Ordinance 2111CITY OF ALAMEDA ORDINANCE NO. 2111
New Series
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ALAMEDA
AUTHORIZING THE ISSUANCE OF PUBLIC POWER REVENUE
BONDS BY NORTHERN CALIFORNIA POWER AGENCY (GEOTHERMAL
GENERATING PROJECT NUMBER 3)
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 "Agree-
ment"), 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 and construct (or to cause to be acquired and con-
structed) a project for the generation and transmission of electric
energy consisting of two 55 megawatt geothermal generating units
and related facilities, including transmission, proposed to
be constructed in Sonoma and Lake Counties, 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, including, without limitation, such interest
in the Agency's Geothermal Generating Project Number 2, as the
Agency may determine (the "Project "); 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 (including refunding bonds) ( "Public Power Revenue
Bonds ") to be outstanding at any one time in accordance with
their terms in the estimated maximum aggregate principal amount
of $300,000,000, 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
and other evidences of indebtedness (including renewal notes)
( "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 financ-
ing 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 one
or more 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
options and /or rights to purchase and /or receive 100% 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 Agree-
ments; 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 Agreements; and
WHEREAS, in accordance with the Joint Powers Act, the
exercise 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, BE IT ORDAINED BY THE COUNCIL OF THE
CITY OF ALAMEDA 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 $300,000,000 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.
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The proceeds from the sale of the Public Power Revenue Bonds
hereby authorized are to be used for the acquisition, construc-
tion 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 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 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 pre-
scribed 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 publishes
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 adopted
�y the City Council of the City of Alameda, this Z L,, day of
1982.
CU
X a:
o c, Presidi f£icer of the Council
Q
Attest:
City Clerk
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t, Lite unuere iyneu, nereuy cer L I uidL Lite ror'eyu ing Ordinance
was duly and regularly adopted and passed by the Council of the
City of Alaeieda in regular meeting assembled on the 16th of November, 1982,
by the following vote to wit:
AYES: Councilmen Gorman, Sherratt, Stone and President Corica - 4.
NOES: None.
ABSENT: Councilman Diament - 1.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 17th day of November, 1982.
0 1 -Pill,
Cft3rClerk f the C' y o- ameda