HomeMy WebLinkAboutResolutions - No. 99-11RESOLUTION NO. 99-11
A RESOLUTION OF THE LODI CITY COUNCIL APPROVING
THE ISSUANCE OF BONDS BY THE NORTHERN
CALIFORNIA POWER AGENCY FOR THE REFINANCING OF
A COMBUSTION TURBINE POWER GENERATING PLANT
LOCATED IN LODI, CALIFORNIA
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WHEREAS, the Northern California Power Agency (the "Agency") has heretofore
issued its Multiple Capital Facilities Revenue Bonds, 1992 Series A (the "1992 Bonds"), a
portion of the proceeds of which were used to acquire and construct a combustion turbine
power generating plant located at 12745 N. Thornton Road in Lodi, California (the
"Project"); and
WHEREAS, the Agency will now issue its Capital Facilities Revenue Bonds, 1999
Refunding Series A (the "Bonds") in an aggregate principal amount not to exceed
$100,000,000 on behalf of the City of Lodi (the "City") and certain other members of the
Agency to provide for the refinancing of the Project and the payment and redemption of a
portion of the 1992 Bonds; and
WHEREAS, pursuant to §147(f) of the Internal Revenue Code of 1986, as
amended (the "Code"), the City Council of the City (the "City Council") is the "applicable
elected representative" of the City and is, thereby, authorized to approve the issuance of
the Bonds by the Agency on behalf of the City; and
WHEREAS, the Project to be refinanced is located wholly within the City of Lodi,
County of San Joaquin, State of California; and
WHEREAS, on January 6, 1999, the City caused to be published in a newspaper
of general circulation in the County of San Joaquin a notice of public hearing concerning
the issuance of Bonds and the nature and location of the facilities to be refinanced
thereby; and
WHEREAS, the City Council has held a public hearing at which interested persons
were given an opportunity to express their views concerning the issuance of the Bonds
and the nature and location of the above-described facilities to be refinanced; and
WHEREAS, the Agency has requested that the City Council approve the issuance
of the Bonds in order to satisfy the public approval requirement of §147(f) of the Code.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lodi, as
follows:
1. Pursuant to §147(f) of the Code, this City Council hereby approves the
issuance of the Bonds in an aggregate principal amount not to exceed $100 million, such
Bonds to be issued by the Agency. This Resolution constitutes the approval of the
issuance of the Bonds by the applicable elected representative of the governmental unit
having jurisdiction over the area in which the Project is located in accordance with §147(0
of the code.
2. The members of the City Council and the officers of the City are hereby
authorized and directed to take any and all actions and to execute any and all certificates
and documents as may be necessary to carry out the purposes and intent of this
Resolution.
3. This Resolution shall be in full force and effect from and after the date of its
adoption.
Dated: January 20, 1999
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I hereby certify that Resolution No. 99-11 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held January 20, 1999, by the following
vote:
AYES: COUNCIL MEMBERS — Hitchcock, Mann, Nakanishi, Pennino and
Land (Mayor)
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — None
ALICE M. R MCHE
City Clerk
99-11