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HomeMy WebLinkAboutAgenda Report - October 21, 1981 (30)[Note: Ordinance to be adopted AfteE Bonds Ordinance.) ORDINANCE NO. ORDINANCE OF THE CITY COUNCIL OF THE CITY OF AUTHORIZING THE ISSUANCE OF NOTES BY NORTHERN CALIFORNIA POWER AGENCY (NORTH FORK STANISLAUS RIVER HYDROELECTRIC DEVELOPMENT POWER PROJECT). WHEREAS, pursuant to the provisions of Chapter 5, Division 7, Title 1 of the Government Code of the State of California, as amended (the "Joint Powers Act"), the City of - - and certain other public agencies created pursuant to the laws of the State of California (collectively, the "Members"), have entered into a Joint Powers Agreement, as amended (the "Agreement"), creating the Northern California ..Power Agency (the "Agency"), a public entity separate and apart from the Members; and WHEREAS, in accordance with the Agreement and the Joint Powers Act, the Agency has entered or will enter into agreements to acquire a project (the "Project") to consist of rights to capacity and energy from the North Fork Stanislaus River Hydroelectric Development Power Project, a hydroelectric project to be constructed in the State of California, and capital improvements thereto that may be constructed from time to time, and interests in certEsn Cother property and rights relating thereto; and WHEREAS, 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 (including renewal Notes) to be out- standing at any one time in accordance with their terms in the esti- mated maximum aggregate principal amount of $500,000,000, 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 acquisition of the Project and for the purpose of providing temporary financing of costs of acquisition and con- struction of the Project; and WHEREAS, the Agency proposes to issue its revenue bonds and evidences of indebtedness ("Public Power Revenue Bonds") for the pur- pose of providing funds for the acquisition, construction and financ- ing of the Project; and WHEREAS, 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 com- plete the financing of the Project; and L'. WHEREAS, th;a Agency has entered or will enter Into agreements (the "Memt.,er Ag►.eements") with certain entities (including two or more of the Members), pursuant to which the entities entering into such Member Agreements with the Agency (the "Participants") will, in the aggregate, purchase rights to 1008 of the capacity and energy cf ti.e Project; and WHEREAS, the Notes are to be renewable from time to time and payable from proceeds of renewal Notes and the proceeds of the Public Power Revenue Bonds and, to the extent not so paid, may be payable from revenues of the Agency from the Project, including pay- ments to be made by the Participants under the Member Agreements; and WHEREAS, in accordance with the Joint Powers Act, the exer- cise by the ASency of its power to issue the Notes is subject to the authorization of such issuance by the Members pursuant to Ordinance; and WHEREAS, neither the payment of principal of the Notes nor any part thereof nor interest thereon shall constitute a debt, liability or obligation of the City of ; nor does this Ordinance commii'the City of to take or pay for any capac- ity or energy of the Project; and WHEREAS, this City Council has authorized by Ordinance the issuance and sale by the Agency of its Public Power Revenue Bonds, the proceeds from the sale of which are to be used for the acquisi- tion, construction and financing of the Project, including interest on such Bonds and deposits to reserves, and to pay the principal, premium, if any, and interest on the Notes authorized by this Ordinance when due. NOW, THEREFORE, the City Council of the City of does ordain as follows: 1. The issuance and sale by the Agency from time to time, in one or more installments, of its Notes (including renewal Notes) outstanding at any one time in accordance with their terms in a maximum aggregate principal amount of $500,000,000 is hereby authorized. Notwithstanding such maximum aggregate principal amount, the Agency is hereby authorized to issue additional principal amounts of. Notes if and to the extent required to complete the financing of the Project. The proceeds from the sale of the Notes hereby authorized are to be used for the 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 such Notes, and premium, if any, and interest thereon, are to be payable from proceeds of renewal Notes and the proceeds of Public Power Revenue Bonds of the Agency and, to the extent not so paid, -2- may be payable from revenues of the Agency