Loading...
HomeMy WebLinkAbout773 NCPA-Authorizing the Issuance of Notes~'~~ I [Note: Ordinance to be adopted after Bonds Ordinance.] ORDINANCE N0. .773. ORDINANCE OF THE CITY COUNCIL OF THE CITY OF Ukiah AUTHORIZING THE ISSUANCE OF NOTES BY NORTHERN CALIFORNIA POP7ER AGENCY (NORTH FORK STANISLAUS RIVER HYDROELECTRIC DEVELOPi•IENT 7?OF7ER 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 "tlembers"), 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 ahd 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 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; 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 Notes (including renewal Notes) to be out- .. standing at any one time in accordance with their terms in the esti- mated maximum aggregate principal amount of $500,000,000, 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 con- struction of the Project; and T4HEREAS, the Agency proposes to issue its revenue bonds and evidences of indebtedness ("Public Power Revenue Bonds") for the pur- pose of providing funds for the acquisition, construction and financ- ing of the Project; and WHEREAS, notwithstanding the aforesaid estimated maximum aggregate principal amount of Notes proposed to be issued by the Agency for the Project and to be outstanding at any one time in accordance with their terms, additional Notes may be required to com- plete 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 1000 of the capacity and energy of the Project; and WHEREAS, the Notes are to be renewable from time to time and payable from proceeds of renewal Notes and the proceeds of the Public Po~ver Revenue Bonds and, to the extent not so paid, may be payable from revenues of the Agency from the Project, including pay- ments to be made by the Participants under the Member Agreements; and WHEREAS, in accordance with the Joint Powers Act, the exer- cise by the Agency of its power to issue the Notes is subject to the authorization of such issuance by the Members pursuant to Ordinance; and :i~- FIHEREAS, neither the payment of principal of the Notes 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 capac- ity or energy of the Project; and WHEREAS, this City Council has issuance and sale by the Agency of its the proceeds from the sale of which are tion, construction and financing of the on such Bonds and deposits to reserves, premium, if any, and interest on the Ordinance when due. authorized by Ordinance the Public Power Revenue Bonds, to be used for the acquisi- Project, including interest and to pay the principal, Notes authorized by this NOW, THEREFORE, the City Council of the City of Ukiah does ordain as follows: 1. The issuance and sale by the Agency from time to time, in one or more installments, of its Notes (including renewal Notes) outstanding at any one time in accordance with their terms in a maximum aggregate principal amount of $500,000,000 is hereby authorized. Notwithstanding such maximum aggregate principal amount, the Agency is hereby authorized to-issue additional principal amounts of Notes if and to the extent required to complete the financing of the Project. The proceeds from the sale of the Notes hereby authorized are to be used for the financing of costs of acquisition and construction of the Project, including interest on the Notes. The Notes hereby authorized are to be renewable from time to time and such Notes, and premium, if any, and interest thereon, are to be payable from proceeds of renewal Notes and the proceeds of Public Power Revenue Bonds of the Agency and, to the extent not so paid, may be payable from revenues of the Agency from the Project, including payments received by the Agency from the Participants under the Member Agreements. 2. Pursuant to Section this Ordinance is subject to prescribed by Section 3751.7 State of California. 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 ORDINAPdCE the City Council of the City of of October 1981. 