HomeMy WebLinkAboutRESO 6087I -ORIGINAL
RESOLUTION NO. 6087
RESOI,UTION OF THE CITY COUNCIL OF THE CITY OF PAl~O
ALTO AUTHORIZING THE CITY MANAGER TO ISSUE A LETTER
AGREEING TO SUBORDINATE ANY INTEREST IN THE NCPA
EAST BLOCR SHELL PROJECT TO A LETTER OF CREDIT IN
THE AMOUNT OP $30 MILLION DOLLARS
WHEREAS, the Northern California Power Agency's Shell East Block
Project (hereinafter •project•), now consists of two 55 MW generating
units, and the steam supply for those units is subject to the prior
claim of Project N~. 21 and
WHEREAS, NCPA now realizes it may be necessary to eliminate the
prior claim of Project No. 2 to steam in order to finance the East
Block Project, and the present participants in both projects appear to
be willing to negotiate to reach such an arrangement: and
WBEREAS, the City of Palo Alto desires to effect an ownernship
interest in the East Block Project on the condition that the prior
claim to steam of Project No. 2 is eliminated~ and
WHEREAS, the assumption by Palo Alto of the rights and obli9ations
assc~iated with 5 MW of the project wi 11 strengthen the financial
viability of the project:
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PALO
ALTO, as follows:
The attached letter sent by the City Manager of O'M~lveny • Myers
as ~ounsel for the bank or banks which are arra~gin9 temporary
f inancin9 for the project for NCPA is hereby approved a~d ratified, and
the City ~\anger is authorized to send another similar confirming letter
to the banks through their counsel, and to undertake any other reason-
able steps to effectuate the temporary financing vf the Project
consistent with this resolution.
ADOPTED this 10th day of January, 1983 by the fellowing vote:
INTROOUCED AND PASSED: January 10, 1983
AYES: Bechtel, Cobb, Eyerly, Fazzino, Fletcher, Klein, Levys Witherspoon
NOES: None
ABSTENTIONS: None
ABSENT: Renzel
APPROVED:
&2 AlZ;/
Cit MayoriJ
AP~ TO FORM: ~~JM~ Ci y At ey ,_ ;
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...
Cnp of J'alo )llto
January 4, 1983
National Westminster Bank, PLC.
Merrill Lynch International Bank, Limited
The Mitsubishi Bank, Ltd.
c/o Edward J. McAniff, Esq.
O'Melveny and Myers
400 South Bope
Los Angeles, CA 90071-2899
Dear Mr. McAniff:
The City of Palo Alto anderstends that you are contemplating extending
a $30M letter of credit (hereafter •r,oc•) to RCPA upon security of the
terms and conditions of its Second Phase Member Agreement respecting
the ~hell Bast Block Project. Whether Palo Alto is offered a share in
the Proj~ct by the Second Phase participants or Palo Alto is entitled
to participate in the Project notwithstanding the provisions of the
S.ec:ond Pbaae Agreeaent, Palo Alto does not, and will not, assert that
the obligations of MCPA and its signatory •embers to the iasuer of the
LOC undertaken pursuant to the Second Phase Agreement, are invalid, or
nonbinding, or that tbey are impaired in any way by Palo Alto's
interest, if any. Palo Alto does not seek by its assertion of a right
to p•rticipate any relief other than a percentage share of the owner-
ahip and o~tput of the Project, for vhich,if ob~ained, it will under-
t~• to pay th•t .... pP.rcentage share of all coat• of the Project, for
th• benefit and uee of the issuer of tbe LOC and the holders and
truat••• for the boldera of any bond anticipation notes (•BANs•) iesued
on tbe Project in tbe same manner aa other participants in the Project.
Palo Alto will not, at any tiae, •••k to prevent the payaent of aoneya
owed by MC'IA and ita atgnatory aeabera under the Second l'baae Agreement
or otherwise to th• iaauer of the LOC or tQ the holders and tru•teea
for tb• holder• of BAiia.
January 4, 1982
Page 2
This letter is issued solely fer the benefit and reliance of the issuer
of the LOC and the holders and trustees for the holders of any BANS
issued for the Project and their heirs, successors and assigns. It is
intended that this letter will be authorized end ratified by resolution
of the City Council of the City of Palo Alto ado~ted nn January 10,
1983.
Very truly yours,
Will am Zaner
City Manager
City of Palo Alto
i wz :pbc
ORIGINAL
RESOLUTION NO. 6088
RESOLUTION OF TBE COUNCIL OF THE CITY OF PALO ALTO
ACCEPTING GRANT FROM CALI PORN IA ARTS COUNCIL FOR
CREATION LOCATION PROJECT OF THE PALO ALTO CULTURAL
CENTER
. WHEREAS, the Palo Alto Cultural Center, a subdivision of the Palo
Alto Arts and Sciences Division, exists to provide high quality pro-
qrams and activities which increase and enhance the public awareness
and appeciation of the visual arts: and
WHEREAS, ~he Creation Location project, developed by the ralo Alto
Cultural Center, is a participatory gallery offering intellectual and
hands-on experiences with lhe arts for the general public~ and
WDEREAS, the Califoria Arts Council (CAC) Artistic and Administra-
tive Development Program, which provides financial support to local
arts organizations fo~ project support, has agreed to assist the
Creation Location project through a grant of matching fundSi and
WHEREAS, the City must accept this grant through formal action1
NON, THEREFORE, the Council of the City of Palo Alto does RESOLVE
as follows:
SECTION 1. The City of Palo Alto accepts a grant of Two Thousand
Three Bu1iared Bi9hty-five Dollars ($2,385.00) from the CAC Artistic and
Administrative Dovelopaent Program. to match funds expended by the Palo
Alto Cultural Center on the creation Location project.
SICTIOR 2.. The Creation Location project will be ccnducted and
th• qrant aoniea expended in accordance with an aqreeaent numbered
AC-2662, entered into between the Palo Al to Cultural Center and the
Director of the CAC and dated October t, 1982.
SBCTION 3. The City Manager, or "'is desi9nee, is designated as
the officiaI representative of the City of Palo Alto and ia au~horized
to accept grant funds from the CAC Artistic and Ad•inistrative Develop-
aent Progru and to complete such documents as are necessary to the
a\!ceptance of s•.1ch funds.
~ECTIOM •. The Council of the City of Palo Alto finds that this
is not a project under tbe C•lifornia Environmental Quality Act, and,
therefore, no en~ironaental impact assessment is necessary.
I!f'l'RODOCED AHD PASSED: January 17, 1983
ADSr Bechtel .. Cobb, Eyerly. Fazzino, Fletcher, Kle1n
MOU: None
ABSTIJITIONSr None
ABSDT: Levy, Renzel, Witherspoon