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HomeMy WebLinkAbout82-48 CITY OF UKIAH RESOLUTION NO. 82-48 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH CALLING A SPECIAL REVENUE BOND ELECTION IN THE CITY FOR THE PURPOSE OF SUBMITTING TO THE QUALIFIED VOTERS OF THE CITY THE MEASURE OF ISSUING REVENUE BONDS IN THE PRINCIPAL AMOUNT OF $23,000,000 TO PROVIDE FUNDS FOR THE ACQUISITION AND CONSTRUCTION OF ELECTRIC GENERATION AND TRANSMISSION FACILITIES; DECLARING THE ESTIMATED COST OF SAID FACILITIES, THE PRINCIPAL AMOUNT OF THE REVENUE BONDS TO BE ISSUED THEREFOR AND THE MAXIMUM RATE OF INTEREST TO BE PAID ON SUCH REVENUE BONDS; FIXING THE DATE OF SAID ELECTION, THE MANNER OF HOLDING THE SAME AND THE MANNER OF VOTING FOR OR AGAINST THE ISSUANCE OF SAID REVENUE BONDS; CONSOLIDATING SAID SPECIAL REVENUE BOND ELECTION WITH THE STATE OF CALIFORNIA DIRECT PRIMARY ELECTION TO BE HELD ON JUNE 8, 1982; AND PROVIDING FOR NOTICE OF SAID ELECTION. WHEREAS, the City Council (the "Council") of the City of Ukiah (the "City") has duly determined that the public interest and necessity demand the acquisition and construction of electric generation and transmission facilities, and has further duly determined that such acquisition and construction should be financed by the issuance of revenue bonds under the Revenue Bond Law of 1941; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ukiah, as follows: Section 1. A special revenue bond election shall be and is hereby ordered and will be held in the City on Tuesday, June 8, 1982, at which election there shall be submitted to the qualified voters of the City the measure of issuing revenue bonds under the Revenue Bond Law of 1941 for the purpose of providing funds for the acquisition and construction of electric generation and transmission facilities, as set forth in the following measure, to wit: MEASURE ( (Electric Generation and Transmission Facilities - Revenue Bonds ) Shall the City of Ukiah issue revenue bonds in the principal amount of $23,000,000 pursuant to the Revenue Bond Law of 1941 to provide funds for the acquisition and construction of electric generation and transmission facilities for the City of Ukiah, including the acquisition and construction of a hydroelectric generating unit to be installed at Coyote Dam, together with related penstocks and outlet and control facilities, and the acquisition and construction of a 115 KV transmission line, together with related transformers and switching gear, and other works, properties or structures necessary or convenient for the acquisition and construction of electric generation and transmission facilities for the City of Ukiah? Section 2. The estimated cost of said acquisition and construction is $23,000,000 and the principal amount of revenue bonds proposed to be issued therefor is $23,000,000. Said estimated cost includes all costs and estimated costs incidental to or connected with said acquisition and construction, together with all engineering, appraisal, inspection, legal and fiscal agent's fees, costs of the bond election and of the issuance of said revenue bonds, and bond reserve funds and working capital and bond interest estimated to accrue during the period of construction and for a period of not_to exceed twelve months after completion of said acquisition and construction. The enterprise for which said revenue bonds shall be issued under the Revenue Bond Law of 1941 is hereby defined to be the whole and each and every part of the municipal electric generation and transmission system of the City and all facilities hereafter acquired or constructed for said system, and all additions, extensions, betterments and improvements to said system or any part thereof hereafter made or acquired or constructed by contract, purchase, condemnation or otherwise for said purpose. It is hereby found and determined that the City now owns and operates an electric system, that the public interest and necessity require that the City improve said system, that the facilities set forth in said measure will constitute an integral part of said system and the same shall be operated as a single unified and integrated system, that the City has no means of financing its share of the cost of said facilities except by the issuance and sale of said revenue bonds, that the net revenues from said system and the net revenues of the municipal electric distribution system of the City can be pledged to the payment of said revenue bonds herein proposed to be issued, and that said system, and each and every part thereof, when said facil- ities are completed as aforesaid,will constitute a complete electric generation and transmission system. It is hereby found and determined that the acquisition and construction of said facilities is necessary to enable the City to exercise its public powers and functions, namely, to furnish sufficient electric service for any present or future beneficial use of the C~ty. Section 3. The Council proposes to issue and sell revenue bonds in not to exceed the amount and for the object and purpose specified in said measure if a majority of all of the voters voting