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HomeMy WebLinkAboutOrdinances - No. 1273ORDINANCE NO. 1273 ORDINANCE OF THE CITY CCUNCIL OF THE CITY OF LODI AUTHOR- IZING THE ISSUANCE OF PUBLIC EWER REVENUE BONDS BY NOKTEERN CALLFORNIA p(swER AGENCY (- mING PROJECT NUMBEX 3) WIEREZS, pursuant to the provisions of Chapter 5, Division 7, Title 1 of the Governmnt Code of the State of California, as mended (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 "mrs"), have entered into a Joint Powers Agreen-tent, as ded (the "Agreen-tent"), creating the Northern California Power Agency (the "Agency"), a public entity separate and apart from the Members; and , WHEREAS, in accordance with the Agreerent and the Joint Powers Act, the Agency has entered or will enter into agreements to acquire and construct (or to cause to be acquired and constructed) a project for the generation and transmission of electric energy consisting of two 55 wgawatt geothml generating units and related facilities, including transmission, proposed to be constructed in Sonoma and Lake Counties, State of California, and capital improveroents thereto that may be constructed frmtine to tine, and interests in certain other proLnety land rights relating thereto, including, without limitation, such interest in the Agency's Geothd Generating Project Mrmber 2, as the Agency my determine (the "Project"); and IVHERFZG, the Agency proposes to issue, in accordance with the Agreement and the Joint Powers Act, fromtine to time, in one or mre installmnts, its revenue bonds and evidences of indebtedness (including refunding bonds) ("pubic Power Revenue Bonds") to be outstanding at any one tine in accordance with their terms in the estimated maximum aggregate principal munt of $300,000,000; for the purpose of providing funds for the acquisition, construction and financing of the Project, and of indebtedness (including renewal notes) ("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 teqorary financing of costs of acquisition and construction of the Project; and WHEREAS, the Agency also proposes to issue its notes and other evidences WJIEXFS, notwithstanding the aforesaid estimated maXinnrm aggregate principal aunt 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 my be required to conplete the financing of the Project; and WHEREAS, the Agency has entered or will enter into one or mre agreemsnts , (the "&nkr Agreemsnts") with certain entities (including two or mre of the Members), pursuant to which the entities entering into such Member Agreerrents with the Agency (the "Participants") will, in the aggregate, purchase options and/or rights to purchase and/or receive 100% of the capacity and energy of the Project; and -1- .................. - - .. .... _.-I_.__ __ ....... .. ... ...... __ 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 paymnts to be made by the participants undex the Member Agremts; and IJHEREAS, the Notes are to be payable from proceeds of renewal Notes and the proceeds of the public Power Revenue mnds and, to the extent not so paid, may be payable from revenues of the Agency from the Project, including payrents to be made by the Participants under the Member Agr-ts; and WHEREAS, in accordance with the Joint Powers Act, the exercise by the Agency of its per to issue the Public Pmer Revenue Bonds is subject to the authorization of such issuance by the Members pursuant to Or-ce; and nor any part thereof nor interest therbn shall constitute adebt, liability or obligation of the City of Lodi; nor does this Ordinance cdt the City of Icdi to take or pay for any capacity or energy of the Project. NOW, THEREE'ORE, the City Council of the City of Lcdi does ordain as follms: 1. The. issuance and sale by the Agency, from time to time, in one or mre installments, of its public Power Revenue Bonds outstanding at any one time in accordance with their terms in a naximm aggregate principal munt of $300,000,000 is hereby authorized. Notwithstanding such maximin aggregate principal wunt, the Agency is hereby authorized to issue additional principal amws of its Public Power Revenue Bonds if and to the extent required to cqlete the financing of the Project. The proceeds from the sale of the Public Power Revenue Bonds hereby authorized are to be us& for the acquisition, 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 of the Agency when due. The Public Power Revenue Bonds hereby authorized, and premium and interest thereon, are to be payable from, and seeura3 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 pa-ts received by the Agency from the P&icipts under the Member Agreerents . 