HomeMy WebLinkAboutOrdinance No. 2285 ORDINANCE NO . 2285
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF AZUSA AUTHORIZING THE ISSUANCE OF NOTES
BY SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
WHEREAS , pursuant to the provisions relating to the
joint exercise of powers found in Chapter 5 of Divison 7 of 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 , as amended (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 entered or will enter into agree-
ments to acquire rights to capacity in a project consisting of
the uprating of the electric generators of the Hoover Power Plant
at the Hoover Dam (the "Project") ; 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 and other evidences of
indebtedness (including renewal notes) (the "Notes" ) to be out-
standing at any one time in accordance with their terms in the
estimated maximum aggregate principal amount of $30 ,000 ,000 ,
each to mature within ten years from the date of issuance thereof ,
for the purpose of temporary financing of the acquisition of
such capacity rights in the Project ; and
WHEREAS , the Authority proposes to issue its revenue
bonds and other evidences of indebtedness (the "Acquisition
Bonds" ) for the purpose of providing funds for the acquisition
of such capacity rights in the Project ; and
WHEREAS , the Authority has entered or will enter into
agreements (the "Power Sales Contracts") with two or more of
the Members , pursuant to which the Members entering into such
Power Sales Contracts (the "Project Participants" ) will purchase
from the Authority a percentage entitlement in the capacity of
the Project ; and
WHEREAS , the Notes are to be renewable from time to
time and payable from proceeds of the Acquisition Bonds and ,
to the extent not so paid , may be payable from revenues of the
Authority from the acquisition of capacity rights in the Project ,
including payments to be made by the Project Participants under
the Power Sales Contracts ; 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 its 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
acquisition of capacity rights in the Project by the Authority
is appropriate to assist the Project Participants to meet the
future power needs of their customers for electric energy ; and
WHEREAS , this City Council has authorized by Ordinance
the issuance and sale by the Authority of its Acquisition Bonds ,
the proceeds from the sale of which are to be used for the
acquisition of capacity rights in the Project , including interest
on such Acquisition 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 , r?ritREFORE , 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 for the purpose of temporary financing of the
acquisition of capacity rights in the Project , out-
standing at any one time in accordance with their
terms in a maximum aggregate principal amount of
$30, 000 ,000 is hereby authorized . Notwithstanding ,
such maximum aggregate principal amount , the Authority
is hereby authorized to issue additional principal
amounts of Notes if and to the extent required to
complete the financing of the acquisition of capacity
rights in the Project . The proceeds from the sale
of the Notes hereby authorized are to be used for
the financing of the acquisition of capacity rights
in 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 Acquisition Bonds of the Authority and , to the
extent not so paid , may be payable from revenues of
the Authority from the acquisition of capacity rights
in the Project including payments received by the
Authority from the Project Participants under the
Power Sales Contracts .
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 newspaper 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.
ADOPTED and APPROVED this 30th day of September ,
1985 .
erg, A ..1)1052100
MAYOR
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 . 2285 was
regularly introduced and placed upon its first reading at a
regular meeting of the City Council on the 16th day of September
1985 . That , thereafter , said Ordinance was duly adopted and
passed at a regular meeting of the City Council on the 30th
day of September , 1985 , by the following vote to wit :
AYES : COUNCILMEN : CRUZ, COOK, CAMARENA, LATTA, MOSES
NOES : COUNCILMEN : NONE
ABSENT: COUNCILMEN : NONE
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' CITY CLERK