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HomeMy WebLinkAboutAgenda Report - October 21, 1981 (39)I ,q -.4 -;1; 1 1'-574 Tlklj 4: 1; F a i (Note: This Ordinance to be adopted bg ore Notes Ordinance.] ORDINANCE NO. ORDINANCE OF THE CITY COUNCIL OF THE CITY OF AUTHORIZING THE ISSUANCE OF PUBLIC POWER REVENUE BONDS 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")r 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 proposed to be constructed in the State of California, and capital improvements thereto that may be constructed from time to time, and interests in certain other 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 revenue bonds and evidences of indebtedness ("Public Power Revenue Bonds") to be outstanding at any one time in accordance with their terms in the estimated maximum aggregate prin- cipal amount of $750,000,000, for the purpose of providing funds for the acquisition, construction and financing of the Project; and WHEREAS, the Agency also proposes to issue 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; and WHEREAS, notwithstanding the aforesaid estimated maximum aggregate principal amount of Public Power Revenue Bonds proposed to be issued by the Agency for the Project and to be outstanding at any one time in accordance with their terms, additional Public Power Revenue Bonds may be required to complete the financing of the Projects and • d WHEREAS, 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 aggregate, purchase rights to 100% of the capacity and energy of the Project; and WHEREAS, the Public Power Revenue Bonds are to be payable f rom f unds held in trust for the benef it 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; and WHEREAS, the Notes are to be 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 payments to be made by the Participants under the Member Agreement; and WHEREAS, in accordance with the Joint Powers Act, the exer- cise by the Agency of its power to issue the Public Power Revenue Bonds is subject to the authorization of such issuance by the Members pursuant to Ordinance; and WHEREAS, neither the payment of principal of the Public Power Revenue Bonds nor any part thereof nor interest thereon shall constitute a debt, liability or obligation of the City of ; nor does this Ordinance commit the City of to take or pay for any capacity or energy of the Project. 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 Public Power Revenue Bonds outstanding at any one time in accordance with their tarms in a maximum aggregate principal amount of $750,000,000 is hereby authorized. Notwithstanding such maximum aggregate principal amount, the Agency is hereby authorized to issue additional principal amounts of its Public Power Revenue Bonds if and to the extent required to complete the financing of the Project. The proceeds from the sale of the Public Power Revenue Bonds hereby autho- rized are to be used for the acquisition, construction and financing of the Project, including interest on such Bonds and deposits to reserves, and to pay the principal, premi- um, if any, and interest on the Notes of the Agency when due. The Public Poorer Revenue Bonds hereby authorized, and premium and interest thereon, are to be payable from, and secured by, funds held in trust for the benefit of the holders of Public Power Revenue Bonds and from revenues of the Agency from the Project, including payments received by -2- 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 force, 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: AaL 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, Ordinance 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 PUBLIC POWER REVENUE BONDS BY NORTHERN CALIFORNIA POWER AGENCY (NORTH FORK STANISLAUS RIVER HYDROELECTRIC DEVELOPMENT PUBLIC POWER). Summary Pursuant to the Ordinance, the City Council has,aut'ho:ized the issuance and sale by Northern California Power Agency (the "Agency") of its revenue bonds and evidences of indebtedness ("Public Power Revenue Bonds"), to mature on or before December 31, 2022, to be issued, from time to time, in one or more installments, in an -, estimate aggregate principal amount outstanding at any one time in accordance with their terms of $750,000,000 and to bear interest at a probable overall rate of 13% per annum. The actual interest rates on each installment of such Public Power Reveni:e Bonds or the method of determining such rates will be determined by the Commission of,the Agr-cy in accordance with law at the time of issuance of such installment. Notwithstanding such maximum agggregate principal amounts of Public Power Revenue Bonds, the Agency is authorized, pursuant to the Ordinance, to