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HomeMy WebLinkAbout772 NCPA- Issuance of Public Power Revenue Bonds~. ,, [Note: This Ordinance to be adopted before Notes Ordinance.] ORDINANCE NO. 772 ORDINANCE OF THE CITY COUNCIL OF THE CITY OF Ukiah AUTHORIZING THE ISSUANCE OF PUBLIC POWER REVENUE BONDS BY NORTHERN CALIFORNIA POWER AGENCY (NORTH FORK STANISLAUS RIVER HYDROELECTRIC DEVELOPMENT POWER PROJECT). WHEREAS, 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 City of Ukiah and certain other public agencies created pursuant to the laws of the State of California (collectively, the "Members"), have entered into a Joint Powers Agreement, as amended (the "Agreement"), creating the Northern California Power Agency (the "Agency"), a public entity separate and apart from the Members; and WHEREAS, in accordance with the Agreement and the Joint Powers Act, the Agency has entered or will enter into agreements to acquire a project (the "Project") to consist of rights to capacity and energy from the North Fork Stanislaus River Hydroelectric Development Power Project, a hydroelectric project proposed to be constructed in the State of California, and capital imgrovements thereto that may be constructed from time to time, and interests in certain other property and rights relating thereto; and WHEREAS, the Agency proposes to issue, in accordance with the Agreement and the Joint Powers Act, from time to time, in one or more installments, its revenue bonds and evidences of indebtedness ("Public Power Revenue Bonds") to be outstanding at any one time in accordance with their terms in the estimated maximum aggregate prin- cipal amount of $750,000,000, for the purpose of providing funds for the acquisition, construction and financing of the Project; and WHEREAS, the Agency also proposes to issue its Notes (including renewal 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 temporary financing of costs of acquisition and construction of the Project; and WHEREAS, notwithstanding the aforesaid estimated maximum aggregate principal amount of Public Po~oer 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 may be required to complete the financing of the Project; and WHEREAS, the Agency has entered or will enter into 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 rights to 100 of the capacity and energy of the Project; and 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 payments to be made by the Participants under the Member Agreements; and PIHEREAS, the Notes are to be payable renewal Notes and the proceeds of the Public Power to the extent not so paid, may be payable from reve from the Project, including payments to be made t under the Member Agreement; and from proceeds of Revenue Bonds and, nues of the Agency y the Participants :~: -r WHEREAS, in accordance with the Joint Powers Act, the exer- cise by the Agency of its power to issue the Public Power Revenue Bonds is subject to the authorization of such issuance by the Members pursuant to Ordinance; and WHEREAS, neither the payment of principal of the Public Power Revenue Bonds nor any part thereof nor interest thereon shall constitute a debt, liability or obligation of the City of Ukiah ; nor does this Ordinance commit the City of Ukiah to take or pay for any capacity or energy of the Project. NOW, THEREFORE, the City Council of the City of Ukiah does ordain as follows: 1. The issuance and sale by the Agencyr from time to time, in one or more installments, of its Public Power Revenue Bonds outstanding at any one time in accordance with their terms in a maximum aggregate principal amount of $750,000,000 is hereby authorized. Notwithstanding such maximum aggregate principal amount, the Agency is hereby authorized to issue additional principal amounts of its Public Power Revenue Bonds if and to the extent required to complete the financing of the Project. The proceeds from the sale of the Public Power Revenue Bonds hereby autho- rized are to be used for the acquisition, construction and financing of the Project, including interest on such Bonds and deposits to reserves, and to pay the principal, premi- um, 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 secured 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 payments received by the Agency from the Participants under the Dlember Agreements. 