HomeMy WebLinkAboutOrdinances - No. 1432ORDINANCE NO. 1432
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LODI
AMENDING ORDINANCE NO. 1365 AUTHORIZING THE
TRANSMISSION AGENCY OF NORTHERN CALIFORNIA TO ISSUE
REVENUE BONDS, NOTES AND OTHER EVIDENCES OF
INDEBTEDNESS.
WHEREAS, pursuant to Ordinance No. 1365 (the
"Ordinance"), duly enacted by the City Council of the City of
Lodi and in full force and effect on the date hereof, thik City
approved the issuance by the Transmission Agency of Northern
California (the "Agency"), organized under that certain Joint
Powers Agreement, dated December 10, 1984, to which this City
is a party, of revenue bonds, notes or any other evidences of
indebtedness, and the renewing of the same, constituting the
Indebtedness (as defined in the Ordinance) payable from the
revenues of the Agency unless paid from the proceeds of
Indebtedness, pursuant to the provisions of Article 2
(commencing with Section 6540), Chapter 5, Division 7, Title 1
of the Government Code of the State of California (the "Act")
for the project described in Section 2 of the Ordinance
consisting of (a) feasibility and planning studies for possible
future action by the Agency concerning the proposed
California-Oregon Transmission Project; and (b) repayment of
the $3,500,000 Promissory Note issued by the Agency on June 21,
1985 for the purpose of financing such feasibility and planning
studies; and
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WHEREAS, the project described in Section 2 of the
Ordinance has been completed in that on January 20, 1988, the
Agency certified the Final Environmental Impact Report for the
California-Oregon Transmission Project, the Los Banos-Gates
Transmission Project, and the Pacific Northwest Reinforcement
Project; made findings pursuant to the California Environmental
Quality Act; and approved the California-Oregon Transmission
Project; and
WHEREAS, this City has determined that it is
necessary and in the best interest of this City to amend the
Ordinance to permit the expenditure of'the proceeds of the
Indebtedness authorized thereby for the costs of acquiring and
constructing the California-Oregon Transmission Project;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LODI
does ordain as follows:
Section 1. Section 2 of the Ordinance is hereby
amended in its entirety to read as follows:
Section 2. The project to be funded by
the Inilebtedness hereby authorized is
comprised of (a) feasibility and planning
studies for possible future action by the
Agency concerning the proposed
California-Oregon Transmission Project;
(b) repayment of the $3,500,000 Promissory
Note issued by the Agency on June 21, 1985
for the purpose of financing such feasibility
and planning studies; and (c) the acquisition
and construction of the California-Oregon
Transmission Project.
Section 2. Save and except as amended by this
ordinance, the Ordinance shall contigue in full force and
effect .
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Section 3. This ordinance is subject to the
provisions of 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 its adoption.
Section 4. The City Clerk is hereby directed to
cause this ordinance to be published after its adoption, as
provided by law, in a newspaper of general circulation within
the City and shall also do other 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.
I HEREBY CERTIFY that the foregoing ordinance was
introduced and read at a regular meeting of the City Council of
the City of Lodi on the ~7th day of mt , 1988 and was
duly read and adopted on the 7mday of -, 1988, at a
regular meeting of the City Council by the following vote:
AYES : COUNCILMEMBERS Hincm, Olson, Reid, Snider & Pi-
NOES : COUNCILMEMBERS None
ABSENT: COUNCILMEMBERS None
ATTEST: -
Alice M. Reimche CITY CLERK
APPROV~ : h/7
Jam% W. Pinkerton, JK.
W
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