HomeMy WebLinkAboutOrdinances - No. 1221* ORDINANCE NO. 1221
CITY OF LODI, CALIFORNIA
AUTHORIZING THE NORTHERN CALIFORNIA POWER AGENCY
TO ISSUE REVENUE NOTES
WHEREAS, by Ordinance No.'1221 of the City of Lodi,
ia Power Agency ("NCPA")
t Powers Agreement to which
19, 1968, as amended, was author-
as provided in said Joint Powers
revisions of Article 2 (commencing
vision 7, Title 1 of the Govern-
ot to exceed
,000,000) '{"Bonds"), for
THE CITY OF LODI,
zation of Bonds
e shall hereby include
otes or other evidences
thwi zed by Sections
otes") . That
he Bonds shall
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Section 2. The project or studies or other preliminary /'
cost to be funded (including reimbursement) by the Notes hereby .
. authorszed is the loaning of funds to Northern California Muni-
cipal Power Corporation No. Two, Non-Profit Corporation (the
"Corporation"); for the purpose of acting on behalf of NCPA in
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struction, rnainten'ance and operation of a
eothermal steam produced from certain lease-
ell Oil Company in Sonoma County, California
nyenient to such plant, inc
The maximun) amount of Notes to be issued
Section 2 shall not exceed Twenty-
O,OOQ), the same as the amount of
the Bonds,
The anticipated sources of revenue or other
funds to pqy the principal and interest of the Notes are loan
repayments to be made
to a geothermal steam sales agreement
amended), and other facilities and
by the Corporation to NCPA under an appro-
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.. priate loan agreement and,to be derived from the sale of power
produced bv the plant referred to in Section 2 hereof and any ..
ade by certain NCPA members pursuant to Section 5(b
ber Agreement For the Construction, Operation and
Financfng of NCPA Geothermal Generating Unit Project #2" as
from time to time be amended; provlded, further, such sources
shall also include the proceeds of revenue bonds including the
Bonds. or renewal of the Notes; in addition such Notes may be
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secured by a guaranty, letter of credit or other obligations
or funds of a bank or private financial institution.
Section'5. The Cities of Palo Alto, Redding and Biggs
are not participants in the acquisition, construction, maintenance,
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f Palo Alto, the City of Redding or the City
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ibed by Section 3751,7 of the Elections
dinance shall take effect and be in force sixty (60)
. . . . . . .
erk of the City is hereby directed
ublished wfthin fifteen (15)
E the adoption of this ordinan
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ORDINANCE NO. 1221
CITY OF LODI, CALIFORNIA
NOTICE OF ADOPTION OF ORDINANCE
NOTICE IS HEREBY GIVEN as required by Section 6040.1
Government Code of the State of California, that Ordinance NO. .
. 1221 of the City of Lodi, California, was adopted by the City
Council on February 4, 1981, and authorized the issuance of revenue
notes, pursuant
the Government
California Powe
Powers Agreement, to which the City of Lodi is a party, dated
July 19, 1968, as amended in an amount notto exceed $28,000,000,
o Article 2, .Chapter 5, Division 78 Title'l of
de of the State of California, by the Northern
Agency, organized under that certain Joint
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preceding paragraph, the ballot wording shall approximate the
following: I
"Shall of the City of Lodi, California, as -_ a member of
I the Northern California Power Agency, a joint powers entity
of which the City is a member, author'ize the issuance of revenue
notes by the joht powers entity in the maximum amount of $28,000,000
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I pursuant to Ordinance No.' 1221,. dated February 4, 1981, such notes
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followjhg manner:
I TO provide a portion of the preliminary cost (including
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I reimbursement) of construction of an electrlc generating plant
powered By geothermal steam and the related transmissi,on lines
and appurtenances necessary or convenient thereto in the County
of Sonoma by loaning funds to North California Municipal Power
Corporation No. Two (the "Corporation") for the purpose of acting
on behalf of Northern Cglifornia Power Agency in acquiring, con-
structing and maintaining an electric power plant using geother-
mal steam produced from certain leasehold interests of Shell
Oil Company in Sonoma County, California.
of revenue for the payment of the notes are loan repayments to
be Eade by the Corporatlon to Northern California Power Agency
under an appropriate loan agreement and to be derived from the
Sale of power produced by the plant referred to above and any
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1. I The anticipated sources
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payments made by certain Northern California Power Agency members
c- et
pursuant to Section 5(b) of the "Member Agreement For The
Construction, Operation and Financing of NCPA Geothermal Generating
Unit Project #2" as it may from time to time be amended; provided,
further, such sources shall also include the proceeds of revenue
bonds or renewal of the notes; in addition such notes may be secured
by a,guaranty, letter of credit or other obligatfons or funds
private financial Tnstitution.
notes authorized by Ordinance No. 1221 are revenue
he Northern California Power Agency. The purpose of
ce and sale of said notes is to provide a portion of
construction of an electric generating plant powered
1 steam and the related transmission lines and appur-
tenances necessary or convenient thereto in the County of Sonoma I I
. by loaning funds to Northern California Murdcipal Corporation
NO. Two (.the *'Corporation") . The maximum amount of the notes I
~ to be fssued and sold is $28,000,000 and the duration of the
proposed indebtedness shail not exceed a maximum period of 30
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I years fron the date of issuance of the notes or any series thereof.
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The anticipated sources of revenue for the payment of the notes
are loan repayments to be made by the Corporation to Northern
Calif ornh Power Agency under an appropriate loan 'agreement and
to be derived from the sale of power produced by the plant re-.
ferred to above and an
fQrnia Power Agency members pursuant to Section 5(b) of the
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. 'i'Member Agreement For the Construction, Operation and .Financing
~f NCPA Geothermal Generating Unit Project #2" as it may from I
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time to time be amended; provided, further, such sources shall
also include the procekds of revenue bonds or renewal of the
notes; in addition such notes may be secured by a guaranty, letter
of credit or other obligations or funds of a bank or private
financial Institution,
notes will not exceed 10 percent per annum.
The anticipated rate of interest on said
The cities of Palo Alto and Redding are not partici-
pants in the acquisition, construction, maintenance, operation
01 financing of the plant referred to above and the c2ties of
Alto and Redding have not assumed or agreed to assume any
financial or other responsibility or liability associated with
the acquisitlon, construction, maintenance, operation or financ-
ing of such plant.'
Dated this 4th day of February, 1981. .I