from the Project, including payments received by the Agency from the Participants under the Member 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 fore, in the manner provided by law. THE FOREGOING ORDINANCE is approved, enacted and adopted by the City:Council of the City of , this day of , 1981. ATTEST: • NOTICE OF ORDINANCE CITY OF .. ' . .... ORDINANCE NO. ADOPTED BY THE CITY ON , 1981 SUBJECT TO REFERENDUM COUNCIL OF THE CITY OF Notice is hereby given that at a regular meeting of the City Council of the City of (the "City Council"), held on , 1981, Ordinancc No. (the "Ordinance") was adopted. The title and a summary of the Ordinance are set forth below. The Ordinance is subject to referendum, as discussed below. Title ORDINANCE OF THE CITY COUNCIL OF THE CITY OF AUTHORIZING THE ISSUANCE OF RTES BY NORTHERN CALIFORNIA POWER AGENCY (NORTH FORT: STANISLAUS RIVER HYDROELECTRIC DEVELOPMENT PUBLIC POWER). Summary Pursuant to the Ordinance, the City Council has authorized the issuance and sale by Northern California Power Agcncy (the "Agency") of its Notes (including renewal Notes), each to mature within seven years from the date of issuance thereof, 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 $500,000,000 and to bear interestata probable 0 overall rate of 11% per annum. The actual interest rates on each invtallment of such Notes or the method of determining such rates will be determined by the Commission of the Agency in accordance with law at the time of issuance of such installment. Notwithstanding such maximum aggregate principal amounts of Notes, the Agency is authorized, pursuant to the Ordinance, to issue additional principal amounts of its Notes if and to the extent required to complete the financing of the Project discussed below. Council Member , and voted in favor of the Ordinance. Council Member and voted against the Ordinance. The Agency was created pursuant to a Joint Powers Agreement, as amended (the "Agreement"), heretofore entered into between the City of and certain other public agencies cre- ated pursuant to the laws of the State of California (collectively, the "Members") pursuant to the Provisions of Chapter 5, Division 7, Title 1 of the Government Code of the State of California, as amended (the "Joint Powers Act"). The Agency is a public entity separate and apart from the Members. The Agency, in accordance with the Joint Powers Act and the Agreement, has enteied or will enter into agree- ments to acquire a project (the "Project") to consist of rights to capacity and energy from the North Fork Stanislaus River Hydroelectric Development Public Power, a hydroelectric project proposed to be constructed in the St -.ate of California, and capital t improvements thereto that may be constructed from time to time, and 10 interests in certain other property and rights relating thereto. The Agency has entered or will enter into agreements (the "Member Agreements") with certain entities (.including two or more of the Members), pursuant to which the entities entering into such Member Agreements with the Agency (the "Participants") will, in the aggre- gate, purchase rights to 100% of the capacity and energy of the Project. The City Council heretofore has authorized, by ordinance, the issuance and sale by the Agency of its Public Power Revenue Bonds to provide frnds for the acquisition, construction and financing of the Project. The Public Power Revenue Bonds are to be payable from funds held in trust for the benefit of the holders of such Bonds and from revenues of the Agency from the Project, including payments to be made by the Participants under the Member Agreements. Neither the payment of principal of the Notes nor any part thereof nor interest thereon will co;istitute a debt, liability or obligation of the City of ; nor does the Ordinance commit the City of. to take or pay for any capacity or energy of the Project. THE AGENCY PROPOSES TO ISSUE, IN ACCORDANCE WITH THE AGREE- MENT AND THE JOINT POWERS ACT, 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 ACQUISITION OF THE PROJECT AND FOR THE PURPOSE OF PROVIDING TEMPORARY FINANCING OF COSTS OF ACQUISITION AND CONSTRUCTION OF THE PROJECT. THE NOTES ARE TO BE PAYABLE FROM THE PROCEEDS OF RENEWAL NOTES AND FROM THE PROCEEDS OF THE PUBLIC POWER REVENUE 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 MEMBER AGREEMENTS. THE ORDINANCE AUTHORIZING THE ISSUANCE OF THE NOTES IS SUBJECT TO REFERENDUM. UPON PRESENTATION (WITHIN THE TIME PERIOD SPECIFIED BY LAW) OF A PETITION (BEARING SIGNATURES, IN AT LEAST THE NUMBER REQUIRED BY THE