on said measure at said special revenue bond election shall vote in favor of said measure. The rate of interest to be paid on said revenue bonds shall not exceed twelve per cent (12%) per annum, payable semiannually (except that the Council, in its discretion, may provide that interest for the first year shall be payable annually in one installment at the end of such year), and said issue of revenue bonds shall be revenue bonds payable exclusively from the net revenues of said enterprise and the net revenues of the municipal electric distribution system of the City which are legally available for such purpose, and are not to be and shall not be secured by the taxing power of the City, and shall be issued under the Revenue Bond Law of 1941. The principal of and interest on said revenue bonds, and any premiums upon the redemption of any thereof, are not and shall not constitute a debt of the City, nor a legal or equitable pledge, charge, lien or encumbrance upon any of its property or upQn any of its income, receipts or revenues, except_the net revenues of said enterprise and the net revenues of the municipal electric distribution system of the City legally available for such purpose. No taxes shall ever be levied or collected by the City for the payment of any of said revenue bonds or the interest thereon, nor shall any property of the City be subject to forfeiture therefor, but all the net revenues of said enterprise and all the net revenues of the municipal electric distribution system of the City legally available for the payment of said revenue bonds shall be applied to such payment. Said issue of revenue bonds, if authorized, shall be special obligations of the City and shall be secured by a pledge of and shall be a charge upon and shall be payable, as to the principal thereof, interest thereon and any premiums upon the redemption of any thereof, solely from and secured by a lien upon the net revenues of said enterprise and upon the net revenues of the municipal electric distribution system of the City, and all of the net revenues of said enterprise and all the net revenues of the municipal electric distribution system of the City, including the net revenues of additions, extensions, improvements and betterments thereto heEeafter acquired or constructed, shall be pledged and assigned as security for all of said revenue bonds herein proposed to be issued. If the necessary and reasonable maintenance and operation costs of said enterprise and of the municipal electric distribution system of the City (which costs include the reasonable expenses of management, repair and other expenses necessary to maintain and preserve said enterprise and the municipal electric distribution system of the City in good repair and working order) are paid when due and if the inter~st on and principal of said revenue bonds herein proposed to be issued and all charges to protect or secure them are paid when due (including such sums for sinking funds, redemption funds, reserve funds or other funds created for the better securing of any of said bonds as may be provided for in the discretion of the Council in the resolutions of the Council providing for the issuance of any of said bonds), then, subject to any limiting covenants in the resolutions of the Council providing for the issuance of any of said bonds, the remaining surplus may be used for any lawful purpose of the City, so long as all maintenance and operation costs of said enterprise and of the municipal electric distribution system of the City shall be paid from said revenues prior to paying the principal of and interest on any of said revenue bonds herein proposed to be issued and prior to paying any sums for security funds which may be established by the Council in said resolutions. The Council may, subject to the provisions of the Revenue Bond Law of 1941, provide for the issuance of additional revenue bonds for the purpose of further improving said enterprise, or making any extensions or additions thereto, on a parity with any of said revenue bonds herein proposed to be issued, subject to such limitations as the Council may specify at the time of the issuance of any of said revenue bonds herein proposed to be issued. Section 4. The Council does hereby submit to the qualified voters of the City at said special revenue bond election said measure set forth in Section 1 of this reso- lution, and designates and refers to said measure in the form of ballot hereinafter prescribed for use at said election. (a) Said special revenue bond election shall be held and conducted, and the votes thereat canvassed and the returns thereof made, and the result thereof ascertained and determined as herein provided; and in all particulars not prescribed by this resolution said special revenue bond election shall be held and conducted and the votes received and canvassed in the manner provided by law for the holding of general elections in the City. (b) All persons qualified to vote at elections in the City upon the date of the election herein provided for shall be qualified to vote upon the measure submitted at said special revenue bond