Loading...
4657ORDINANCE NO. 4657 ORDINANCE OF THE CITY OF ANAHEIM AUTHORIZING THE ISSUANCE OF HOOVER UPRATING PROJECT REVENUE BONDS BY SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY WHEREAS, pursuant to the provisions relating to the joint exercise of powers found in Chapter S of Division 7 of 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, as amended (the "Agreement") creating the Southern California Public cPower from the Members; "Authority"), public entity separate and apart WHEREAS, in accordance with the agreement and the Joint Powers Act, the Authority has entered or will enter into agreements toacquire thelghts telectri cc generators of in a the cHoov°er 1Powerr sting of the uprating of Plant at the Hoover Dam (the "Project"); 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 revenue bonds and other evidences of indebtedness (the "Acquisition Bonds"), to be outstanding at any one time in accordance with their terms in the estimated maximum aggregate principal amount of $50,000,000, for the purpose of capacity righdts inothethe Project Anand g of the acquisition of such ca P WHEREAS, the Authority also proposes to issue its notes and other evidences of indebtedness (including renewal notes) (the "Notes") for the purpose of temporary financing of the acquisition of such capacity rights in the Project; and WHEREAS, from time to time, conditions in the tax-exempt bond market tin s become Ain rable for debt service refunding or outstanding otherl economic bonds benefits with a resulting g, benefits for the Authority; and WHEREAS, pursuant to Section 6576 of the Government Code of the State of California the Authority may issue from time to time in one or more installments, its refunding bonds (the "Refunding Bonds" and together with the Acquisition Bonds, the "Hoover Uprating Project Revenue Bonds") for the purpose of redeeming or retiring Acquisition Bonds or Refunding Bonds theretofore issued, or other indebtedness theretofore issued for the Project; and 0998h092385 -1- WHEREAS, the financing of the acquisition of capacity rights in the Project includes the issuance of Refunding Bonds; 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 "Project Participants") will purchase from the Authority a percentage entitlement in the capacity of the Project; and WHEREAS, the Hoover Uprating Project Revenue Bonds are to be payable from funds held in trust for the benefit of the holders of such Bonds and from revenues of the Authority from the Project, including payments to be made by the Project Participants under the Power Sales Contracts; and WHEREAS, the Notes are to be payable from proceeds of the Acquisition 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 Project Participants under the Power Sales Contracts; and WHEREAS, in accordance with the Joint Powers Act, the exercise by the Authority of its power to issue the Hoover Uprating Project Revenue Bonds is subject to the authorization of such issuance by its Members pursuant to Ordinance; and WHEREAS, neither the payment of principal of the Hoover Uprating 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 acquisition of capacity rights in the Project by the Authority is appropriate to assist the Project Participants to meet the future power needs of their customers for electric energy; and WHEREAS, this City Council has determined that the issuance by the Authority of Refunding Bonds is appropriate to reduce the debt service cost related to the Project and reduce the costs payable by the Project Participants under the Power Sales Contracts or to realize other economic benefits relating to the Project; and WHEREAS, this City Council proposes to authorize by ordinance the issuance and sale by the Authority of its Notes, which are to be payable from proceeds of the Acquisition Bonds authorized by this Ordinance and, to the extent not so paid, may be payable from revenues of the Authority from the Project, including payments received by the Authority from the Project Participants under the Power Sales Contracts. 0998h092385 -2- follows: NOW, THEREFORE, the City of Anaheim does ordain as 1. The issuance and sale by the Authority, from time to time, in one or more installments, of its Acquisition Bonds for the financing of the acquisition of capacity rights in the Project, outstanding at any one time in accordance with their terms in a maximum aggregate principal amount of $50,000,000 is hereby authorized. Notwithstanding such maximum aggregate principal amount, the Authority is hereby authorized to issue additional principal amounts of its Acquisition Bonds if and to the extent required to complete the financing of the acquisition of capacity rights in the Project. The proceeds from the sale of the Acquisition Bonds hereby authorized are to be used for the financing of the acquisition of capacity rights in 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 issued to finance the acquisition of capacity rights in the Project, when due. The Acquisition Bonds hereby authorized, and premium and interest thereon, are to be payable from, and secured by, funds held in trust for the benefit of the holders of Acquisition Bonds and from revenues of the Authority from the acquisition of capacity rights in the Project, including payments received by the Authority from the Project Participants under the Power Sales Contracts. 2. The issuance and sale by the Authority, from time to time, in one or more installments, of its Refunding Bonds is hereby authorized. The estimated maximum aggregate principal amount of such Refunding Bonds outstanding at any one time in accordance with their terms shall be an amount equal to the sum of (i) $50,000,000, being the estimated maximum aggregate principal amount of Acquisition Bonds issued and to be issued for the acquisition of capacity rights in the Project, plus (ii) the principal amount of any additional Acquisition Bonds issued to complete the financing of the acquisition of capacity rights in the Project, plus (iii) such additional amounts, if any, required to purchase federal securities to implement such refunding as provided in Sections 53580 to 53585, inclusive, of the Government Code of the State of California, plus (iv) such additional amounts, if any, necessary to provide funds sufficient for the payment of principal, interest, premium and expenses as provided in Section 6577 of the Government Code of the State of California. Notwithstanding such estimated maximum aggregate principal amount, the Authority is hereby authorized to issue additional principal amounts of its Refunding Bonds if and to the extent required to complete the financing of the acquisition of capacity rights in the Project. The proceeds 0998h092385 -3- from the sale of the Refunding Bonds hereby authorized are to be used for the purpose of redeeming or retiring the Acquisition Bonds, Refunding Bonds or other indebtedness to be refunded as aforesaid. The Refunding Bonds hereby authorized, and premium and interest thereon, are to be payable from, and secured by, funds held in trust for the benefit of the holders of the Refunding Bonds and from revenues of the Authority with respect to the Project, including payments received by the Authority from the Project Participants under the Power Sales Contracts. 