Ordinance 2071CITY OF ALAMEDA
ORDINANCE NO. 2071
New Series
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
A AAMEDA 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 Alameda 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 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 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 Power 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 1008 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
WHEREAS, the Notes are to be payable from proceeds of
renewal Notes and the proceeds of the Public Power Revenue Bonds 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 Agreement; and
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 Alameda .
nor does this Ordinance commit the City of Alameda to take or pay
for any capacity or energy of the Project.
NOW, THEREFORE, the City Council of the City of Alameda
does ordain as follows:
1. The issuance and sale by the Agency, 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
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the Agency from the Participants under the member
Agreements.
2. Pursuant to Section 6547 of the Joint Powers Act,
this Ordinance is subject to the provisions for referendum
prescribed by Section 3751.7 of the Elections Code of the
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 ORDINANCE is approved, enacted and_ddopted by
the City Council of the City of & AMTS this 1 7 +3 day
E I o f �LYtI 1 BM �R i 1981.
i °
Presid Officer of the Counci.
ir
n3
AT ST:
City Clerk
0-
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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 l7th of November, 10F
by the following vote to wit:
AYES: Councilmen Diament, Gorman, Sherratt, Stone, and President Corica - S.
NOES: None.
ABSENT: None,
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 18th day of November, 1 981.
Cit� er o e City f Alameda