HomeMy WebLinkAboutORD 3314, • • C.1RIGINAL
ORDINANCE NO. 3314
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AUTHORIZING THE ISSUANCE OF NOTES BY NORTHERN
CALIFORNIA POWER AGENCY (NORTH FORK S'l.'ANISl.AUS
RIVER HYDROELECTRIC DEVELOPMENT P0v1ER PROJECT)
WHEREAS, pursu<:nt to the provisions of Chapter 5, Division 7,
Title 1 of the Government ~~-je of the State of California, as amended
(the "Joint Powers Act"), the City of Palo Alto an~ certain other pub
lic agencies created pursuant to the laws of the State of California
(collectively, the "Membersn), have entered into a Joint Powers Agree
ment, as amended (the "Agt"eernent"), creating the Northern California
Power Agency (the "Agency"), a public entity SPoarate and apart from
the Members; and
WHEREAS, in accordance with the Agreement and the Joint Powers
Act, the ~g~ncy has entered or will enter into agreements to acquire a
project ( ti-Je "'Project") to consist of rights to capacity and energy
from the North Fork Stanis 1 a us River Hyd roe lect.r i c Development Power
Project, a hych:oelectr]c project to be constructed in the St-ate of
California, and capital improvements thez:eto that may be constructed
from time to time, and interests in certain other property and rights
relating thereto: and
WHEREAS, the .\qency p ropc,ses t·'J issue, in accordance with t.:he
A-3reement and the Joint Powers Act, fr()ffi time to tifl\P, in onB or more
installments, it;. Note (i:.1c1uding rene·,.,al Notes) to be outstanding at
any one time in accordance with their term3 in the estimated maximum
aggregate pr inc i pa 1 amount of $50 0, 000,000! for ti1e purpose of f i nan
cing studies, the acquisition of options, per·mits, and other prelimi
nary costs to be incurred prior to the undertaking of the construction
or acquisition of the Project and for the purpose of providing tempo
rary financing of costs of acquisition and construction of the Project;
and
WHEREAS, the agency proposes to issue its revenue bonds a.nd evi
dences of indebtedness ("Public Power Revenue Bonds") for the purpose
of providing f_,;,J$ for the acquisition, construction and financing of
the Projects: and
WHEREAS, notwithstanding the aforesaid es~imated maximum aggregate
principal amount of Notes proposed to be issue~ 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 complete the financing of
the Project~ and
WHEREAS, the Agency has entered or will enter into agreements (the
"Member Agreemen•s.,) with certain entities (including two or more of
the Members), pur~uant to which the ~ntities entering irto such Member
Agreements with the Agency {the "Partic~pants") 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' pay
able from proceeds of renewal Notes and the pt~oceeds of the · ~ubl ic
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 Partic~pants under the Me~ber Agreemen~s; and
WHEREAS, in accordanc2 with the Joint Powers Act-the exercise by
the Agency of its power to issue the Notes is subject to the authoriza
tion of such issuance by the Members pursuant to Ordinance; and
WHEREAS, neither the payr11ent of principal of the Not.es nor any
part thereof nor interest thereon shall constitute a debt, liability or
obligation of the City of Palo Alto~ nor doe.·:_, this ordinance conunit the
City of Palo Alto to take or pay for any capacity or energy of the Pro
j ~~ct: and
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• •
WHEREAS, this City Council has authorized by ordinance the issu
ance and sale by the Agency of its Public Power Revenue Bonds, the pro
ceeds from the sale of which are to be used for the acquisition, con
sti:'1J.Ction. and financing of the Project, including interest on such
Bonds and deposits to reserves, and to pay the principal, premium, if
any, anrl interest on the Notes authorized by this ordinance when due.
NOW, THEREFORE, the Council of the City of Palo Alto does ORDAIN
as follows:
SECTION 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 accoLdance with their terms in a maximum
aggregate principal amount of $500,000,000 i~ hereby authorized. Not
withstanding such maximum aggregate principal amount, the Agency is
hereby authorized to issue additional priitcipal amounts of Notes if and
to the extent required to complete the financing of the Project. The
proceeds from the sa l.e of the Notes here by aut hot· i zed are to be used
for the financing of costs of acquisition and construction of the Pro
ject, incl~ding interest on the Notes. The ~otes hereby authorized are
to b8 renewable from tlme to time and such t-:otes, and premium, if any,
and interest thereon, are to be :,.\/2tble fr:)m proc(:L:.ds of renewal Notes
and the proceeds of Public Pcw-'2!:.' Revenue Bonds of the Agency and, to
the extent not so p3id, may be payable from revenues of the Agency from
the Project, including payments received by the Agency from the Fartic
ipants under the Member Agreements.
SECTION 2. Pnrsuant to Section 6547 of the Joint Po,.~ers Act, this
ordinance is subject to the provisions fat· t"eferendum pr ·scribed by
Section 3751.7 of the Elections Code of the State of Calif~~nia.
