HomeMy WebLinkAboutRESO7556RESOLUTION NO. 7556
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
AUTHORIZING AND APPROVING THE EXECUTION AND
DELIVERY OF ONE OR MORE AGREEMENTS TO PROVIDE
CERTAIN INFORMATION AS REQUIRED UNDER RULE 15c2-12
OF THE SECURITIES AND EXCHANGE COMMISSION; AND
AUTHORIZING CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, the City of Palo Alto (the "City") is a municipal
corporation duly organized and existing under the Constitution and
the laws of the State of California; and
WHEREAS, the City is a member of and a participant in one
or more projects of the Northern California Power Agency ("NCPA");
and
WHEREAS, NCPA is a public entity duly organized and
existing pursuant to the Northern California Power Agency Joint
Powers Agreement, dated as of July 19, 1968, as amended and
supplemented (the "Agreement") and the provisions relating to the
joint exercise of powers found in Chapter 5 of Division 7 of
Title 1 of the Government Code of the•State of California; and
WHEREAS, the Securities and Exchange Commission adopted
amendments to Rule 15c2-12 under the Securities Exchange Act of
1934 (Rule 15c2-12, together with such amendments, and as the same
may be amended from time to time, shall be referred to herein as
"Rule 15c2-12"), which has the effect of imposing upon the City the
obligation to provide annually certain financial information and
operating data relating to the electric system of the City in
connection with such outstanding bonds issued by NCPA;
NOW, THEREFORE, 'the Council of the City of Palo Alto does
hereby RESOLVE as follows:
SECTION 1. The Council authorizes and approves the
execution and delivery by the City of one -or more written
agreements to provide continuing disclosure relating to the
electric system of the City in connection with bonds to be issued
by NCPA to finance and refinance NCPA's projects in which the City
is a participant, as required under the Rule 15c2-12, and hereby
authorizes and directs the Mayor, the City Manager, the City Clerk
and any other proper officer of the City to execute such written
agreements for and on behalf of the City.
SECTION 2. The Mayor, the City Manager, the City Clerk and
any other proper officer of the City, acting singly, be and each of
them hereby is authorized to execute and delivery or cause to be
delivered any and all documents and instruments, and to do and
cause to be done any and all acts and things necessary or
convenient in carrying out the purposes contemplated by this
Resolution.
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951107 syn 0070880
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SECTION 4. The City Council finds that the passage of this
resolution will not have any effect on the environment, and,
therefore, no environmental review is required under the California
Environmental Quality Act.
$ES.`TION 5. This Resolution shall take effect immediately
upon its adoption.
INTRODUCED AND PASSED: December 4, 1995
AYES: ANDERSEN, FAZZINO, KNISS, MCCOWN, ROSENBAUM, SCHNEIDER, SIMITIAN, WHEELER
NOES:
ABSENT:
HUBER
ABSTENTIONS:
ATTEST:
APPROVED AS TO FORM:
Senior Asst. City Attorney
APPROVED:
• v
Deputy City Manager, .55
Administrative Services
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951107 gym 0070880