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 6040.1of the Gov-t Code of the Skate of California. 4. .Sixty (60) days frm and after its enactmat, this Ordmance shall take effect and be in full force, in the manner provided by law. WHEREAS, neither the pavt of principal of the Public Power Revenue Bbnds -2- . . . ._ . . . ~. . . . .. . . . . . . . .- . . ... .. . .. . THE F0RM;OING ORDINANCE is approved, enacted and adopted by the City Council of the City of Lodi, this 27th day of October, 1982. Fred M. Reid , Mayor Alice M. ReMe City Clerk State of California County of San Joaquin, ss. I, Alice M. Reimche, City Clerk of the City of mi, do hereby certify that Ordinance No.1273 was intrcduced at a regular meeting of the City council of the City of Lodi held October 6, 1982 and was thereafter passed, adopted and ordered to print at an adjourned regular meeting of said Council held October 27, 1982 by the following vote: Ayes : Council Members - Olson, Reid, Murphy, Noes : Council Members - None Absent: Council 1-s - i%me a Pinkerton, and Reid (Mayor) &Stain: Council Members - None I further certify that Ordinance No. 1273 was approved and signed by the Mayor on the date of its passage and the sane has been published pursuant to law. City Clerk Approved as to form Ronald M. Stein City Attorney -3- . . . .. . . . .. .. . . .. . . .. . . . . , -. . . . NOTICE OF ORDINANCE SUBJECT TO REFERENDUM CITY OF LODI ORDINANCE NO. 1273 ADOPTED BY THE CITY COUNCIL OF THE CITY OF LODI ON OCTOBER 27, 1982 Notice is hereby given that at an adjourned regular meeting of the City Council of the City of Lodi (the."City Council"), held on October 27, 1982, Ordinance No. 1273 (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 LODI AUTHORIZING THE ISSUANCE OF PUBLIC POWER REVENUE BONDS BY NORTHERN CALIFORNIA POWER AGENCY (GEOTHERMAL GENERATING UNITS #3 AND #4 PROJECT). Summary 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 ("Public Power Revenue Bonds") , to mature on or before December 31, 2022, to be issued, from time to time, in one or more install- ments, in an estimate aggregate principal amount outstanding at any one time in accordance with their terms of $300,000,000 and to bear interest at a probable overall rate of 13% per annum. The actual interest rates on each installment of such Public Power 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 amount 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 be1 ow. 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 created 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 and construct (or cause to be acquired and constructed) a project for the generation and transmission of electric energy consisting of two 55 megawatt geothermal generating units and related facilities, including transmission, proposed to be constructed in Sonoma and Lake Counties, 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, including, without limitation, such interest in the Agency's Geothermal Generating Project Number 2, as the Agency may determine (the "Project"). The Agency has entered or will enter into one or more 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 options and/or rights to purchase and/or receive 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 and evidences of indebtedness (including renewal notes) ("Notes") for the -4- .. .... -. . ..-- - .... .- . ..., 1. ..._____-_ .. . .- .... .._ - -. 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 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. nor any part thereof nor interest thereon will constitute a debt, liability or obligation of the City of Lodi; nor does the Ordinance commit the City of Lodi to take or pay for any capacity or energy of the Project. JOINT POWERS ACT, ITS PUBLIC POWER REVENUE BONDS 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 OE 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 THE AGENCY PROPOSES TO ISSUE, IN ACCORDANCE WITH THE AGREEMENT AND THE 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. REPEAL THE ORDINANCE, THE ORDINANCE SHALL BE SUBMITTED (UNDER BALLOT WORDING PRESRIBED BY LAW) TO-THE VOTERS AT A REGULAR OR SPECIAL ELECTION AND THE ORDINANCE SHALL BECOME EFFECTIVE UNTIL A MAJORITY OF THE VOTERS VOTING ON THE ORDINANCE VOTE IN FAVOR OF IT. IS BASED UPON THE APPLICABLE REFERENDUM PROVISIONS OF THE CALIFORNIA ELECTIONS CODE AND THE CALIFORNIA GOVERNMENT CODE. CODE AND THE CALIFORNIA GOVERNMENT CODE FOR A COMPLETE STATEMENT OF SUCH PROVISIONS. THEREUPON, IF THE CITY COUNCIL DOES NOT ENTIRELY THE FOREGOING DESCRIPTION OF THE PROCEDURES FOR REFERENDUM REFERENCE IS MADE TO THE CALIFORNIA ELECTIONS ................. .... .......... .. .. ....... .. ............... - 5- I .I