Ordinance 2072CITY OF ALAMEDA
ORDINANCE NO. 2072
New Series
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
ALAMEDA AUTHORIZING THE ISSUANCE OF NOTES BY
NORTHERN CALIFORNIA P014ER AGENCY (NORTH FORK
STANISLAUS RIVER HYDROELECTRIC DEVELOPMENT POWER
PROJECT).
WHEREAS, pursuant to the provisions of Chapter 5, Division
Title 1 of the Government Code of the State of California, as
.ended (the "Joint Powers Act "), the City of Alameda and certain
her public agencies created pursuant to the laws of the State of
lifornia (collectively, the "Members "), have entered into a Joint
rowers 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 Joirt
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
WHEREAS, 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
wncxcHS, 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 Notes are to be renewable from time to time
and 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 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
WHEREAS, 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 Alameda ; nor does this
Ordinance commit the City of Alameda to take or pay for any capac
ity or energy of the Project; and
WHEREAS, this City Council has authorized by Ordinance the
issuance and sale by the Agency of its Public Power Revenue Bonds,
the proceeds from the sale of which are to be used for the acquisi-
tion, construction and financing of the Project, including interest
on such Bonds and deposits to reserves, and to pay the principal,
premium, if any, and interest on the Notes authorized by this
Ordinance when due.
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 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,
-2-
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 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 s a roved, enacted and �3dopted by
the Ci y Council of the City of , this /y�? day
of l l6M ASR , 1981.
Press in Officer of the Council
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CU r City ei
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1, the unaersignea, nereuy certtty that the toregoing 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, 1911,
by the following vote to wit:
AYES: Councilmen Diament, 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 18th day of November, 1981,
City Clerk of the i y f Alameda