election. (c) The polls at the polling places hereinafter designated shall be opened at 7:00 o'clock A.M. of said day of election and shall be kept open continuously thereafter until 8:00 o'clock P.M. of said day of election, when the polls shall be closed (except as provided in Section 14301 of the Elections Code), and the election officers shall thereupon proceed to canvass the ballots cast thereat. (d) Said special revenue bond election hereby called shall be and is hereby consolidated with the State of California Direct Primary Election to be held in the City on June ~, 1982, all as required by and pursuant to law; and the election precincts, polling places and officers of election within the City for said special revenue bond election hereby called shall be the same as those selected and designated by the Board of Supervisors of Mendocino County for said Direct Primary Election and to be set forth in the notice of election officers and polling places for said Direct Primary Election to be published by the County Clerk of said County, as required by law, to' which notice reference is hereby specifically made for a designation of the precincts, polling places and election officers of the special revenue bond election hereby called. Only qualified voters of the City shall be permitted to vote at said special revenue bond election. The Board of Supervisors of said County is authorized to canvass, or cause to be canvassed, the returns of said special revenue bond election with respect to the votes cast in the City and to certify the results to the Council. (e) On the ballots to be used at said Direct Primary Election and said special revenue bond election hereby consolidated therewith, in addition to all other matters required by law to be printed thereon, shall appear the measure set forth in Section 1 hereof. Each voter to vote for the measure hereby submitted and for issuing said revenue bonds shall stamp a cross (+) in the blank space opposite the word "YES" on the ballot to the right of said measure, and to vote against said measure and against issuing said revenue bonds shall stamp a cross (+) in the blank space opposite the word "NO" on the ballot to the right of said measure, except that on absent voter ballots the cross (+) may be marked with pen or pencil; provided, however, that if and to the extent that ballot cards are used at said election, each voter to vote for the measure hereby submitted and for issuing said revenue bonds shall punch the ballot card in the hole after the word "YES" to the right of said measure, and to vote against said measure and against issuing said revenue bonds shall punch the ballot card in the hole after the word "NO" to the right of said measure. Absent voter ballots setting forth said measure shall be issued to qualified electors residing within the City entitled thereto, in the manner provided by law, and such absent voter ballots shall likewise be canvassed, or caused to be canvassed, by the Board of Supervisors of said County. (f) At the next regular meeting of the Council occurring after the returns of said special revenue bond election have been canvassed, or caused to be canvassed, by the Board of Supervisors of said County, and the certifi- cation of the results thereof to the Council, or at a special meeting called thereafter for such purpose, the Council shall cause to be spread upon its minutes a statement of the , results of said special revenue bond election as ascertained by sai~ canvass. Section 5. The City Clerk of the City is hereby directed upon the passage and adoption of this resolution to publish the same once a day for at least seven (7) days in the Ukiah Daily Journal, a newspaper published in the City. No other notice of the election hereby called need be given. Section 6. This resolution shall be forthwith entered upon the minutes of the Council and shall take effect immediately upon adoption. PASSED AND ADOPTED this ]7th day of February, 1982, by the following vote: AYES: Councilmembers Hickey, Feibusch, Snyder, Riley, Myers NOES: None ABSENT: None SEAL mlayor of the Ukiah Attest.: ~ ~ City Clerk of the City of Ukiah 10 CITY CLERK'S CERTIFICATE I, Hattie Tillotson , City Clerk of the City of Ukiah, hereby certify as follows: The foregoing is a full, true and correct copy of a resolution duly adopted at a regular meeting of the City Council of the City of Ukiah duly and regularly and legally held at the regular meeting place thereof on February ]7, 1982, of which meeting all of the members of said City Council had due notice and at which a majority thereof was present. At said meeting said resolution was adopted by the following vote: AYES: Councilmembers Hickey, Feibusch, Snyder, R~]ey , Myers NOES: None ABSENT: None I have carefully compared the same with the original minutes of said meeting on file and of record in my office, and the foregoing is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes. Said resolution has not been amended, modified or resci .nded since the date of its adoption, and the same is now in full force and effect. Dated: February _13, 1982 SEAL City Clerk of the City of Ukial5