SECTION 3. The City Clerk shall certify to the enactment of this
ordinance and shall cause nct:ice of the same to be published in accor
dance with Section 6040.1 of the Government Code of the State of Calif~
ornia.
SECTION 4. Sixty (60) days from and ~fter its ena~tment, this
ordinance ~hall tnke effect and be in full force, in the manner-pro
vided by law.
INTRODUCED: Noverr~er 9, 1981
PASSED: November 23, 1981
A YES: Bechtel, Eyerly, Fazzino, Fletcher, Henderson, Klein, Le•Jy,
Renzel, Witherspoon
NOES: None
ABSTENTIONS: Nvne
ABSENT: Non~
APPROVED:
~--.lk?''LAt·"tA?..a--,Y),..:=" c Mayor
APPROVE AS TO FORM:
&~~La.~ City Attorney
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1'"1 U D C3 E~ 0 S E G U T H R I E ALE X AN 0 E R 0.. FER D 0 N
l-• ., ' "'• ~, ,. '" L r_ '. !'1,i 'W\'
NE:.W 'T'OR'K, N '1 10005-·2600
212 701·1000
The Peninsula Times Tribune
245 Lytton Avenue
Palo Alto, California 94302
Gentl0persons:
,. f ..... f 1." 0 P' £ G
J: I J ~ (~ d ;) -'] ~": U
June 17, 1983
Enclosed. .i~:; a copy of a Proof Gf Pu:)J ic~1U.on of a.
~otice nf the City of Palo Alto wticl1 was published by the
T1mws Tribun8 in December of 1981.
2 , .... ~-;'. 7!
I am in the process of reviewing some of the records
of the City of Palo Alto, includ_iPg the P1anrwr in '.·:hicl\ certain
ot i t.s notices an) ~)ubl i slwd. In t::a t rc<:;il n1, .l. .. n.s,sof ~~..A9_~·!
onah¥ .tb~ tyge si~~c that \·l2.S used in ~)l·intinq tht:~ cr1c o~:;ed
·'"tbtice. ........ '
Th8 body of the notice appears to have been printed
in 8-poizf-(; type. The last two paragra~hs~ ~n-inted .in all
capita,l letters, appear to be either 9-or JO-point tjpe. .ZI.t
your convenience, r iijk. that ygu4 sgnf~-·m thes~ tpe s~?f§.
You may respond by mall or telepnone (cb'n:e&€-, 'i r1ecessary),
whichever you find more convenient.
Thank you very much for your cooperation.
Very truly yours,
' "' ST A.TE OF CALIFORJia
COUN7:' OF SANTA caA
In the Matter of
cr:_:-:: OF 2.) ~7./~ .J_/~.~o ()~~: .. ;r, ... ;r:
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. ,. ~-~, /" .... ;• .. i.!. \,,.J '•o\ 1')81
·················································-············•ltiiiiiiOIIOIIIIIIOIIIOOIOOO
STATE Of CALIFORNIA
COUNTY OF SANTA CLARA
The undersigned, being first duly sworn, deposes and says. Thal
times hereinafter mentioned ai'fiant was and !;till is r; dtizen of the
States, over the Clge cf eighteen years, and not a party to nor intt:~re
the above ent1tl,~d proceeding; and was at and dur~ng all said times''
is the principa: clerk of the printer and publisher of The Peninsula
Tribl.me, a newspaper of generhl circulation printed and publishe
(except Sundays) iu the city of Palo Alto in said Count~· of Sanw
SUite of California, that said Peninsula Tirnes Tribune is and ·was :1t a
herein mentioned a new"paper of general circulation as that term is'
by Sections 6000 and following, of the Government Code of the ~
California, and, as provided by said sections, is published for the dis~
tion of local or telegn.phic news and intelligence of a gi.neral ch;
ha.ving a bona fide subscription list of paying subscribers, and 1s nol
f'd to the interests or piJblished for the entertainment or instructi
particular class, profession, trade, calling, race or denomination, 01
.:::nertainment and instruction of any number of <>u-::t, classe~. prof
trades, callings, races or d.:::nomina~ions; that at. all tirn~s s:\id ne\
has been established, printed and published in the said city of Pale
said County and State at regular intervals for more than on~ year l
ing the first publication of the notice herein mentioned; th :H said no
S8t in type not smaller. than nonpareil and was preceded .vith won
ed in black-face type not smaller t.han nonpareil, describing and ex1
in general terms, the purport and character of the notice intend•
given; that the clipping of which the annexed is a true printed cc
published and printed in said newspaper on the following dates, t•
Decer.:oer 1, ?., ~,, !;., 5, 1?81
• 1 ~ 0 0 •I 0 0"" .. 10 " .. 01 .. 0 I 0 00 0 0 0 0 I 01 o • 0 I 0 0 0 .. I II I I 0 I 0 0 .. 01 .. " o 0 0 010 o .. o 0 0 I • I Ol I 0 I .. I .. 01 II 0 .... " o • o o I 0 I I I II 01 ..
