HomeMy WebLinkAbout757 NCPA Revenue Notes~ ..~ ~.
ORDINANCE NO. 757
AN ORDINANCE OF 7HE
CITY OF UKIAH
AUTHORIZING THE NORTHERN CALIFORNIA POWER AGENCY
TO ISSUE REVENUE NOTES
WHEREAS, by Ordinance No. 757 of the City of Ukiah, the Northern,
California Power Agency ("NCPA") organized under that certain Joint Powers
Agreement to which this city is a party, dated July 19, 1968, as amended,
was authorized to issue revenue bonds, as provided in said Joint Powers
Agreement, 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 in an amount not to exceed Twenty-Eight Million Dollars ($28,000>000)
("Bonds"), for the project described in said ordinance;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UKIAH that:
Section 1. That the previous authorization of Bonds under Section
6547 of the Government Code shall hereby include in addition the authoriza-
tion to issue notes or other evidences of indebtedness to the extent permitted
or authorized by Sections 6547 and 6547.1 of the Government Code ("Notes").
That the provisions of said ordinance with respect to the Bonds shall apply
to the Notes authorized hereunder.
Section 2. The project or studies or other preliminary cost to be
funded (including reimbursement) by the Notes hereby authorized is the loan-
ing of funds to Northern California Municipal Power Corporation No. Two, Non-
profit Corporation (the "Corporation"), for the purpose of acting on behalf
of NCPA in the acquisition, construction, maintenance and operation of a
power plant (using geothermal steam produced from certain leasehold interests
of Shell Oil Company in Sonoma County, California and provided to NCPA pur-
suant to a geothermal steam sales agreement dated as of June 27, 1977, as
amended), and other facilities and appurtenances necessary or convenient to
such plant, including transmission lines.
Section 3. The maximum amount of Notes to be issued for the purposes
described in Section 2 shall not exceed Twenty-Eight Million Dollars
($28,000,000), the same as the amount of the Bonds.
Section 4. The anticipated sources of revenue or other funds to
pay the principal and interest of the Notes are loan repayments to be made
by the Corporation to NCPA under an appropriate loan agreement and to be
derived from the sale of power produced by the plant referred to in Section 2
hereof and any payments made by certain NCPA members pursuant to Section 5 (b)
of the Member Agreement For The Construction, Operation and Financing of NCPA
Geothermal Generating Unit Project #2" as may from time to time be amended;
provided, further, such sources shall also include the proceeds of revenue
bonds, including the Bonds, or renewal of the Notes; in addition such Notes
may be secured by a guaranty, letter of credit or other obligations or funds
of a bank or private financial institution.
Section 5. The Cities of Palo Alto, Redding and Biggs are not
participants in the acquisition, construction, maintenance, operation or
financing of the plant referred to in the recitals hereof and nothing in
this ordinance shall mean or be construed to mean that the City of Palo
Alto, the City of Redding or the City of Biggs has assumed or agreed to as-
sume any financial or other responsibility or liability associated with the
acquisition, construction, maintenance, operation or financing of such plant.
Section 6. This ordinance is subject to the provisions for re-
ferendum prescribed by Section 3751.7 of the Election 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 7. The City Clerk of the City is hereby directed to
cause this ordinance to be published within fifteen (15) days after its
adoption in a newspaper of general circulation within the City of Ukiah
and shall also do all 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.
s/Hays Hickey
Presiding Officer of the Council
Mayor
Attest:
s/Hattie Tillotson
City Clerk
Approved as to form:
s/Merle P. Orchard
City Attorney
,, ;.
ORDINANCE N0. 757
CITY OF UKIAH
NOTICE OF ADOPTION
OF ORDINANCE
NOTICE IS HEREBY GIVEN as required by Section 6040.1 of the
Government Code of the State of California, that Ordinance No. 757 of the
City of Ukiah, California, was adopted by the City Council on March 0., 1981,
and authorized the issuance of revenue notes, pursuant to Article 2, Chapter
5, Division 7, Title 1 of the Government Code of the State of California, by
the Northern California Power Agency, organized under that certain Joint
Powers Agreement, to which the City of Ukiah is a party, dated July 19, 1968,
as amended in an amount not to exceed x28,000,000, said notes to be secured
and repaid on the same basis as a previously authorized bond issue in the
same amount.