LAW) PROTESTING AGAINST' THE ADOPTION OF THE ORDINANCE, THE CITY COUNCIL IS REQUIRED TO RECONSIDER THE ORDINANCE. THEREUPON, IF THE CITY COUNCIL DOES NOT ENTIRELY REPEAL THE ORDINANCE, THE ORDINANCE SHALL BE SUBMITTED (UNDER BALLOT WORDING PRESCRIBED BY LAW) TO THE VOTERS AT A REGULAR OR SPECIAL ELECTION AND THE ORDINANCE SHALL NOT BECOME EFFECTIVE UNTIL A MAJORITY OF THE VOTERS VOTING ON THE ORDINANCE VOTE IN FAVOR OF IT. THE FOREGOING DESCRIPTION OF THE PROCEDURES FOR REFERENDUM IS BASED UPON THE APPLI- CABLE REFERENDUM PROVISIONS OF THE CALIFORNIA ELECTIONS CODE KID THE CALIFORNIA GOVERNMENT CODE. REFERENCE IS MADE TO THE CALIFORNIA ELECTIONS CODE AND THE CALIFORNIA GOVERNMENT CODE FOR A COMPLETE STATEMENT OF SUCH PROVISIONS. -2- NOTICE OF ORDIVA L CITY OF lo6ti • - - ORDINANCE no. j2_lg- ADOP'T'ED BY THE CITY ON _QC1rAwr 21�, 198.1 City October SUBJECT',: TO REFS.RENDM COUNCIL OF THE CITY OF LUnT - - - ' ' Notice is hereby given that at a regular meeting of the Council of the City of Lodi* ' ' '_ (the "City Council") , held 4n 21 , 1981, Ordinance 20.1239• (the "Ordinance") was adapted. The title and a summary of the Ordinance are set forth below. The Ordinance is subject to .referendum, as discussed below. Title ORDINANCE OF THE CITY COUVCI L OF THECITY OF I50D2 - ' ' ' AUTHORIZING THE ISSUANCE OF NOTES BY N011MEM4 CALIFORNIA PC7.1ER AGENCY (NORTH FORT: STANISLAUS RIVER HYDROELECTRIC DEVELOPNrNT PUBLIC MIER) . Summary Pursuant to the Ordinance, the City Coumcil has authorized the issuance and sale by Northern California Power Agency (the "Agency") of its Dotes (including renewal notes) , each to mature within seven years from the date of issuance thereof, to be issued, from time to time, in one or more installsaents, in an estimated aggregate principal amount outstanding at any one time in accordance with their terms of $500,000,000 and to h ar interest at a probable overall rate of 11% per annum. The actual interest rates on each installment of such Notes or the method of determining such rates' will be determined bx the Commission of the Agency in accordance with law at the time of issuance of such installment. Notwithstanding such maximum aggregate principal amounts of Notes, the Agency is authorized, pursuant to the Ordinance, to issue additional principal amounts of its Notes if and to the extent required to complete the financing of the Project discussed below. and McCarty Council MerberHA�Lh� Katntch, 'MurFhK -..,1 voted in favor of the Ordinance. Council Member-ZiAkezton voted against the Ordinance. The Agency was created pursuant to a Joint Powers Agreement, as amended (the "Agreement") , heretofore entered into between the City of Lodi ' ' ' - and certain other public agencies cre- ated pursuant to the laws of the State of California (collectively, the "Members") pursuant to the provisions of Chapter 5, Division 7, Title 1 of the Government Code of the State of California, as amended (the "Joint Powers Act") . The Agency is a public entity separate and apart from the Members. The Agency, in accordance with the Joint Powers Act and the Agreement, has entered or will enter into agree- ments to acquire a project (the "Project") to consist of rights to capacity and energy from the North Fork Stanisiaus River Hydroelectric Development Public Power, a hydroelectric project proposed to be constructed in the State of California, and capital D improvements thereto that may be constructeO fro -m time to time, and interests in certain other property and rights relating thereto. The Agency has entered or will enter into agreements (the "Member Agreements") with certain entities (including two or more of the Members), pursuant to which the entities entering into such Member Agreements with the Agency (the "Participants") %-All, in the aggre- gate, purchase rights to 1001 of the capacity and energy of the Project. The City Council heretofore bas authorized, by ordinance, the issuance and sale by the Agency oil its Public Power Revenue: Dontis to provide funds for the acquisition, construction and financing of the Project. The Public Power Revenue Bonds are to be payable from funds held in trust for the benefit of the holders of such Bonds and from revenues of the Agency from the Project, including payments to be made by the Participants under the Member 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 nor does the Ordinance corwrit the City of jr,.jt' ' ' to take or pay for any capacity or energy of the Project. THE AGENCY PROPOSES TO ISSUE, IN ACCORDANCE WITH THE AGREE- MENT AND THE JOINT POWERS ACT, ITS NOTES (INCLUDING