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Home My WebLink AboutAgenda Report - October 2, 1985 (70)the City of Lodi authorizing the Transmission Agency of Northern California to Issue Revenue Bonds, Notes, and Other Evidence of Indebtedness having been introduced at a regular meeting of the Lodi City Council held September 18, 1985 was brought up for passage on motion of Mayor Pro Tempore Reid, Olson second. Second reading of the Ordinance was omitted after reading by title and the Ordinance was then adopted and ordered to print by the following vote: AYES: Council. Members - Olson, Pinkerton Snider and Reid NOES: Council Members - None ABSENT: Council Members - Hinchman (Mayor) ADJOURNMENT The meeting was adjourned at approximately 10:55 p.n. by Mayor Pro Tempore Reid to a Closed Session of the Council regarding property negotiations, and the Council Meeting was then adjourned immediately following the Closed Session. Alice M. Reimche City Clerk � r 4 OCTOBER, 2,'...1985 sem• :N,,✓- iA xH s i. _p- a i rel ..' r ORDINANCE AUTHORIZING THE TRANSMISSION AGENCY OF NODI CALIFORNIA TO ISSUE REVENUE BONDS, NOTES AND OTHER EVIDENCE OF INDEBTEDNESS 1 ORD. NO. 1365 ADOPTED - Ordinance No. 1365 - An Ordinance of the. City Council of the City of Lodi authorizing the Transmission Agency of Northern California to Issue Revenue Bonds, Notes, and Other Evidence of Indebtedness having been introduced at a regular meeting of the Lodi City Council held September 18, 1985 was brought up for passage on motion of Mayor Pro Tempore Reid, Olson second. Second reading of the Ordinance was omitted after reading by title and the Ordinance was then adopted and ordered to print by the following vote: AYES: Council. Members - Olson, Pinkerton Snider and Reid NOES: Council Members - None ABSENT: Council Members - Hinchman (Mayor) ADJOURNMENT The meeting was adjourned at approximately 10:55 p.n. by Mayor Pro Tempore Reid to a Closed Session of the Council regarding property negotiations, and the Council Meeting was then adjourned immediately following the Closed Session. Alice M. Reimche City Clerk _ OUNCIL COAIMUNICAT?'7N u TO: THE CITY COUNCIL DATE NO. FROM: THE CITY MANAGER'S OFFICE September 25, 1985 &�JECT-. ON OF ORDINANCE NO. 1365 AN ORDINANCE OF THE CITY COUNCIL OF THE /'TRill /1L+ Tl1TT TT:RT ♦/lP1T,'f TTt/'TTTT+ RRTT 1d9FTIR= GATTEMFIA.� ISSUE REVENUE BONDS, NOTES, AND OTIM EVIDENCES OF INDEBTEDNESS 2 Ordinance No. 1365 entitled "An Ordinance of the City Council of the City of Lodi authorizing the Transmission Agency of Northern California to Issue Revenue Bonds, Notes, and Other Evidences of Indebtedness" was introduced at a regular meeting of the Lodi City Council held September 18, 1985. The. Draft Ordinance which is attached has been approved as to form by the City Attorney. State Statute allows for the adoption of an Ordinance five days after its J introduction. RECONJNNE2MED ACTION Following reading by title, it would be appropriate for the I.adi City Council to adopt Ordinance No. 1365. , UNCIL COMMUNICATIe^4 TO: THE CITY COUNCIL DATE NO. FROM: THE CITY MANAGER'S OFFICE _ - September 25, 1585 SUBJECT: ADOPTION OF ORDIIWE No. }7[1T�3+6,/5�{�J AN ORDINANCE OF THE CITY }�sCOUNCIL OF THE 11TR"l- !1T TlV1T TTTfif7AT1TTJ i'Q7'�TlQYfi7S'SsOipCT/1T� �J Effifl 1Y. aT 1A TG ISSUE REVENUE BONDS, NOTES, AND OTHER EVIDENCES OF INDEBTEDNESS Ordinance No. 1365 entitled "An Ordinance of the City Council of the City of Lodi authorizing the Transmission Agency of Northern California to Issue Revenue Bonds., Notes, and Other Evidences of Indebtedness" was introduced at a regular meeting of the Lodi City Council held September 18, 1985. The Draft Ordinance which is attached has been approved as to form by the City Attorney. State Statute allows for the adoption of an Ordinance five days after its introduction. RECOMMENDED ACTION: Following reading by title, it would be appropriate for the Lodi City Council to adopt Ordinance No. 1365. ae , Alice M: Reitriche City Clerk ORDINANCE NO. 1365 - AN ORDINANCE OF THE CITY OF LODI AUTHORIZING THE TRANSMISSION AGENCY OF Noraq, 2N CA IF-ORNIA TO