THE LVDERTAKING OF THE CONSTRUCTION OR ACWISITICN OF TIIE PROJWr AND FOR TIIE PURPOSE OF PRCNIDING TiTVICRARY FINANCING OF COSTS OF ACQUISITION AND OXNS'IRIICTION OF THE PRWBCT. THE PRINCIP.4. OF AND INTEREST ON THE NUM ARE TC) BE PAYABLE FRCAI THE PROCEEDS OF RIINBVAL NUM AND FFal THF. PROCEEDS OF THE PUBLIC POWER REVS IE BONDS AND, 10 MIE EYITNT NOT SO PAID, MAY BE PAYABLE FRCM RIs'M4LJES OF THE AGR Y FROM TIIE PRO=. INCUJD!NG PASd1ENTS To BE MADE BY 711E PARTICIPANTS LNDEt THE THIRD PHASE AGPJnE TS . TIE ORDINANCE ALM><RIZING THE ISSUANCE OF THE NOTES IS SUW:CT 10 REFERIZINtM. UPON PRESFNTATICN (WITHIN THE TIME PERIOD SPBC I F I ED BY LAIV) OF A PETITION ( BEARING S t GNA`ItRES . IN AT LEAST 'IIIE "BER RBQU I RED BY THE LAiV) PRUI'EST I NG AGA I NST THE ADO Pr ICN OF 'THE OIDINANOE. THE CITY OCU,CIL IS REWIRED 10 RBOaSIDER THE ORDINANCE. T}IIREtJPCN , IF THE CITY C OLW IL DORS NOT ENT I RT'ZY REPEAL UIE ORDINANCE, T}E ORDINANCE SHALL BE SLUIITT'ED (UDM BAIL 17 %WRING PRESMIBFD BY LACY) TO THE WITRS AT A REGULAR OR SPECIAL EI.BCI'ICN AND 11E ORDINANCE SHALL NUI' BEOCb E EFFBCI' I VE INT I L A MAJORITY OF THE WITW VO►T I AIG ON THE CIMI'NANCE MXE IN FAVOR OF IT. THE FORBCDING DESCRIPTION OF THE PAOCFDURES FOR REFIRENCLM IS BASED UPON THE APPLICABLE REFIM ND[M PRO)V I S IONS OF UIE CAI. I FUIN I A ELBCT I CNS COM AMID THE CALIFORNIA 1IE' r CODE. REFERENCE IS MODE To THE CAL I R>E7N I A ELBGT I CNS CODE AMID THE CAL I TORN i A COVERM iFNT CODE FOR A CC K"LET E STAT MOU OF SLUT PROV I S I OILS . -4-