HomeMy WebLinkAboutORD 3641..
~ORIGINAL.·
ORDIN]WCE NO.· , . 3641 ,
ORDINANCE ()F THE ·coo~CIL OF THE . CITY OF
PALO ALTO .AUTHORIZING THE TRANSMISSION AGENCY
OF NORTBER:,lll ~ALIFORN~A TO. ISSUE' REVENUE BONDS,
NOTES AND OTHER . EVIDBMCES OF INDEBTEDNESS
The Council of the City of Palo Alto does ordain as follows:
SECTION 1. The Transaiiss ion Agency of Northern Cal iforriia (the
•Agency•) organized under that certain Joint Powers AgreE: ·,ent dated
December 10, 1984, to whh;;1 this City is a party, is hereby ,<authorized
to issue revenue bonds, notes or any other evidences of indebtedness
and to renew all of the same (hereinafter t;"eferred to as "Indebted
ness") payable from t.he revenues of the Agency unless paid from the
nroceeds of Indebtedness, pursuant to the provisions of Article 2 (com
mencing with Section 6540), Chapter 5, Division 7, Title l of the Gov
ernment Code of the State of. California (the "Act"), in a maximum
amount of Twenty Million Dollars ($20,00U,OOO), for the proiect de
scribed in Section 2 hereof, provided that, notwithstanding the state
ment of such estimated maximum amount, the Agency is also authori~ad by
this Ordinance to issue the Indebtedness in amounts which may exceed
such estim~te without further authorization under this Ordinance if ahd
to the extent such additional indebtedness shall be required to com
plete the financing of the project desct>ibed in Section 23 hereof.
SECTION 2" The project to be funded by the Indebtedness hereby
authorized·---rs-comprised of (a) feasibility and planning studies for
possible ftJ.t.ure action by the Agency concerning the ·proposed
Californla-Oreg6n Transmission Project; a!'"!d (b) repayment ·of ti)fi!t
$3 1 500~000 Promissory Not.e issued by the Agency on June 21, 1985 f,ol:'
the .purpose of financing such feasibility and planning stu\'ies (The
•Project·•).
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SEC'l'ION 3. Thi ·anticipated sourc~s of reve,riue for the· paymf;'tnt of · .,, .
the Indebtedness het'efri authorized to be issueq by the Agency are rev~
enuea <ieriveq from paylllents from. m~mbers of tne Agency pursuant_ to Cift
agreeaent or agreements (the •ProJect · Agreements•) with certain eQ
tities (including.· tw.o or more: of the ·Membe~s). l!nd· proceeds of Ind.ebt.ed;;..
ness issued in connect·ion with tha financing of ·the project.
SECTION 4. Neither tnt.'! pc;lym6nt of principal of t·~e Indebtedness
ncr any part thereQf,nor interest thereoh shall constitute a d~bt, lia~
bility or oblig(!lt;jQJ.l of. this City.JI nor does. this ordina.nce co•it 'the
City of Palh Alto to .enter into any Project Agreement or to, participa'!te
in any other way in the Project identified in 'section 2. · . . ' -
SECTION 5. This Ordinance is subject to the provisi0~s of refer~
endum prescribed by Section 3751.7 of the Elections Code ,.of. the State
of California. Subject to the foregoing, this O.r:dinance shall t~k·e ef.~
feet and be ln fo~ce sixt? (60) d~ys from the date of its a4opt1pn.
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SECTION 6. The .. City Clerk is hereby directed to cause this Or{)i-...
nance to 6i ~ublished a.fter its ,adoption, as provided by law., ··in ,a·.
newspaper of general circulation within the City and ·shall also do. ' ''
other things required to cau~e notice of the ~doption of this Ordin~nc~ '
to be publ ish.ed in the manner required by Section '6040 .1 of the Govern-•
•ent Code of the State of California. ·
INTRODUCED: September 16, 1985
PASSED: October 7, 1985
AYES: Bechtel, Cobb, Fletcher, Klein, Levy, Renzel, Sutorius, Woolley
NOES: Nv:e
ABSTENSIONS: None
ABSENT~ Witherspoon
APPROVED:
. ~tt;ll£. · .. ·
D1rector of ~ance
I HEREBY CERTIFY that th$ foregoing Ordina·nce was introduced and ··
read at a regular meeting of the City Council ot the City of Palo Alto
on the /t.ll.day :o~~~...,., 1985 and was duly !'ead and ado. pted on
the ~y of _ · , 1985, at an adjourned .regular meeting of
the v. te. shown ~ve. . . .. ..
• .... DA'rEO: ·:?L~mf+t,/ /J~ /9,R5"
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