HomeMy WebLinkAboutOrdinances - No. 1229ORDINANCE NO. 1229
CITY OF LODI
AUTHORIZING THE NORTHERN CALIFORNIA POWER
AGENCY TO ISSUE REVENUE BONDS (SHELL EAST
BLOCK PROJECT - SECOND PHASE 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 "Second Phase
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 Second Phase Bonds hereby authorized is the purchase of the
right to obtain electrical capacity produced by Northern
California Municipal Power Corporation No. Three, nonprofit
corporation (the' "Corporation"), which has agreed to act on
behalf of NCPA to carry out 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 wells ("Project")
-1-
(said geothermal steam to be produced from certain leasehold
interests in Sonoma County, under a "NCPA EAST BLOCK GEOTHERMAL
STEAM SALES AGREEMENT" between NCPA and Shell Oil Company,
dated as of September 15, 1980.
Section 3. - The estimated amount of Second Phase
Bonds to be issued for the purposes described in Section 2 is
five million five-hundred thousand dollars ($5,500,000.00);
provided that nothing herein shall be deemed to prevent the
issuance of additional Second Phase 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 rates and refunding bonds therefor.
Section 4. - The anticipated sources of revenue or other
funds to pay the principal and interest on the Second Phase
Bonds are payments under the "Member Agreement (Second Phase)
for Financing or Planning and Development Activities" entered
into between the members of NCPA and NCPA as of June 1, 1981,
or additional Second Phase Bonds (including Second Phase Bonds
used for refunding purposes); provided further such sources
shall also include the proceeds of Third Phase 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 permanent financing
of the Project ("Third Phase Bonds") or bond anticipation notes
in anticipation of the Third Phase Bonds; in addition, such
Second Phase Bonds may be secured by a guarantee, letter of
credit or other obligations or funds of a bank or private
-2-
financial institution.
Section 5. - 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 6. - The City Clerk of the City is hereby directed
to cause this ordinance to be publishdd within fifteen (15)
days after its adoption in the newspaper of general circulation
within the City of Lodi and shall also do all of the things
required to cause notice of
be published in the manner r d by Section 6040.1 of the
doption of this ordinance to
Government Code of the State
er of the Cohril
Attest:
- 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. 1229 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:
-3-
Ayes : Councilmen - Hughes, Katnich and McCarty
Noes: Councilmen - None
Absent:
Abstain: Councilmen - None
Councilmen - Murphy and Pinkerton
City Clerk
-4-