............... 1 ................................. 101 ............................................................. .
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.................................. 10 .................. 1 ............................................................ .
Dated at Palo Alto, California
. {:•· Jcc (J; .b0r thls ...... l..~ ....... day of ............................................................................. .
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;.·.~·~·.;~·g,~ubscrlbcr~·. and IS nt)l
.e £>nterta~nment or tnstruCtl
,0 ~. ~.:cor denomination. o1
:1um~er of such classes, prof
:ls; that at all times said ne\
:ished in th~ said city of Pak
\',lls for more than one year 1
·rein mention(·d·, that said no
.tnd was preceded w1th wort
'idnpareil. describing and ex:
1racter of the notice intend·
"nnexed is .1 true pnnted cc
•er on the, following d<~tes, t•
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<;t-the foregoing is tru..: and
/ ~'-~.r::. ........................... ..
blisher of The Peninsula Ti
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,h)q;
metnoo ot ortc-rmtn1n9 Sl•Ch rote~ .,..,.,:1 to.:-OQte;rm•nl'O r;..·
tne: Comm,s~~~o! th€:' Ayt:ncv 1n occcrCJ(IIlCe W;in IOI· O'
th(' IHT1C· ot 1S , cc o1 such 1nstoilmt>nt. NOIY. 1thstor.o:"'?
~lJCh mox1mu O\HJrC'gntc· pr1nC1DOI wnount~-o! No:(>~.
tht' A9c·ncv 1S CH.'Ihor 1led purs:.~ont to nw Oro:r.(l'1CC. ~o
1~5ue Oddi!IOflO: Prlr1CIPOI OnlOL'i',l~ <.d I!~ NOI<>S 1f ond IO
th(• extent u·qu.rt:>rl to corn~tc•lf: tt1c f,nonc1ng o! t~.e
PrvJC'CI dlsc,,s~ . .:·d !Jeiow
((.•IJI1CIImt•nH)(•r:> Uf1Clr)IIHOU51Y VOl(•() Ill wvor o! P',(' Or·
OinOnCC' .
Tr,f Aq<>ncv wc;s crc·ol(•d ~ur~uc1'1l loa ,Joint Pc· ... ·FC~5
t..co<reemenl, os omenccd (1h(l "A;JreQnlC'ni' .'. here.>tofcrE:
en!ert•d 1nto be>twc·en the C1tv of .::';JIO Alto ono cer:c:~.
other publiC 00enC1C'~ created pur~uont to the laws o! L-:e
)tote-of Coli!crr•io (ColiC>Ctlvelv, 1he "1/.crr;b~:rs ') our:.iJ·
ant to the· orov1S10n!:. ot Chuoter 5, DIVISIOn 7, Title 1 of thE'
GovC'rnmc·r1t Code ot the Stole 01 Cali'crnio, as omend.:a
\!he "Join. Powers Act"~ T!1e Agencv ~~ o oubiiC e;.tll.,t
se(:;oral!2 ond opori from the M£..mbe:-~ n·.e Age!lCV, ;~.
occor·cance win1 the Jo1nt Powers Act and lhe Agree··
rrwnL a~ (•niC'rC'd 01· w1il (>ntl·r 11110 o;11 fPir;fnts :c, ocq:_•1• ':
o orOiC'CI (tile-· Pro1cC1 ·l !o co;1s1~! of r1gr.ts to coccc::v
and enf'rgv from 1l;e Norfh Fork StormiO'JS R1ver Hvcro·
elec!r,c 0.:-.•c'!:Jpm('n: P:.~blic Power, o hvdroeieclnc
oro1ect proooseo tc oe cons:r1JC!c·d in H12 State of Cot,·•or·
n;c, Gnd ca;:J,:c: ;m;.:;rovc-rnc;>ct5 tnerelo nwt rr.ov be con·
s!r,,cted frum l1me to t;rnc, and 1ntere~t~ 1n ce-rto1n c:r.c·r
l.)roperty und r1ghts i"E'Ic'''l9 tnerC'IO Tnt' AQCIK'I has cT,·
tere-u or wilil'nter 1nto ogreements (tht> ·Member Agre-E-
ments") w1th certo1n ent1t:es (1nclud1ng twn or more cf
the tv\ember~). ~ursuont to wh1Ch the enliiii?S en!er1ng
;nto ~uch N\t:mbcr /1grccments w1th !he Agency (the
· Por!ICIPOnts· J w;::, 1:1 !tK aggregate, Purchase rtOhts :0
i()0°o of the cc:ooc::v and cnrrg, of the PrOii:>CI. The c,~.,.
