1981-138RESOLUTION NO. 81F.- 138
A RESOLUTICara CF THE CITY COUNCIL OF THE CIi'Y OF FNAHEIP2,
CALIFORNIA, ORDERING, CALLING, PROVIDING FOR AND GIVING
NOTICE OF A SPECIAL MUNICIPAL ELECTION TO BE HELD IN
SAID CITY ON JUPdE 2, 1981, FOR THE Pt?RPOSE OF SUBMITTII~C:=
TO THE QUALIFIED VOTERS OF SAID CITY: A PROPOSITION FOR
THE ISSUANCE OF ELECTRIC REVENUE BOIaDS AND REVENUE BOND
r.NTICIPATION NOTES BY SAID CITY AND AMENDING THE CHARTER
GF THE CITY OF ANAHEIM IP7 C0:3I'dECTION THEREWITH; AND A
PROPOSITION AMENDING THE CHARTER OF THE CITY OF ANAHEIM
TO PROVIDE FOR THE ISSUANCE OF REFUNDING F.EVENUE BONDS
WHEREAS, the City Council of the City of Anaheim is
authorized pursuant to Section 1210 of the Charter of said City
and the Revenue Bond Law of 1941 (Chapter 6, Part 1, Division 2,
Title 5 of the Governr~e,?~~ Code of the State of California) to
suhani.t ~_o the qualified voters of said City a proposition for
the issuance of electric revenue bonds in the amount and for tl~e
purpose hereinaf ter set forth; and
WHEREAS, the City Council of the City of Anaheim pursuant
to Article XI of the Constitution an<i Chapter 2, Division 2,
Title 4 of the Governralen-_ Code of the State of California, desires
to and is authorized to submit to the qualified voters of said
City propositions to amend the Charter of- said City.
NOW, THEREFORE, the City Council of the City of Anaheim,
California does hereby resolve, declare, determine and order
as follows:
SECTION 1. That it is hereby ordered that at a special
municipal election to be held in the City of Anaheim on June 2,
1981, there be submitted to the qualifies' ~~cters of said City a
proposition for the issuance of electric revenue bonds and revenue
bond anticipation notes pursuant to Section 1210 of the Charter
of the City of Anaheim and the Revenue Rond Law of 1941 (Chapter
C, Part 1, Division 2, Title 5 of the Government Code of the
State of California) in the amounts anc? for ~hc. purpose here-
inafter set forth and amending the Charter of the City of
Anaheim in connection therewith.
SECTION 2. That the purpose for which the eleci~r~<_~
revenue bonds and revenue bond antici_p,ation notes are proposer':
to be issued is to finance the cor_struction and acquisition
of facilities, property and rights related to the San Onofre
Nuclear Generating Station and the genera.ti:on and transmission,
of electric energy.
SECTION 3. That the estimated cost of the acquisition,
construction and financing described in Section 2 hereof is
$92 million and the principal amount of revenue bonds and bond
~^ anticipation notes proposed to be issued and outstanding in
accordance with their terms at any one time is $92 million.
In determining the amount of revenue bonds and revenue bond
anticipation notes to be issued and outstanding in accordancF=
with their terms at any one time, this City Council has incl~~ded
all costs and expenses authorized by Section 54410 of the
Government Code.
SECTION 4. That the City Council shall, at or prior
to the time of sale of any of such revenue bonds or revenue
bond anticipation notes establish a maximum rate of interest
which may be paid on the revenue bonds or revenue bond antici-
pation notes then being sold.
SECTION 5. That if the proposition submitted to the
voters pursuant to Section 1 hereof receives the assent of
a majority of the voters voting on the proposition, electric
revenue bonds and revenue bond anticipation notes, and
any combination thereof, as provided herein (in principal arnoux~
outstanding in accordance with their terms at any one time
not to exceed $92 million) shall be issued and sold for the
purpose set forth herein. The revenue bonds are to be payable
exclusively from the revenues of the enterprise. The revenue
bonds and revFr.~:.e k-,cnd anticipation notes shall not constitute
an indebtedness or general obligation of the City of Anaheim,
and are not to be secured by the taxing power of the City.
SECTIOiv 6. That if the proposition submitted to the
voters pursuant to Section 1 hereof receives the assF~nt of
a majority of the voters voting on the proposition, Section
1210 of the Charter of the City of Anaheim shall be amended
as set forth below (additions are underlined) to prov3_c~~~ r_.;~rtain
provisions necessary to implement the financing authority given.
by such assent:
Section 1210. REVENUE BONDS
Bonds which are payable only out of such revenues
as may be specified in such bonds may be issued
when the City Council by ordinance sY:~.al1 r.~:ve es-
tablished a procedure for the issuance of such bonds.