6547 of the Joint Powers Act, the provisions for referendum of the Elections Code of the is approved, enacted and adopted by Ukiah this 21s/t day ~.~,~, -,"J--. ~L..If~ ..... . Mayor ATTEST: ,. ~~~~ ~ ~ ~ ~~~f~.~ City Clerk __ ~?~~ NOTICE OF ORDINANCE SUBJECT TO REFERENDUPI CITY OF UKIAH- ORDINANCEE N ADOPTED BY THE CITY COUNCIL OF THE CITY OF UY.IAH - 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 No. 773 (the "Ordinance") was adopted. The title and a summarv 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 ?!KIAH AUTHORIZING THE ISSUANCE OF NOTES BY NORTHERN CALIFOILUTA PCT•7ER AGENCY (NORTH FORK STANISLAUS RIVER HYDROELECTRIC DEVELOPMENT PUBLIC P0~4ER). Summary Pursuant to the Ordinance, the City Council has authorized the issuance and sale by Northern California Pocaer Agency (the "Agency") of its Notes (including renewal Notes), each to mature within seven years from the date of issuance thereof, to be issued, from time to time, in one or more installments, in an estimated aggregate principal amount outstanding at any one time in accordance with their terms of $500,000,000 and to bear interest at a probable overall rate of 11~ per annum. The .actual interest rates on each installment of such Notes 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 Notes, the Agency is authorized, pursuant to the Ordinance, to issue additional principal amounts of its Notes if and to the extent required to complete the financing of the Project discussed below. and Myers Council Member Hickex Snyder,ghg Riley voted in favor of the Ordinance. Council Member Feibuschxwd 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 "tdembers") 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 Members. The Agency, in accordance with the Joint Powers Act and the Agreement, has entered or will enter into agree- ments 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 "btember 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 aggre- gate, purchase rights to 1060 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 Public Power Revenue Bonds to provide funds for the acquisition, construction and financing of the Project. 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. Neither the payment of principal of the Notes nor any part thereof nor interest thereon will constitute 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 AGEIJCY PROPOSES TO ISSUE, IN ACCORDADICE L•lITH THE AGREE- 61ENT AND TFIE JOINT POWERS ACT, ITS NOTES (INCLUDING RENEWAL NOTES) FOR THE PURPOSE OF FINANCING STUDIES, THE ACQUISITION OF OPTIONS, PERb1ITS, AND OTHER PRELIMINARY COSTS TO BE INCURRED PRIOR TO THE UNDERTAKIDIG OF THE CONSTRUCTION OR ACQUISITION OF THE PP,OJECT AND FOR THE PURPOSE OF PROVIDING TEI4PORARY FINAICING OF COSTS OF ACQUISITION AND CONSTRUCTION OF THE PROJECT. THE DIOTES ARE TO BE PAYABLE FROPI THE PROCEEDS OF RENEP7AL NOTES AND FROM THE PROCEEDS OF THE PUBLIC POWER REVEI3UE BONDS AND, TO THE EXTEPIT NOT SO PAID, h+AY BE PAYABLE FROM REVENUES OF THE AGENCY FROid THE PROJECT, INCLUDING PAYi•IENTS TO BE MADE BY THE PARTICIPANTS UNDER THE I•lEt•IBER AGREEI•fENTS. THE ORDINANCE AUTHORIZING THE ISSUANCE OF THE NOTES IS SUBJECT TO REFERENDUI.1. UPON PRESENTATION (GIITHIN THE TIf•IE PERIOD SPECIFIED BY LAPI) OF A PETITION (BEARING SIGNATURES, IN AT LEAST THE NUI4BER REQUIRED BY THE LAW) PROTESTING AGAINST THE ADOPTION OF THE ORDINANCE, THE CITY COUNCIL IS REQUIRED TO RECONSIDER THE ORDINANCE. THEREUPON, IF THE CITY COUP7CIL DOES IvTOT ENTIRELY REPEAL THE ORDINANCE, TAE ORDINANCE SHALL BE SUBI•IITTED (UNDER BALLOT WARDING PRESCRIBED BY LAW). TO THE VOTERS AT A REGULAR OR SPECIAL ELECTION AND THE ORDINANCE SHALL NOT BECOME EFFECTIVE UNTIL A PIAJORITX OF THE VOTERS VOTING ON THE ORDINANCE VOTE IN FAVOR OF IT. THE FOREGOID:G DESCRIPTION OF THE PROCEDURES FOR REFERENDUbl IS BASED UPON THE APPLI- CABLE REFERENDUI4 PROVISIONS OF THE CALIFORNIA ELECTIONS CODE AND THE CALIFORNIA GOVERNMENT CODE. REFERENCE IS bIADE TO THE CALIFORNIA ELECTIONS CODE AND THE CALIFORNIA GOVERNI•IEPIT CODE FOR A COMPLETE STATEP•lENT OF SUCH PROVISIONS.