HomeMy WebLinkAboutAgenda Report - December 16, 1998 (68)AGENDA TITLE: Defeasance of Northern California Power Agency Multiple Capital Facilities Bonds — Lodi
Project (Interconnect)
MEETING DATE: December 16, 1998
PREPARED BY: Electric Utility Director
RECOMMENDED ACTION: That the City Council authorize the City Manager to direct the Northern
Northern California Power Agency (NCPA) to use funds held in the NCPA
Multiple Capital Facilities Lodi accounts to defease the Multiple Capital
Facilities Bonds — Lodi Project (interconnect) and to return any unused funds
to the City of Lodi.
BACKGROUND INFORMATION: The NCPA Multiple Capital Facilities financing covered three separate
projects: NCPA and Turlock Irrigation District Steam Injected Gas Turbines
(STIG's) and a Lodi Project. Combining the projects into a single financing
saved an estimated $400,000 on financing costs.
The Lodi Project was originally planned to be a minor distribution system upgrade and a 115kV-transmission line
running east from Lodi to the PG&E Lockeford Substation. Subsequently, the distribution upgrade was cancelled and
the transmission project line, path and interconnect system were changed.
Since the above Lodi Project changes materially affect the original financing document, it is necessary to defease the
City of Lodi's portion of the Multiple Capital Facilities financing. The original funds plus accumulated interest are
available to defease this obligation.
FUNDING: Not applicable.
A.Z) / )z- ZL
Alan N. Vallow
Electric Utility Director
PREPARED BY: Jack Stone, Manager, Business Planning and Marketing
ANVJJSAst
C: City Attorney
APPROVED:
H. ixon ynn -- City Manager
RESOLUTION NO. 98-189
A RESOLUTION OF THE LODI CITY COUNCIL AUTHORIZING THE
CITY MANAGER TO DIRECT THE NORTHERN CALIFORNIA
POWER AGENCY (NCPA) TO USE FUNDS HELD IN THE NCPA
MULTIPLE CAPITAL FACILITIES LODI ACCOUNTS TO DEFEASE
THE MULTIPLE CAPITAL FACILITIES BONDS — LODI PROJECT
(INTERCONNECT) AND TO RETURN ANY UNUSED FUNDS TO
THE CITY OF LODI
BE IT RESOLVED, that the Lodi City Council hereby authorizes the City Manager
to direct the Northern California Power Agency (NCPA) to use funds held in the NCPA
Multiple Capital Facilities Lodi accounts to defease the Multiple Capital Facilities Bonds —
Lodi Project (Interconnect) and to return any unused funds to the City of Lodi.
Dated: December 16, 1998
1 hereby certify that Resolution No. 98-189 was passed and adopted by the Lodi
City Council in a regular meeting held December 16, 1998 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
ALM R IMCHE
City Clerk
98-189