Such bonds, payable only out of reven.ucs, shall not
constitute an indebtedness or general obligation of
the City. No such bonds payable out of revenues shall
be issued without the assent of a majority of the
voters voting upon the proposition for issuing the
same at an election at which such propos::,t.~on shall
have been duly submitted to the qualified electors of
the City.
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It shall be competent for the City to make cos~:.:~°~r~s
and covenants for the benefit of the hr3lraers of any
such bonds payable only from revenues and
~.
which shall not constitute a general oblig~atien of
the City for the establisrr<<er~ c:i' ~~ ?=und or funds,
for the maintaining of ad.eq~~a :-r: rates or charges,
for restrictions upon further indebtedness payable
out of the same fund or revenues, for restriction.
upon transfer out of such fund., and other
appropriate covenants. Money placed in any such
special fund for the payment of principal and/or
interest on any issue of such bonds or to assure the
application thereof to a specific purpose shall not
be expended for any other purpose whatever except for
the purpose for which such special fund was
established and shall be deemed segregated from all
other funds of the City and reserved exclusively
for the purpose for which such special fund was
established until the purpose of its establishment
shall have been fully accomplished.
Notwithstanding the foregoing, the City may sell
and issue at any time and from time to time revenue
bond anticipation notes including renewal revenue
bond anticipation notes) in antici ation of the
revenue bonds authorized by the voters on June 2,
1981;` provided that the aggregate principal amount of
such revenue bond anticipation notes and revenue bonds
outstanding in accordance with their terms at an
one 'time shall not exceed 92 million. Such revenue
bond anticipation notes may be sold, issued and secured
in such manner and subject to such terms and conditions
as the City Council may prescribe y ordinance; provided
that such revenue bond anticipation notes shall not
constitute an inde tedness or general obligation of
the City of Anaheim and are not to be secured b the
of said City.
SECTION 7. That the enterprise referred to in Section
5 herein is defined to be the entire electric :system of the
City of Anaheim, including all improvements and extensions
later constructed or acquired.
SECTION 8. That the proposition to be su.~i~_itted to the
voters pursuant to Section 1 therE~a~= shall be substantially as
follows:
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ELECTRIC REVENUE BOND PROPOSITION
In order to ebta~_n substantial savings
and provide more economical electric service,
shall the City of Anaheim be authorised to
finance the construction and acquisition
of facilities, propert;~ and rights related
to the San Onofre iJuclear Generating
Station and the generation and trans-
mission of electric energy by is~>uing
revenue bonds and revenue bond antici-
pation notes and any combination
thereof, not. payable from property taxes,
in an aggregate principal amount out-
standing in accordance with their terms
at any one tirrze not to exceed $92
million?
YFS
NO
SECTION 9. The City Council of the City of Anaheim also
desires to amend and to submit to the voters of said City a
proposition to amend Section 1210 of the City Charter of the
City of Anaheim to provide for greater flexibility in financinc
for the public utilities of said Ci.t~r. Such amendment, set
forth in Section 1210.]_ of said Charter, would provide for
the sale and issuance by the City in certain circta~~.sta.nces
of refunding revenue bonds. Such amendment is as follows (additions
are underlined):
Section 1210. REVET7UE BONDS
Bonds which are payable only out of such.
revenues as may be specified ir.~ such bonds may be
issued when the City Council by ordinance shall
have established a procedure for the issuance of
Guch bonds. Such bonds, payable only out. of revenues,
shall not constitute an indebtedness or general
obligation of the City. No such bonds payablF~ c.ui:
of revenues shall be issued without the assent of a
majority of the voters voting upon the proposition
for issuing the same at an election at which sucYr
proposition shall have. been duly submitted to the
qualified electors of the City.
It shall be competent for tt3.e City to make
contracts and covenants for the benefit of the
holders of any such bonds payable only from
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revenues and which shall not constitute a general
obligation of the City for the establishrcent of a
fund or funds, for the maintaining of adequate rates
or charges, for restrictions upon further indebtedness
payable out of the same fund or revenues, for
restrictions upon transfer out of such fund, and
other appropriate covenants. Money placed in any
such special fund for the payment of principra'.
and/or interest on any issue of such bonds or to
assure the application thereof to a specific purpose
shall not be expended for any other purpose whatever
except for the purpose for which such special fund
was established and shall be deEr:yed segregatec? froi
a.ll other funds of the City and reserved exclusively
for the purpose for which such special fund was
established until the purpose of its establishzrient
shall have been fully accomplished.