Ordinance No. 757 is subject to the provisions for referendum
prescribed by Section 3751.7 of the Elections Code of the State of California
and shall not take effect for 60 days from the date of adoption.
Since the number of votes cast for all candidates for Governor at
the last gubernatorial election within the boundaries of the City of Ukiah
was less than 500,000 the above named ordinance is subject to referendum
upon presentation of a petition bearing signatures of at least 10 percent
of the entire vote cast within the boundaries of the City of Ukiah for all
candidates for Governor at the last gubernatorial election.
For the purpose of submitting the question to the voters, pursuant
to a referendum petition satisfying the requirements of the preceding para-
graph, the ballot wording shall approximate the following:
"Shall of the City of Ukiah, as a member of the Northern California
Power Agency, a joint powers entity of which the City is a member, authorize
the issuance of revenue notes by the joint powers entity in the maximum
amount of $28,000,000 pursuant to Ordinance No. 757, dated March 4, 1981,
such notes to be used for the purposes and to be redeemed in the following
manner:
To provide a portion of the preliminary cost (including reimburse-
ment) of construction of an electric generating plant powered by geothermal
steam and the related transmission lines and appurtenances necessary or con-
venient thereto in the County of Sonoma by loaning funds to North California
Municipal Power Corporation flo. Two (the "Corporation") for the purpose
of acting on behalf of Northern California Power Agency in acquiring,
constructing and maintaining an electric power plant using geothermal steam
produced from certain leasehold interests of Shell Oil Company in Sonoma
County, California. The anticipated sources of revenue for the payment of
the notes are loan repayments to be made by the Corporation to Northern
California Power Agency under an appropriate loan agreement and to be derived
,.
from the sale of power produced by the plant referred to above and any pay-
ments made by certain Northern California Power Agency members pursuant to
Section 5(b) of the "Member Agreement For The Construction, Operation and
Financing of NCPA Geothermal Generating Unit Project #2" as it may from time
to time be amended; provided, further, such sources shall also include the
proceeds of revenue bonds or renewal of the notes; in addition such notes
may be secured by a guaranty, letter of credit or other obligations or
funds of a bank or private financial institution.
The notes authorized by Ordinance No. 757 are revenue notes of
the Northern California Power Agency. The purpose of the issuance and sale
of said notes is to provide a portion of the cost of construction of an
electric generating plant powered by geothermal steam and the related trans-
mission lines and appurtenances necessary or convenient thereto in the
County of Sonoma by loaning funds to Northern california Municipal Corpora-
tion No. Two (the "Corporation"). The maximum amount of the notes to be
issued and sold is $28,000,000 and the duration of the proposed indebtedness
shall not exceed a maximum period of 30 years from the date of issuance of
the notes or any series thereof. The anticipated sources of revenue for
the payment of notes are loan repayments to be made by the Corporation to
Northern California Power Agency under an appropriate loan agreement and to
be derived from the sale of power produced by the plant referred to above
and any payments made by certain Northern California Power Agency members
pursuant to Section 5 (b) of the "Member Agreement For the Construction,
Operation and Financing of NCPA Geothermal Generating Unit Project #2" as
it may from time to time be amended; provided, further, such sources shall
also include the proceeds of revenue bonds or renewal of the notes; in
addition such notes may be secured by a guaranty, letter of credit or
other obligations or funds of a bank or private financial institution.
The anticipated rate of interest on said notes will not exceed 10 percent
per annum.
The cities of Palo Alto and Redding are not participants in the
acquisition, construction, maintenance, operation or financing of the plant
referred to above and the cities of Palo Alto and Redding have not as-
sumed or agreed to assume any financial or other responsibility or liability
associated with the acquisition, construction, maintenance, operation or
financing of such plant.
Dated this 4th day of March, 1981.
s/Hattie Tillotson
City Clerk
CITY OF UKIAH
