Ordinance 2059CITY OF ALAMEDA ORDINANCE NO. 2059
New Series
AUTHORIZING THE NORTHERN CALIFORNIA POWER AGENCY TO
ISSUE REVENUE BONDS (SHELL EAST BLOCK PROJECT -
SECOND PHASE BONDS)
BE IT ORDAINED BY THE COUNCIh 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 "Second Phase Bonds ") to the full
extent permitted by the provisions of Section 6540 et se q. of the
Government Code (the "Bond Act ").
Section 2 . The project to be temporarily financed by the
Second Phase Bonds hereby authorized is the purchase of the right
to obtain electrical capacity produced by Northern California
Municipal Power Corporation No. Three, nonprofit corporation (the
"Corporation "), which has agreed to act on behalf of NCPA to carry
out 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 geo-
thermal steam wells ( "Project ") (said geothermal steam to be
produced from certain leasehold interests in Sonoma County, under
a "NCPA EAST BLOCK GEOTHERMAL STEAM SALES AGREEMENT" between NCPA
and Shell Oil Company, dated as of September 15, 1980.
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Section 3 . The estimated amount of Second Phase Bonds to
be issued for the purposes described in Section 2 is Five Million
Five Hundred Thousand Dollars ($5,500,000.00); provided that
nothing herein shall be deemed to prevent the issuance of additional
Second Phase 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 rates
and refunding bonds therefor.
Section 4 . The anticipated sources of revenue or other
funds to pay the principal and interest on the Second Phase Bonds
are payments under the "Member Agreement (Second Phase) for
Financing or Planning and Development Activities" entered into
between the members of NCPA and NCPA as of June 1, 1981, or
additional Second Phase Bonds (including Second Phase Bonds used
for refunding purposes); provided further such sources shall also
include the proceeds of Third Phase 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 ( "Third
Phase Bonds ") or bond anticipation notes in anticipation of the
Third Phase Bonds; in addition, such Second Phase Bonds may be
secured by a guarantee, letter of credit or other obligation or
funds of a bank or private financial institution.
Section 5 . 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 ordinance
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shall take effect and be in force sixty (60) days from the date
of adoption.
Section 6 . The City Clerk of the City is hereby directed
to cause this ordinance to be published within fifteen (15) days
after its adoption in the 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
of the State of California.
Attest:
C
City
Presid&Kg Officer 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 Diament, Gorman, Sherratt, Stone, and President Corica - 5.
NOES: None.
ABSENT: None.
IN WIT14ESS WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 22nd day of July, 1981.
City C erk of the ity lameda