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Home My WebLink AboutORD 3191" . .. • • ORIGINAL ORDINANCE NO. __JQ.91~-- 0RDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AUTHORIZING THE NORTHERN CALIFORNIA POWER AGENCY TO ISSVE REVENUE BC'NDS T~e Council of the City of Palo Alto does ORDAIN as follows: SECTION 1. The Northern California Power Agency ("NCPA") organized under that certain Joint Power~ Agreement to which this City is a party, dated July 19, 1968, as amended, is hereby authorized to issue revenue bonds, as provided in said Joint Powers Agreement, pursuant to the provi sions of Article 2 (commencing with Section 6540) 1 Chapter 5, Division 7, Title 1 of the Government Code of the State of California in an amount not to exceed Twenty-eight Million Dollars ($28,000,000), for the project described in Section 2 hereof provided that nothing herein shall be deemed to prever1t the issuance of additional bonds to the extent such additional bonds are required to complete the financing of the project described in Section 2 hereof. SEC~ION 2. The project to be funded by the revenue bonds hereby authorized isthe loaning of funds to Northern California l·lunicipa 1 Power Corporation l'1o, 'f'wo, a no~profi t corporation (the "Corporation"} , for the purpose of actin~ on behalf of NCPA in the acquisition, construction, maintenance and operation of a power plant (using geothermal steam pro duced from certain leasehold interests of Shell Oil Company in Sonoma County, California and provided to NCPA pursuant to a Geothermal St~am Sales Agreement dated as of June 27, 1977, as amet1ded) 1 and other facili ties and appurtenances necessary or convenient to such plant, including transmission lines. St:CTI\IQr 3. The anticipated sourc{'S of revenue for the payment of the bonds herein authorized to be issued by the NCPA are loan payments to be made by the Corpcration to NCPA under an appropriate loan agree ment and to be derived :tro~-n the sale of power produced by the plant re ferred to in Section 2 hereof, and any payments made by .:::ertain NCPA members pursuant to Section 5 (b) of the "t1ember 6'\greement for the Construction, Operation, and Financing of NCPA Geothermal Generating Unit Project #2" as mC\.y from time to time be amended. SECTION 4. ?h9 Cities of Palo Alto and Reddi~g are not participants in the acqu1sition, construction, maintenance, operation or financing of the plant referred to in Section 2 hereof and nothing in this ordinance shall mean or be construed to mean that the City of Palo Alto or the City of Redding has assumed or agreed to assume a~'•Y financial or other re sponsibility or liability assocl~ted with the acquisition; construction, maintenance, operation cr financing of such plant. SECTION 5. This ord.;.n;;t.nce is subject to the provisions for .!:"efer endt~ prescribed by section 3551.7 of the Elections Code of the s~ate of California. Subject to the fore,going, this ord.inan~e shall take effect and be in f~..-~ :._; 1ixty ( ?0) days from the date of its adoption. S~CTION 6. The City Clerk of the City is hereby directed to cause this ordinance to be published within f:.~teen (15) days after its adop tion in a newspaper of general circulation within the City of Palo Alto. .. • .. .. and shall also do all other things required t0 cause notice of the adoption of this ordinance to be published in the manner required by Secticn 6040.1 of the Government Code of the State of California. SECTION 7. The Council of the City of Pal':> Alto finds that this is not a proJeCt and, therefore, no environmental impact assessment is necessary. INTRODUCED: March 10 ~ 1980 PASSED: March 24, 1980 AYES: Brenner, Eyerly, Fletcher, Levy, Renzel, Sher NOES: None ABSENT: Fazzino, Henderson, Witherspoon ABSTENTIONS: None - 2 - APPROvED: • '• TO BE PUBLISHED F~ CONSECUTIVE TIMES IN THE ~~NlNSULA TIMES TRIBUNE: March 31, April 1 , Apri1 2, April 3, Ap-ril 4 NOTICE NOTICE IS HEREBY GIVEN as required by Section 6040.1 of the Government Code of the State of California, that Ordinance No. _1Utl of the City of Palo Alto, California, was adopted by the City Council on Marc~ 24 , 1980, and authorized the issuance of revenue bonds, pursuant to Art~cle 2, Chapter 5, Division 7, Title l of the Government Code of the State of California, by the Northern California Power Agency, organized under that certain Joint Powers Agreeruert, to which the City of Palo Alto is 3. party, dated ,July 19, 1968, as amended, in an amount not to exceed $28,000,000. Ordinance No. scribed by Section and shall not take tion. 3191 is subject to the provisions for referendum pre- 3751.7 of the Elections Code of the State of California effect for sixty (60) days from the date of its adop- Since the number of votes cast for all candidates for Governor at the last gubernatorial election within the boundaries of the City of Palo Alto wQs less than 500,000 the above-named ordinance is subject to ref er~ndum upon presentation of a petition bearing signatures of at least ten (10) percent of the entire vote cast within the boundaries of the City of Palo Alto for all candidates for Governor at the last gubernatorial election. For the purpose of submitting the question to the voters pursuant to a referendum petition satisfying the req~irements of the preceding para graph, the ballot w0rding shall approximate the followiilg: 11 Shall the City . ..~f Palo Alto, .as a member of the Northern California Po·,..;er Agency, a joint powers entity in the maximum alnount of $2B,OOO,OOO pursuant to Ordinance No. 319J r dated March 24 1~80 _, such bonds to be used for the following purposes and'to be redeemed in the following manner: to provide a portion of the cost of construction of an electric generating plant powered by geothe~al steam and the related transmission lines and appurtenances ~ec essary or convenient thereto in the county of Sonoma by loaning funds to :~orthern California Municipal Power ~orporat~on No. Two for the purpose of acquiring, construc ting, and maintaining an electric powe~ plant. The antici pated sources of revenue for the payment of the bonds are the loan repayments to be made by Northern California Municipal Power Corporation No. Two which will be derived from the £ale of the electric power generatE.:J by the plant, and payments by certain NCPA members if such revenues from power sales are insufficient. The bonds authorized by Ordinance No. Jil[L_ are revenue bonds of the Northern California Power Agency. The purpose of the issuance and sale of said bonds is to prov~de a portion of the cost of construction of an electric generating plant powered by geothermal steam and the re lated transmission lines and appurtenances necessary or convenient there to in the County of Sonoma by loaning funds to Northern California Municipal Corporation No. Two. The maximum amount of the bonds to be is sued and sold is $28,000,000 and the Curation of the proposed indebtedness shall not exceed a maximum period of thirty (30) years from the date of issuance of the bonds or any series thereof. The anticipated sources of revenue for the payment of the bonds are the loan repayments to be ·~,,,ade ' • • • ' by Nor't.hern California Municipal Power Corporation No. Two, \<lhich will be derived from the sale of the electric power generated by the plant, and payments by certain N(:PA members if such revenues from power sales are insufficient. The anticipated rate of interest on said bonds will not exceed ten (10) percent The cities of Palo Alto and Redding are not participants in the acquisition, construction, maintenance, operation or financing of the plant referred to above and the cities of Palo Alto and Redding have not assumed or agreed to assume any fi.nancial or other responsibility o.c liability associated with the acquisition, r.onstrur.tion, maintenance, operation or financing of such plant. Dated th:ts -~-U_, ____ day of /?i C4 c-A. , 19 so. . ·----''------- - 2 - I