4257[Note: This Ordinance to be adopted before Notes Ordinance.]
ORDINANCE NO. 4257
ORDINANCE OF THE CITY
ANAHEIM AUTHORIZING
PROJECT REVENUE BONDS
PUBLIC POWER AUTHORITY.
COUNCIL OF THE CITY OF
THE ISSUANCE OF POWER
BY SOUTHERN CALIFORNIA
WHEREAS, pursuant to the provisions of Chapter 5, Division
7, Title 1 of the Government Code of the State of California, as
amended (the "Joint Powers Act"), the City of Anaheim and certain
other public agencies created pursuant to the laws of the State of
California (collectively, the "Members"), have entered into a Joint
Powers Agreement (the "Agreement") creating the Southern California
Public Power Authority (the "Authority"), a public entity separate
and apart from the Members; and
WHEREAS, in accordance with the Agreement and the Joint
Powers Act, the Authority has entered or will enter into agreements
to acquire an interest in a project to provide for the generation of
electric energy, which project (the "Project") is to consist of an
ownership interest as tenant in common in the Palo Verde Nuclear
Generating Station, a nuclear steam electric generating station under
construction in the State of Arizona, and capital improvements
thereto that may be constructed from time to time, and interests in
certain other property and rights relating thereto; and
WHEREAS, the Authority proposes to issue, in accordance
with the Agreement and the Joint Powers Act, from time to time, in
one or more installments, its Power Project Revenue Bonds to be out-
standing at any one time in accordance with their terms in the esti-
mated maximum aggregate principal amount of $800,000,000, to mature
on or before October 31, 2030, for the purpose of providing funds for
the acquisition, construction and financing of the Project; and
WHEREAS, the Authority also proposes to issue its Notes for
the purpose of temporary financing of costs of acquisition and con-
struction of the Project; and
WHEREAS, notwithstanding the aforesaid estimated maximum
aggregate principal amount of Power Project Revenue Bonds proposed to
be issued by the Authority for the Project and to be outstanding at
any one time in accordance with their terms, additional Power Project
Revenue Bonds may be required to complete the financing of the
Project; and
WHEREAS, the Authority has entered or will enter into
agreements (the "Power Sales Contracts") with two or more of the
Members, pursuant to which the Members entering into such Power Sales
Contracts (the "Participants") will, in the aggregate, purchase 100`s
of the output of the Project; and
WHEREAS, the Power Project Revenue Bonds are to be payable
f rom f unds held in trust f or the benef it of the holders of such Bonds
and from revenues of the Authority from the Project, including pay-
ments to be made by the Participants under the Power Sales Contracts;
and
WHEREAS, the Notes are to be payable from proceeds of the
Power Project Revenue Bonds and, to the extent not so paid, may be
payable from revenues of the Authority from the Project, including
payments to be made by the Participants under the Power Sales
Contracts; and
WHEREAS, in accordance with the Joint Powers Act, the exer-
cise by the Authority of its power to issue the Power Project
Revenue Bonds is subject to the authorization of such issuance by the
Members pursuant to Ordinance; and
WHEREAS, neither the payment of principal of the Power
Project Revenue Bonds nor any part thereof nor interest thereon shall
constitute a debt, liability or obligation of the City of Anaheim;
and
WHEREAS, this City Council has determined that the acquisi-
tion of the Project by the Authority is appropriate to assist the
Participants in meeting the future power needs of their customers for
electric energy and in reducing the reliance by the Participants on
oil -fired generation and to realize for the Participants savings in
capital and operating costs and economies of scale of large electric
generating units, and
WHEREAS, this City Council proposes to authorize by ordi-
nance the issuance and sale by the Authority of its Notes, which are
to be payable from proceeds of the Power Project Revenue Bonds autho-
rized by this Ordinance and, to the extent not so paid, may be pay-
able from revenues of the Authority from the Project, including pay-
ments received by the Authority from the Participants under the Power
Sales Contracts.
NOW, THEREFORE, the City Council of the City of Anaheim
does ordain as follows:
1. The issuance and sale by the Authority, from time
to time, in one or more installments, of its Power Project
Revenue Bonds outstanding at any one time in accordance
with their terms in a maximum aggregate principal amount of
$800,000,000 is hereby authorized. Notwithstanding such
maximum aggregate principal amount, the Authority is hereby
authorized to issue additional principal amounts of its
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Power Project Revenue Bonds if and to the extent required
to complete the financing of the Project. The proceeds
from the sale of the Power Project Revenue Bonds hereby
authorized are to be used for the acquisition, construction
and financing of the Project, including interest on such
Bonds and deposits to reserves, and to pay the principal,
premium, if any, and interest on the Notes of the Authority
when due. The Power Project Revenue Bonds hereby autho-
rized, and premium and interest thereon, are to be payable
from, and secured by, funds held in trust for the benefit
of the holders of Power Project Revenue Bonds and from rev-
enues of the Authority from the Project, including payments
received by the Authority from the Participants under the
Power Sales Contracts.
2. Pursuant to Section 6547 of the Joint Powers Act,
this Ordinance is subject to the provisions for referendum
prescribed by Section 3751.7 of the Elections Code of the
State of California.
3. The City Clerk shall certify to the enactment of
this Ordinance and shall cause notice of the same to be
published in accordance with Section 6040.1 of the
Government Code of the State of California for five
(5) consecutive days within fifteen (15) days of its enact-
ment, in the Anaheim Bulletin, a daily newspaper of general
circulation, published in the City of Anaheim, and sixty
(60) days from and after its enactment it shall take effect
and be in full force, in the manner provided by law.
THE FOREGOING ORDINANCE is approved, enacted and adopted by
i-hc ri 1-v rntsnr•i 1 of f -ha ri f -v of AnahPi m. thi_ 1st day of
1,.L F- / I..L t --.L n
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LINDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that
the foregoing Ordinance No. 4257 was introduced at a regular meeting of the
City Council of the City of Anaheim, held on the 25th day of August, 1981, and
that the same was duly passed and adopted at a regular meeting of said City
Council held on the 1st day of September, 1981, by the following vote of the
members thereof:
AYES: COUNCIL MEMBERS: Overholt, Kaywood, Bay, Roth and Seymour
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said
Ordinance No. 4257 on the 1st day of Sept.gmber,' .19,91..
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal
of the City of Anaheim this :lit day_ of SepU-,kb.e:r.;, 1-931
CITY CL RK OF THE CITY ' -OF ANAHEIM
(SEAL)
I, LINDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original Ordinance No. 4=57 and was published once in the
Anaheim Bulletin on the llth day -of Septemher,:1981.
V
CITY CLERK