RENEI AI, NOTSS) FOR THE PURPOSE OF FINANCING STUDIES, THE ACQUISITION OF OPTIONS, PERMITS, AND OTHER PRELIMINTRY COS`1'S TO BE INCURRED PRIOR TO THE UNDERTAKING OF THE CONSTRUCTIO111 OR ACQUISITION OF THE PROJECT AND FOR THE PURPOSE OF PROVIDING. TEMPORARY FINANCING 0:' COSTS OF ACQUISITION AND CONSTRUCTION OF THE PROJECT. THE NOTES ARE TO BE PAYABLE FRa4 THE PROCEEDS OF RENEiIAL NOTES AND FROM THE PROCEEDS OF THE PUBLIC POWER REVENUE 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 MEMBER AGREE DENTS. THE ORDINANCE AUTHORIZING THE ISSUANCE OF THE NOTES IS .SUBJECT TO REFERENDUM. UPON PRESENTATION (WITHIN THE TIME PERIOD SPECIFIED BY LAW) OF A PETITION (BEARING SIGNATURES, IN AT LEAST TIE NUMBER REQUIRED BY THE LAW) PROTESTING AGAINST THE ADOPTION OF THE ORDINANCE, THE CITY COUNCIL IS REQUIRED TO RECONSIDER THE ORDINANCE. THEREUPON, IF THE CITY COUNCIL DOES NOT ENTIRELY REPEAL THE ORDINANCE, THE ORDINANCE SMALL BE SUBMITTED (UNDER BALLOT WORDING PRESCRIBED BY LAII) TO THE VOTERS AT A REGULAR OR SPECIAL ELECTION AND THE ORDINANCE SHALL NOT BECOI4E EFFECTIVE UNTIL A MAJORITY OF THE VOTERS VOTING ON THE ORDINANCE VOTE IN FAVOR OF IT. THE FOREGOING DESCRIPTION OF THE PROCEDURES FOR REFERENDUM IS BASED UPON THE APPLI- CABLE REFERENDUM PROVISIONS OF THE CALIFORNIA ELECTIONS CODE AND THE CALIFORNIA GOVERNMENT CODE. REFERENCE IS MADE TO THE CALIFORNIA ELECTIONS CODE AND THE CALIFORNIA GOVERNMENT CODE FOR A COMPLETE STATEMENT OF SUCH PROVISIONS. ALICE M . MCiiE City Clerk -2- a 265 , ' ORDINANCE NO. 1239 ORDINANCE OF THE CITY COUNCIL OF TILE CITY OF LODI AUTHORIZING TILE ISSUANCE OF NOTES BY NORTHERN CALIFORNIA POWER AGENCY (' (NORTH FORK STANISIAUS RIVER HYDROELECTRIC DEVELOPMENT POWER PROJECT) WHEREAS, pursuant to the provisions of Chapter S, Division 7, Title 1 of the Government Code of the State of California, as amended (the "Joint { Powers Act"), the City of Lodi and certain other public agencies created 1, pursuant to the laws of the State of California (collectively, the "Members"), have entered into a Joint Powers Agreement, as amended (the "Agreement"), 1 creating the Northern California Power Agency (the "Agency"), a public entity separate and apart from the Members; and i i WHEREAS, in accordance with the Agreement and the Joint Powers Act, ; the Agency has entered or will enter into agreements to acquire a project 1 i (the "Project") to consist of rights to capacity and energy from the North + Fork Stanislaus River Hydroelectric Development Power Project, a hydroelectric t 1 project to be constructed in the state of California, and capital improve- ments thereto that may be constructed from time to time, and interests in s certain other property and rights relating thereto; and 'E WHEREAS, the Agency proposed to issue, in accordance with the �! Agreement and the Joint Powers Act, from time to time, is one or more s �ll� installments, its Notes (including renewal Notes) to be outstanding at any one f �. time in accordance with their terms in the estimated maximum aggregate principal {? amount of $500,000,000, for the purpose of financing studies, the acquisition of options, permits, and other preliminary costs to be incurred prior to the r undertaking of the construction or acquisition of the Project and for the purpose of providing temporary financing of costs of acquisition and construction h £E of the Project; and r WHEREAS, the Agency proposes to issue its revenue bonds and evidences of indebtedness ("Public Power Revenue Bonds") for the purpose of providing Ifunds for the acquisition, construction and financing of the Project; and WHEREAS, 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 ary one time in accordance with their terms, additional Notes may be required to complete the financing of the Project; and; • s 1239 -1- 1 are to be used for the 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 such Notes, and pre.-sium, if any, and interest thereon, are to be payable fron proceeds of renewal Notes and the proceeds of Public Power Revenue 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 Parti- cipants under the Member 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 flame 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. THE FOREGOING ORDINANCE is approved, enacted and adopted by the City Council of the City of Lodi, this 31st day of October, 1981 by the following vote: Ayes: Councilm- ughes, Murphy, Katnich and McCarty Noes: Councilmen Pi erton �,,, tom► `•_ �. Absent: Councilmen - No r �';•�� ;ti. \ '�, ��� t\ Attest: ICE H. &4 -RE MCHE City Clerk JAMES- A. Mayor 1239 -3- r