Section 1210.1.
ELECTRIC AND WATER REFUNDING REVENUE BONDS
Electric and water refunding revenue bands may
be issued to purchase, redeem or retire any bonds
heretofore or hereafter issued pursuant to Section
1210 or this Section 1210.1, whenever the Cit
Council determines that ]_) costs of the City will
e reduced by the refunding of any bonds, or
ssuance of the refunding bonds will otherwise
financially advantaaeous to the Citv.
If as a result of the issuing of refunding bonds
pursuant to this Section 1210.1, the water or
electric utility of the City shall, in any Fiscal
Year, realize a reduction in principal and interest
on debt issued to finance such utility when the
principal and interest paid on the refunding bonds
in such Fiscal Year is compared to the principal
and interest that would have been payable on the
refunded bonds in such Fiscal Year, the City
Council shall, not later than the last day of the
next succeeding Fiscal Year, adjust rates of such
utility, if necessary, to reflect fully such
reduction in principal and interest payments as
a reduction in costs of service of such utility.
All provisions of Section 1210 are applicable to
s, except that notwithstandina Section.
1LlU no additional election shall be required to
authorize their issuance.
SECTION 10. That it is hereby ordered that at the special
municipal election referred to in Section 1 hereof the ame.r,c,~~:ent
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to the Charter discussed in Section 9 shall be submitted to
the voters in the form of the following proposition:
ShaII the Charter of the City of
Anaheim be amended to permit the YES
issuance by the City of electric and
water refurci>~~c revenue bonds to
purchase, redeem or retire electric
and water revenue bonds without
adc~_~f_ianal authorization by the
votei:s, when the City Council
determines that the issuance of
such refunding bonds will reduce
costs to the City or will other-
wise be financially advantageous
to the City, provided that any NO
principal and interest savings
from any such refunding in any
year shall be reflected in es-
tablishing utility rates?
SECTIOti 11. That if the proposition submitted to the
voters pursuant to Section 10 hereof r.ecci`=ec the assent of a
majority of the voters voting on the proposition, Sectiorz 1210
shall be amended as discussed in Section 9 herec:^.
SECTION 12. That the-- ~~ells for said election sr.Gl'_ k.E~
c:pened at seven o'clock A.M. of the day of said election and
shall remain open continuously from said time until eight
o'clock P.Pn. o~ the same day, when said polls shall be closed,
except as provided in Section 14301 of the Elections Code of
the State of California.
SECTION 13. That the voting precincts fc~r the specicl.
municipal election hereby called shall be the regular election
precincts established for County elections in Orange County.
The City Council shall appoint election officers and fix the
compensation for such officers as provided in Section 22305 of
the Elections Code. The propositions submitted by this resolution
shall be designated on the hallo±-. by- a letter printed on the
left margin of the square containing the description of tree
measure, as provided ~.n Section 10219 of the Elections Code.
The City Clerk is hereby authorized ar~d directed to procure and
furnish any and all official ballots, not~~_ce:., printed matter
and all supplies, equipment and paraphernalia that may be
necessary in order to properly and lawfull~~ conduct said election.
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SECTION 14. That notice of the time and place of holding
said election is hereby given and the City Clerk is hereby
authorized and directed to give such further or additional
..~....
notice of said election in time, form and manner as required
by law.
SECTION 15. That the City Clerk shall certify to the
passage and adoption of this Resolution; shall enter the same
in the book of original Resolutions of said City; and shall
make a minute of the passage and adoption thereof in the records
of the proceedings of the City Council of said City, in the
minutes of the meeting at which the same is passed and adopted.
SECTION 16. That this Resolution shall take effect
immediately.
THE FOREGOING RESOLUTION is approved and adopted by
the City Council of the City of Anaheim this 24th day of
March, .1981.
ATTEST:
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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 Resolution No. 81R-138 was introduced and adopted at a regular
meeting provided by law, of the City Council of the City of Anaheim held on
the 24th day of March, 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
Resolution No. 81R-138 on the 24th day of March, 1981.
IN WITNESS WHEREOF, I have her2unto'set my-hand and affixed the seal of the
City of Anaheim this 24th day of March, 1981.
CITY CLERK OF THE CITY F ANAHEIM
(SEAL)
I, LT.NDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original of Resolution No. 81R-138 duly passed and adopted
by the Anaheim City Council on March 24, 1981.
_.~~.~.
CITY CLERK
"'"'~,+D