issue additional principal amounts of its Public Power Revenue Bonds 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 iursuant 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 St ite 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 agreements 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 State of California, and capital improvements there::o that may be constructed from 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 entiti,�s 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 Notes (including renewal Notes) for the purpose of financing studies, the acquisition of `d 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 acquisi- tion and construction of the Project. The Notes are to be payable from the proceeds of renewal Noter and the proceeds of the Public Power Revenue Bands authorized by the Ordinar.e and, to the extent not so paid, may be payable from revenues oL the Agency from the Project, including payments to be made by the Participants under the MEmber Agreements. Neither the payment of principal of the Public Power Revenue Bonds nor any part thereof nor interest thereon will con sti- tute a debt, liability or obligation of the City of f nor does the Ordinance commit the City of to take or pay for any capacity or energy of tAe Project. THE AGENCY PROPOSES TO ISSUE, IN ACCORDANCE WITH 711F AGREE- MENT AND THE JOINT POWERL ACT, ITS PUBLIC POWER REVENUE EONL► :0 PRO- VIDE 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. THE ORDINANCE AUTHORIZING THE ISSUANCE OF THE PUBLIC POWER REVENUE BONDS 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 LPW) TO THE VOTERS AT A REGULAR OR SPECIAL ELECTION ANT) THE ORDINANCE SHALL NOT BECOME EFFECTIVE UNTIL A MAJOR- ITY OF THE VOTERS VOTING ON THE ORDINANCE VOTE IN FAVOR OF IT. THE FOREGOING DESCRIPTION OF THE PROCEDURES FOR REFERENDUM IS BASED UPON THE APPLICABLE 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 COMPLFTE STATEMENT OF SUCH PROVISIONS. NOTICE OF ORDINANCE CITY OF Loral ORDINANCE IJO. 1238 AD0PTED BY THE CITY ON October 21 ^_ 19 81 141 SUBJECT TO REFERENDUM COUNCIL OF THE CITY OF SZ.^ .... Notice is hereby given that at a regular meeting of the City Council of: the City of rnai (the "City Council") , held on ,notobor 21 , 1981, Ordinance No. I -i�f3 (the "Ordinance") was adoTDted. The title and a summary of the Ordinance are set forth belo:a. ,The Ordinance is subject to referendU-M, as discussed below. Title ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ]QQT - ` • ' AUTHOni'I.ING THE ISSUANCE, OF PUBLIC: P0NER REVENUE BONDS BY NORTHERN CALIFORNIA POWER AGENCY (NORTH FORS STANISLAUS RIVER IIYDROLLECTRIC DEVELOPMENT PUBLIC POWER) . Stuamary Pursuant to the Ordinance, the City Council has authorized the issuance and sale by Northern California Power Agency (the "Agency") of its revenue bonds and evidences of indebtedness ("Ptiblic Power Revenue Bonds") , to mature on or before Decer tbor 31, 2022, to be issued, from time to time, in one or more installments, in an estimate aggregate principal amount outstanding at any one tine in Accordance with their terns of $750,000,000 and to bear interest at a probable overall rate of 13% per annuim. The actual interest rates on each installment of such Public Power Revenue Bonds 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 Public Power Revenue Bonds, the Agency is authorized, pursuant to the Ordinance, to issue additional principal amounts of its Public Power Revenue Bonds if and to the extent required to complete the financing of the Project discussed below. and McCarty Council Member Hughes. K_atnich, Murphy/ voted in favor of the Ordinance. Council Member Pinkerton 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 T:.a;' ' ' 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 agreements 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 State of California, and capital improvements thereto that may be constructed from 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 I•Iember 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 hates (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 acc3uisi- tion and construction of the Project. The Notes are to be payable from the proceeds of renewal Notes and the proceeds of the Public Power Revenue Bonds authorized by the Ordinance 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. Neither the payment of principal of the Public Power Revenue Bonds nor any part thereof nor interest thereon will consti- tute a debt, liability or obligation of the City o`.I.odi ; nor does the Ordinance commit the City of Lodi _ 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 PUBLIC POWER REVENUE BONDS TO PRO- VIDE