Ordinance 2060CITY OF ALAMEDA ORDINANCE NO. 2060
New Series
AUTHORIZING THE NORTHERN CALIFORNIA POWER AGENCY TO
ISSUE REVENUE BONDS (NCPA PROJECT NO. 1 - DEVELOPMENT
FUND BONDS)
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF ALAMEDA that:
Section 1 . Northern California Power Agency organized under
that certain Joint Powers Agreement to which this City is a party,
dated July 19, 1968, as amended ( "NCPA ") is authorized pursuant to
Section 6547 of the Government Code to issue bonds, notes, includ-
ing bond anticipation notes, or other evidences of indebtedness (to
be hereinafter referred to as "Development Fund Bonds ") to the full
extent permitted by the provisions of Section 6540 et sect of the
Government Code (the "Bond Act ").
Section 2 . The project to be temporarily financed by the
Development Fund Bonds hereby authorized is the purchase of the
right to obtain electrical capacity produced by Northern California
Municipal Power Corporation No. One, a nonprofit corporation (the
"Corporation "), which has agreed to act on behalf of NCPA to
conduct exploratory drilling for geothermal steam wells to be
developed as the first step in the acquisition, construction,
maintenance and operation of a power plant and other facilities and
appurtenances necessary or convenient to such plant, including
transmission lines and geothermal steam wells ( "Project ") (said
geothermal steam to be produced from certain leasehold interests
acquired by Corporation in Lake County, under an "Agreement for
Sale and Purchase of Geothermal Leases" between NCPA, Corporation
and the Trustee in Bankruptcy of Resource Funding Ltd, dated
January 24, 1980 and approved by appropriate decree of the Bank-
ruptcy Court).
Section 3 . The estimated amount of Development Fund Bonds
to be issued for the purposes described in Section 2 is Five
Million Dollars ($5,000,000.00); provided that nothing herein shall
be deemed to prevent the issuance of additional Development Fund
Bonds to the extent such additional bonds are required to complete
the temporary financing of the project described in Section 2
hereof, including the issuance of bond anticipation notes and
refunding bonds therefor.
Section 4 . The anticipated sources of revenue or other
funds to pay the principal and interest on the Development Fund
Bonds are payments under the Development Fund Agreement "NCPA
Member Agreement for Participation in Electrical Power Develop-
ment" entered into between the members of NCPA and NCPA on
July 1, 1975, revised May 1, 1978, and amended April 26, 1979,
or additional Development Fund Bonds (including additional Devel-
opment Fund Bonds used for refunding purposes); provided further
such sources shall also include the proceeds of project revenue
Bonds payable from revenues for electricity generated from the
project, separately authorized pursuant to Section 6547 of the
Bond Act by subsequent ordinance for the purpose of permanent
financing of the Project ( "Project Revenue Bonds ") or bond anti-
cipation notes in anticipation of the Project Revenue Bonds; in
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addition, such Development Fund Bonds may be secured by a
uarantee, letter of credit or other obligations or funds of a
bank or private financial institution.
This Ordinance does not increase the City's obligation
under said existing Development Fund Agreement which may only be
increased by consent of the City hereafter.
Section 5 . The cities of Palo Alto and Redding are not
participants in the acquisition, construction, maintenance,
operation or financing of the Project and nothing in this ordin-
ance shall mean or be construed to mean that such cities have
assumed or agreed to assume any financial or other responsibility
or liability associated with the acquisition, construction, main-
tenance, operation or financing of the Project.
Section 6 . This ordinance is subject to the provisions for
referendum prescribed by Section 3751.7 of the Elections Code of
the State of California. Subject to the foregoing, this ordin-
ance 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 Alameda and shall also do all of the 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
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of the State of California.
Attest:
City Clerk
Presiding ficer of the Council
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I, the undersigned, hereby certify that the foregoing Ordinance
was duly and regularly adopted and passed by the Council of the
City of Alameda in regular meeting assembled on the 21st day of
July, 1981 by the following vote to wit:
AYES: Councilmen Oiament, Gorman, Sherratt, Stone, and President Corica - 5.
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 22nd day of July, 1981.
City City C � t i ty Alameda