2. Pursuant to Section this Ordinance is subject to prescribed by Section 3751.7 State of California. 6547 of the Joint Powers Act, the provisions for referendum of the Elections Code of the 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 6040.1 of the Government Code of the State of California. 4. Sixty (60) days from and after its enactment, this Ordinance shall take effect and be in full force, in the manner provided by law. THE FOREGOING ORDID?ADTCE the City Council of the City of of October 1981. is approved, enacted and adopted by Ukiah , this 21st day Mayor ATTEST: City Clerk ~ ~~I/ NOTICE OF ORDINANCE SUBJECT TO REFERENDUM CITY OF UKIAI+ ORDINANCE NO. 772 ADOPTED BY THE CITY COUNCIL OF THE CITY OF UKIAH ON October 21__, 1981 Notice is hereby given that at a regular meeting of the City Council of the City of Ukiah (the "City Council"), held on October 21 , 1981, Ordinance N~(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 -UKIAH AUTHORIZING THE ISSUANCE OF PUBLIC POWER REVENUE BONDS BY NORTHERN CALIFORNIA POWER AGEDICY (NORTH FORK STANISLAUS RIVER HYDROELECTRIC DEVELOPMENT PUBLIC PO69ER). 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 installments, in an estimate aggregate principal amount outstanding at any one time in accordance with their terms of $750,000,000 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 amounts 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 belo~o. Riley and Council Member Hickey Snyder Myers voted in favor of the Ordinance. Council Fiember Feibuschaxad voted against the Ordinance. The Agency was created pursuant to a Joint Powers Agreement, as amended (the "Agreement"), heretofore entered into between the City of Ukiah and certain other public agencies cre- ated 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 Dlembers. The Agency, in accordance with the Joint Powers Act and the Agreement, has entered or will enter into agreements to acquire a project (the "Project") to consist of rights to capacity and energy from the North Fork Stanislaus River Hydroelectric Development Public Power, a hydroelectric project proposed to be constructed in the 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. The Agency has entered or will enter into agreements (the "Diember Agreements") with certain entities (including two or more of the Members), pursuant to which the entities entering into such Flember Agreements with the Agency (the "Participants") will, in the aggre- gate, purchase rights to 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 (including renewal 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 temporary financing of costs of acquisi- ~~ ~~ \1 tion 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. Neither the payment of principal of the Public Power Revenue Bonds nor any part thereof nor interest thereon will consti- - tute a debt, liability or obligation of the City of - Ukiah nor does the Ordinance commit the City of Ukiah to take or pay for any capacity or energy of the Project. THE AGENCY PROPOSES TO ISSUE, IPI ACCORDANCE 19ITH THE AGREE- MENT AND THE JOINT POWERS ACT, ITS PUBLIC POWER REVEIIUE BGNDS TO PRO- VIDE FUNDS FOR THE ACQUISITIOCI, CONSTRUCTION AND FINANCING OF THE PROJECT. THE PUBLIC POWER REVENUE BO.IDS ARE TO BE PAYABLE FROI•i FUNS HELD IN TRUST FOR THE BENEFIT OF THE HOLDERS OF SUCH BONDS AND FR0~1 REVENUES OF THE AGENCY FROPS THE PROJECT, INCLUDIiIG PAYt•IENTS TO BE p1ADE BY THE PARTICIPANTS UNDER THE tlEt•SBER AGREEPIENTS. 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 COUL:CIL IS REQUIRED TO RECONSIDER THE ORDINANCE. THEREUPON, IF THE CITY COUNCIL DOES NOT ENTIRELY REPEAL THE ORDINANCE, THE ORDINANCE SHALL BE SUBI.IITTED {UNDER BALLOT WORDING PRESCRIBED BY LAW) TO THE VOTERS AT A REGULAR OR SPECIAL ELECTION AND THE ORDINANCE SHALL NOT BECOFIE EFFECTIVE UNTIL A FIAJOR- ITY OF THE VOTERS VOTING OPI THE ORDINANCE VOTE IN FAVOR OF IT. THE FOREGOING DESCRIPTION OF THE PROCEDURES FOR REFEREtv'DUM ZS BASED UPON THE APPLICABLE REFERENDUM? PROVISIONS OF THE CALIFORNIA ELECTIONS CODE AND THE CALIFORNIA GOVERNt•1ENT CODE. REFERENCE IS MADE TO THE CALIFORNIA ELECTIONS CODE AND THE CALIFORNIA GOVERNI•tENT CODE FOR A COI•IPLETE STATEMENT OF SUCH PROVISIONS.