FUNDS FOR THE ACQUISITIONt CONSTRUCTION AND FINANCING OF THE PROJECT. THE PUBLIC PO1 ER REVENUE BONDS ARE TO BE PAYABLE FROM FUNDS HELD IIJ 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. THE ORDINANCE AUTHORIZING THE ISSUANCE OF THE PUBLIC POWER REVENUE BONDS IS SUBJECT TO REFERENDUM. UPON PRESENTATION (11ITHIN THE TIME PERIOD SPECIFIED BY LAW) OF A PETITION (BEARING SIGNATURES, IN AT LEAST THE NUMBER R£ Q ) UIRED 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 I.IAJOR- ITY OF THE VOTERS VOTING ON THE ORDINANCE VOTE IN FAVOR OF IT. THE FOREGOING DESCRIPTION OF THE PROCEDURES FOR REFERENDUM IS BASED UPON THE APPLICABLE 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 C014PLETE STATEMENT OF SUCH PROVISIONS. ALICE M. RMCHE -2- City Clerk 262 : ORDINANCE NO. 1238 ORDINANCE OF THE CITY COUNCIL OP THE CITY OF LODI AUTHORIZING THE ISSUANCE OF PUBLIC POWER REVENUE BONDS 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 Lodi 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 proposed to be constructed in the State of California, and capital Improvements thereto that may be constructed from time to time, and interests in certain other 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 revenue bonds and evidences of indebtedness ("Public Power Revenue Bonds") to be outstanding at any one time in accordance with their terms in the estimated maximum aggregate principal amount of $750,000,000, for the purpose of providing funds for the acquisition, construction and financing of the Project; and WHEREAS, the Agency also proposes to issue 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; and WHEREAS, notwithstanding the aforesaid estimated maximum aggregate principal amount of Public Power Revenue Bonds proposed to be issued by the Agency for the Project and to be outstanding at any one time in accordance with their teras, additional Public Power Revenue Bonds may be required to complete the financing of the Project;.and 6 4W �N AS�� 263 WHEREAS, 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 MmL%r Agreements with the Agency (the *Participants*) will, in the aggregate, purchase rights to 100 of the capacity and energy of the Project; and WHEREAS, 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 Partici- pants under the Memb x- Agreements; and WHEREAS, the Notes are to be 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 payments to be made by the Participants under the Member Agreement; and WHEREAS, In accordance with the Joint Powers Act, the exercise by the Agency of its power to issue the Public Power Revenue Bonds is subject to the authorization of such issuance by the Members pursuant to Ordinance; and WHEREAS, neither the payment of principal of the Public Power Revenue Bonds nor any part thereof nor interest thereon shall constitute a debt, !! liability or obligation of the City of Lodi; nor does this Ordinance commit the City of Lodi to take or pay for any capity or energy of the Project. NOW, THEREFORE, the City Council of the City of Lodi does ordain as follows: 1. The issuance and sale by the Agency, from time to time, n-, in one or more installments, of its Public Power Revenue Bonds outstanding at any one time in accordance�r. with their terms in a maximum aggregate principal ; amount of $750,000,000 is hereby authorized. Notwith- standing such maximum aggregate principal amount, the Agency is hereby authorized to issue additional principal amounts of its Public Power Revenue Bonds if and to the extent required to complete the financing of the Project. The proceeds from the sale of the Public��F,. j Power Revenue Bonds hereby authorized are to be used for the acquisition, construction and financing of the: Project, including interest on such Bonds and deposits to F ' reserves, and to pay the principal, premium, if any, z 1238 -2- es 264 and interest on the Notes of the Agency when due. The Public Power Revenue Bonds hereby authorizes, and premium and interest thereon. -are to !ie payable from, and secured by* -funds field in trust for the benefit of the folders of Public Power Revenue 1londs and from revenues of the Agency from the Project, including payments received by the Agency from the Participants w under the Member Agreements. 2. Pursuant to Section 6507 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 affect and be in full force, in the manner provided by law. THE FOREGOING oRDINANCE is approved, enacted airs adopteA by the City Council of the City of Lodi, this 21st day of October, 1981 by the following vote: Ayes: Councilmen - Hughes, Murphy, Xatnich and McCarty' ;•~���t'\ Noes: Councilm Pinkerton Absent: oouncln - e Attest: ALICE M. R E City Clerk 1238