Counc11 herC'Io!orc has outhor1zed. bv ord:nonce. tr112 :s·
suorcc ;;,J ~o:l' bv !hc> Agl'ncv of 1TS PiJlliiC Power R('vc ..
f'U(l Bonds 10 prov1dE' funds lor 111(' u~cl':S:!JOn. cor>-;:• l:
1 'o n a n c 11 r; c: n c 1 n q of !11(• P r o 1 <· c I T r,,. P '." !.' ' -: ::0 ~ :. : -
Rc··;-:-"'.·o.< :;.~n..;) o: .... 10 t>C" ;JOYUDlt." jron' tvnc:.. hC'I<.! 1n lr ... ~!
tor trw DC'nC'Ill of ltlC' llOir:Jers 01 ~ucn Bc.nc<5 cnc1 !rom re.,..
enues of I he Agencv lr('m II"•C' ProJeCt, inClUding CO\·
menl5 to t)e mo(Je bY the Purlic1~onts under !he Member
Agreements.
Ne1thN the oovmt:>nt of prt'lU~ol of the Notes nor ony
oorl thereof nor lrill!resl t.~r.reon will const1tute o clebt,
IIObJIJty or obligot>on of lh<• C1ty of Polo AI!O; nor dOt'S
I he Ordronce commit the City of Polo Aflo to toke or pay
for ony co~:•c1C1tv 01 enNgv of the Pro1ec!.
THE AGENCY PROPOSES TO ISSUE, IN ACCOR
DANCE WITH THE AGREEMENT AND THE JOINT
POWERS ACT, ITS NOTES (INCLUDING RENEVV.~l
NOTES) FOR THE PURPOSE OF FINANCING STU·
DIES, THt: ACQUISITiON OF OPTIONS, PERMITS,
AND OTHER PRELIMINARY COSTS ;o BE IN·
CURRED :-~R·.~R TO THE' UNDERTAKING OF THE
COSTRLiCT lOt--I OR ACQUISITION OF THE PROJELT
AND FOR -r:-1E PURPOSE OF PROVIDING TEl'.-\·
PORARY FiNANCING OF COSTS OF ACQUISITION
AND CONSTRUCTION OF THE PROJECT. THE:'
NOTE.S ARE TO BE PAYABLE FROM THE PRO·
CEEDS OF RENEWAL NOTES AND FROM THE PRO,
CEEDS OF THE PUBLIC POWER REVENUE BONDS
AND, TO THE EXT'~NT NOT 50 P.A.ID, ,\~AY BE PAY
ABLE FROM REVENUES OF THE: AGENCY FROM
THE PROJECT, INCLUDING PAYMENTS TO BE
MADE BY THE PAR'l'ICIPANTS UNDER THE MEM·
BER AGREEMENTS. .
THE ORDINANCE AUTHORIZING THC: ISSUANCE
OF THE NOTES IS SUBJECTTO REFERENDUM.
UPON PRESENTAT:ON (WITHt'N THE TIME PERIOD
~P~CIFIED BY'LAW) OF A PETlTION (oEARING StG·
NATURES, IN AT LEAST THE NUM8ER REQUIRED
BY THE LAW) PROTESTING AGAINST THE ADOP
TION OF THE ORDINANCE, THE CITY COUNCIL IS
REQUIRED TO RECONSIDER THt: ORDINANCE.
Tl-iEREUPON, IF THE CITY C:OUNCiL DOES NOT EN·
TIRELY RePEAL THE ORDINANCE, THE ORDI·
NANCE SHALL BE SUBI\\ITTED (UNG-ER BALLOT
NORDING PRE:.CRIBED BY LAW) TO THE VOTJRS
AT A REGULAR OR SPECIAL ELECTION AND THE
ORDINANCE SHALL NOT BECOME EFF!:rT IVE
UNTIL A MAJORITY OF THE VOTI.:RS VCTING ON
THE ORDINANCE VOTE IN FAVOR OF IT. THE
FOREGuiNG DESCRIPTION m: THE PROCEDURES
FOR REFERENDUM IS BMED UPON THE APPLICA·
BLE REFERENDUM PROVISIONS OF THE CALIFOR
NIA ELECTIONS CODE, THE PALOAL.TO CITY CHP..R·
TER, AND THE C.t'.UFORNIA GOVERNMENT CODE.
REi=ERENCE !S MADE 10 THE CALIFORNIA ELEC
T I ON S COD f., THE CAL I FOR N lA GOVER NME r\T
CODE, AND THE PALO ALTO CITY CHARTF..R, AS
MAY BE APPLICABLE. FOR A COMPLETE STATE·
MENT OF SUCH PROVISIONS.
ANN J. TANNER
C1ty (l!;>rk /~~I '• ' ".> '"" ' .., ~ , ' , ...
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