HomeMy WebLinkAboutOrdinances - No. 1228ORDINANCE NO. 1228
CITY OF LODI
AUTHORIZING THE NORTHERN CALIFORNIA POWER
AGENCY TO ISSUE REVENUE BONDS (NCPA PROJECT
NO. 1 - DEVELOPMENT FUND BONDS)
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LODI
that:
Section 1. - Northern California Power Agency organized
under that certain Joint Powers Agreement to which this City is
a party, dated July 19, 1968, as amended. ("NCPA") is authorized
pursuant to Section 6547 of the Government Code to issue bonds,
notes including bond anticipation notes or other evidences of
indebtedness (to be hereinafter referred to as "Development
Fund Bonds") to the full extent permitted by the provisions
of Section 6540 et seq. of the Government Code (the"Bond Act"). --
Section 2. -.The project to be temporarily financed by
the Development Fund Bonds hereby authorized is the purchase of
the right to obtain electrical capacity produced by Northern
California Municipal Power Corporation No. One, a nonprofit
corporation (the "Corporation"), which has agreed to act on .
behalf of NCPA to conduct exploratory drilling for geothermal
steam wells to be developed as the first step in the acquisition,
construction, maintenance and operation of a power plant and
other facilities and appurtenances necessary or convenient to
such plant, including transmission lines and geothermal steam
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wells ("Project") "said geothermal steam to be produced from
certa-n leasehold interest acquired by Corporation in Lake
County, under an "Agreement for Sale and Purchase of Geothermal
Leases" between NCPA, Corporation and the Trustee in Bankruptcy
of Resource Funding Ltd. dated January 24, 1980 and approved by
appropriate decree of the Bankruptcy Court).
Section 3. - The estimated amount of Development Fund
Bonds to be issued for the purposes described in Section 2 is
five million dollars ($5,000,000.00); provided that nothing
herein shall be deemed to prevent the issuance of additional
Development Fund Bonds to the extent such additional bonds are
required to complete the temporary financing of the project
described in Section 2 hereof, including the issuance of bond
anticipation notes and refunding bonds therefor.
Section 4. - The anticipated sources of revenue or other
funds to pay the principal and interest on the Development
Fund Bonds are payments under the Development Fund Agreement
"NCPA Member Agreement for Participation in Electrical Power
Development" entered into between the members of NCPA and NCPA
on July 1, 1975, revised May 1, 1978, and amended April 26,
1979, or additional Development Fund Bonds (including additional
Development Fund Bonds used for refunding purposes) ; provided
further such sources shall also include the proceeds of project
revenue Bonds payable from revenues for electricity generated
from the project, separately authorized pursuant to Section
6547 of the Bond Act by subsequent ordinance for the purpose of
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permanent financing of the Project (“Project Revenue Bonds”)
or bond anticipation notes in anticipation of the Project
Revenue Bonds; in addition, such Development Fund Bonds may
be secured by a guarantee, letter of credit or other obligations
or funds of a bank or private financial institution.
This ordinance does not increase the City‘s obligation
under said existing Development Fund Agreement which may only
beincreasedby consent of the City hereafter.
Section 5. - The Cities of Palo Alto and Redding are
not participants in the acquisition, construction, maintenance,
operation or financing of the Project and nothing in this ordi-
nance shall mean or be construed to mean that such cities have
assumed or agreed to assume any financial or other responsibility
or liability associated with the acquisition, construction,
maintenance, operation or financing of the Project.
Section 6. - This ordinance is subject to the provisions
for referendum prescribed by Section 3751.7 of the Elections
Code of the State of California. Subject to the foregoing,
this ordinance shall take effect and be in force sixty (60)
days from the date of adoption.
Section 7. - The City Clerk of the City is hereby directed
to cause this ordinance to be published within fifteen (15)
days after its adoption in a newspaper of general circulation
within the City of Lodi and shall also do all of the 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.
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Attest:
a) City Clerk
Approved as to form:
-%% City Attorney
I, Alice M. Reimche, City Clerk of the City of Lodi, do hereby
certify that Ordinance No. 1228 was introduced at a regular
meeting of the City Council of the City of Lodi held June 3,
1981 and was thereafter passed, adopted and ordered to print
at a regular meeting of said Council held June 17, 1981 by the
following vote:
Ayes : Councilmen - Hughes, Katnich and McCarty
Noes: Councilmen - None
Absent: Councilmen - Murphy and Pinkerton
Abstain: Councilmen - None
ALICE &%-&A M. RE1 CHE
City Clerk
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