ISSUE REVENUE BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS The City Council of the City of Lodi does ordain as follows: Section 1. The Transmission Agency of Northern. California (the -Agency") organized under that certain Joint Powers Agreement dated December 10, 1984, to which this city .is a party, is hereby authorized to issue revenue bonds, note- or any other evidences of indebtedness and to renew all of the same (hereinafter referred to as "Indebtedness") payable from the revenues of the Agency unless paid from the proceeds of indebtedness, pursuant to the provisions of Article 2 (camnencing with Section 6540), Chapter 5, Division 7, Title 1 of the Government Code of the State of California (the "Act"), in a maximum amount of Twenty million dollars $20,0001000),for the project described in Section 2 hereof, provided that, notwithstanding the statement of such maxi:mm amount, a ORDINANCE NO. 1365 - AN ORDINANCE OF THE CITY OF LODI AUTHORIZING THE TRANSMISSION AGENCY OF Noraq, 2N CA IF-ORNIA TO ISSUE REVENUE BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS The City Council of the City of Lodi does ordain as follows: Section 1. The Transmission Agency of Northern. California (the -Agency") organized under that certain Joint Powers Agreement dated December 10, 1984, to which this city .is a party, is hereby authorized to issue revenue bonds, note- or any other evidences of indebtedness and to renew all of the same (hereinafter referred to as "Indebtedness") payable from the revenues of the Agency unless paid from the proceeds of indebtedness, pursuant to the provisions of Article 2 (camnencing with Section 6540), Chapter 5, Division 7, Title 1 of the Government Code of the State of California (the "Act"), in a maximum amount of Twenty million dollars $20,0001000),for the project described in Section 2 hereof, provided that, notwithstanding the statement of such maxi:mm amount, U�_ — to issue tne the Agency is also authorized by this Ordinan Indebtedness in amounts which may exceed such estimate without further authorization under this ordinance if and to the extend such additional indebtedness shall be required to complete the financing of the project described in Section 2 hereof. Section 2. The project to be funded by the Indebtedness hereby authorized as ccrnprised of (a) feasibility and planning studies for possible future action by the Agency concerning the proposed California-Oregon Transmission Project; and (b) repayment of the $3,500,000 promissory Note issued by the Agency cn June 21, 1985 for the purpose of financing such feasibility and planning studies. Section 3. The anticipated sources of revenue for the payment of the Indebtedness herein authorized to be issued by the Agency are revenues derived from payments from mnembers of the Agency and proceeds of Indebtedness issued in connection with the financing of the project. Section 4. Neither the payment of principal of the Indebtedness nor any part thereof nor interest thereon shall constitute a debt, liability or obligation of this city. Section 5. This Ordinance is subject to the provisions of referendum prescribed by Section 3751.7 of the Elections Code of the State of California. Subject to the foregoing, this ordinance r'.all take effect and be in force sixty (60) days from the date of its adoption.. Section 6. The City Clerk is hereby directed to cause this Ordinance to be published after its adoption, as provided by law, in a newspaper of general circulation within the City and shall also do other things required to cause notice of the adoption of this Ordinance to be published in the manner required by Section 6040.1 of the Government Code of the State of California. I hereby certify that the foregoing Ordinance was introduced and read at a regular meeting of tie City Council of the Ci.ty of Iyodi on the 18th day of September_, 1985 and was duly read and adopted on the 2nd day of October 1985, at a regular meeting of the Dodi City Council by the following vote: VOWN 'b`l> F Y Attest: ` `M imche Alice City Clerk State of o f aliforniEl � Jo min► ss. County ISPved as to form