HomeMy WebLinkAboutOrdinance No. 2132 ORDINANCE NO. 2132
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
AZUSA AUTHORIZING THE ISSUANCE OF NOTES BY
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY.
The City Council of the City of Azusa does Ordain
as follows :
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 Azusa 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 (the "Agreement')
creating the Southern California Public Power Authority
(the "Authority") , a public entity separate and apart from
the Members; and
WHEREAS, in accordance with the Agreement and the Joint
Powers Act, the Authority has undertaken or will undertake to,
among other things, incur preliminary costs, make (or cause
to be made) studies and acquire (or cause to be acquired)
options and permits ( "Development Work") in connection with
a project for the transmission of electric energy, which
project (the "Project") is the Mead-Phoenix DC Intertie,
a +/- 500 KV DC transmission line with AC/DC converter
stations at each end and related facilities, to be located
in the States of Arizona and Nevada; and
WHEREAS, the Authority proposes to issue, in accordance
with the Agreement and the Joint Powers Act, from time to
time, in one or more installments, its notes or other evidences
of indebtedness (the "Notes") to be outstanding at any one
time in accordance with their terms in the estimated maximum
aggregate principal amount of $15,000,000, to mature on or
before December 31, 1991, for the purpose of financing of the
costs of the Authority for the Project, including costs of
Development Work, costs of issuance and interest on the Notes;
and
WHEREAS, upon the satisfactory conclusion of the
Development Work and the occurrence of certain other events,
the Authority proposes to issue its Transmission Project
Revenue Bonds for the purpose of providing funds for the
acquisition, construction and financing of the Authority' s
interest in the Project; and
WHEREAS, notwithstanding the aforesaid estimated maximum
aggregate principal amount of Notes proposed to be issued by
the Authority and to be outstanding at any one time in accordance
with their terms, additional Notes may be required to complete
the financing of such costs of the Authority for the Project;
and
WHEREAS, the Authority has entered or will enter into
agreements (the "Project Development Agreements") with two
or more of the Members and other entities pursuant to which
the Members and other entities entering into such Project Development
Agreements (collectively, the "Development Participants")
will, in the aggregate, undertake to pay to or on behalf of
the Authority 100% of such costs of the Authority for the
Project; and
WHEREAS, the Notes are to be renewable from time to time
and payable from proceeds of the Transmission Project Revenue
Bonds and, to the extent not so paid, from revenues of the
Authority from the Project, including payments to be made by
the Development Participants under the Project Development
Agreements; and
WHEREAS, in accordance with the Joint Powers Act, the
exercise by the Authority of its power to issue the Notes
is subject to the authorization of such issuance by 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 Azusa; and
WHEREAS, this City Council has determined that the
undertaking by the Authority of the Project is appropriate
to assist the Development Participants to, among other things,
realize the savings in fixed and operating costs and economies
of scale of large DC transmission facilities .
NOW, THEREFORE, the City Council of the City of Azusa
does ordain as follows :
1. The issuance and sale by the Authority from time
to time, in one or more installments, of its Notes out-
standing at any one time in accordance with their terms
in a maximum aggregate principal amount of 515,000,000
is hereby authorized . The proceeds from the sale of the
Notes hereby authorized are to be used for the financing
of the costs of the Authority for the Project, including
costs of Development Work, costs of issuance and 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 the Transmission Project Revenue Bonds of the Authority
and, to the extent not so paid, from revenues of the Authority
from the Project, including payments received by the Authority
from the Development Participants under the Project
Development Agreements . Notwithstanding the maximum
aggregate principal amount of Notes set forth above,
the Authority is hereby authorized to issue additional
principal amounts of Notes if and to the extent required
to complete the financing of such costs of the Authority
for the Project .
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 for five (5) consecutive days within
fifteen (15) days of its enactment, in the San Gabriel Valley
Tribune, a daily newpaper of general circulation, published
in the East San Gabriel Valley, and sixty (60) days from
and after its enactment it shall take effect and be in full
force, in the manner provided by law.
PASSED AND APPROVED this 1st DAY OF March , 1982.
YOR
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STATE OF CALIFORNIA
COUNTY OF LOS ANGELES SS.
CITY OF AZUSA
I, ADOLPH A. SOLIS, City Clerk of the City of Azusa,
do hereby certify that the foregoing Ordinance No. 2132
was regularly introduced and placed upon its first reading
at a regular meeting of the City Council on the 16thday of
February , 1982 . That, thereafter, said Ordinance was
duly adopted and passed at a regular meeting of the City
Council on the 1st day of March , 1982, by the
following vote to wit :
AYES : COUNCILMEN: Decker, Fry, Cruz, Moses, Solem
NOES : COUNCILMEN: None
ABSENT: COUNCILMEN: None
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OLPH A. SO IS
City Clerk
Publish Azusa Herald March 10, 1982.
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