3. The authorization provided to the Authority by Section 2 above shall not apply to any installment of Refunding Bonds unless the Authority shall determine that a present value savings of debt service will result from the issuance of such Refunding Bonds or that other economic benefits relating to the acquisition of capacity rights in the Project will be realized therefrom. 4. 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. S. 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 enactment, 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 and adopted by the City of Anaheim, this 15th day of October , 1985. ATTEST: City Clerk 0998h092385 -4- Mayor NOTICE OF ORDINANCE SUBJECT TO REFERENDUM CITY OF ANAHEIM ORDINANCE NO. 4657 ADOPTED BY THE CITY OF ANAHEIM ON October, 15 , 1985 Notice is hereby given that at a regular meeting of the City of Anaheim (the "City Council"), held on October 15 1985, Ordinance No. 4657 (the "Ordinance") was adopted. The title and a summary of the Ordinance are set forth below. The Ordinance is subject to referendum, as discussed below. Title ORDINANCE OF THE CITY OF ANAHEIM AUTHORIZING THE ISSUANCE OF HOOVER UPRATING PROJECT REVENUE BONDS BY SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY Summary Pursuant to the Ordinance, the City Council has authorized the issuance and sale by Southern California Public Power Authority (the "Authority") of its Acquisition Bonds, to mature on or before October 31, 2030, to be issued, from time to time, in one or more installments, in an estimated maximum aggregate principal amount outstanding at any one time in accordance with their terms of $50,000,000 and to bear interest at a probable overall rate of 12% per annum. The actual interest rates on each installment of such Acquisition Bonds or the method of determining such rates will be determined by the Board of Directors of the Authority in accordance with law at the time of issuance of such installment. Notwithstanding such maximum aggregate principal amount of Acquisition Bonds, the Authority is authorized, pursuant to the Ordinance, to issue additional principal amounts of its Acquisition Bonds if and to the extent required to complete the financing of the acquisition of capacity rights in the Project discussed below. Pursuant to the Ordinance, the City Council has authorized the issuance and sale by the Authority of its Refunding Bonds (which together with the Acquisition Bonds are herein referred to as the "Hoover Uprating Project Revenue Bonds"), to mature on or before October 31, 2030, to bear interest at a probable overall rate of 12% per annum, and to be issued, from time to time, in one or more installments, in an estimated maximum aggregate principal amount outstanding at any one time in accordance with their terms equal to the sum of (i) $50,000,000, being the estimated maximum aggregate principal amount of Acquisition Bonds issued and to be issued for the acquisition of capacity rights in the Project, plus (ii) the 1000h092485 -1- 3.05.5 principal amount of any additional Acquisition Bonds issued to complete the financing of the acquisition of capacity rights in the Project, plus (iii) such additional amounts, if any, required to purchase federal securities to implement such refunding as provided in Sections 53580 to 53585, inclusive, of the Government Code of the State of California, plus (iv) such additional amounts, if any, necessary to provide funds sufficient for the payment of principal, interest, premium and expenses as provided in Section 6577 of the Government Code of the State of California. Notwithstanding such estimated maximum aggregate principal amount, the Authority is authorized to issue additional principal amounts of its Refunding Bonds if and to the extent required to complete the financing of the acquisition of capacity rights in the Project. The Authority was created pursuant to a Joint Powers Agreement, as amended (the "Agreement") heretofore entered into between the City of Anaheim and certain other public agencies created pursuant to the laws of the State of California (collectively, the "Members") pursuant to 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, as amended (the "Joint Powers Act"). The Authority is a public entity separate and apart from the Members. The Authority, in accordance with the Joint Powers Act and the Agreement, has entered or will enter into agreements to acquire rights to capacity in a project consisting of the uprating of the electric generators of the Hoover Power Plant at the Hoover Dam (the "Project"). 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 "Project Participants") will purchase from the Authority a percentage entitlement in the capacity of the Project. The City Council heretofore has authorized, by ordinance, the issuance and sale by the Authority of its Notes to provide funds for the financing of the acquisition of capacity rights in the Project. The Notes are to be payable from the proceeds of the Acquisition Bonds authorized by the Ordinance and, to the extent not so paid, may be payable from revenues of the Authority from the acquisition of capacity rights in the Project, including payments to be made by the Project Participants under the Power Sales Contracts. Neither the payment of principal of the Hoover Uprating Project Revenue Bonds nor any part thereof nor interest thereon will constitute a debt, liability or obligation of the City of Anaheim. The City Council has determined that the acquisition of capacity rights in the Project by the Authority is appropriate to assist the Project Participants in meeting the future power needs of their customers for electric energy. 1000h092485 -2- 3.05.5 THE AUTHORITY PROPOSES TO ISSUE, IN ACCORDANCE WITH THE AGREEMENT AND THE JOINT POWERS ACT, ITS HOOVER UPRATING PROJECT i f� \, E N U E BONDS TO PROVIDE FUNDS F1.)R THE FINANCING OF THE CQUISITION OF CAPACITY I��I(I IN THE PROJECT. THE HOOVER ,iPR.^ 7 T NG PROJECT kEVENUI: i30NDS' AR r� TO t3I P ? YABLE FROM FUNDS HELL` TI:i;ST I=OR. TI! : }31:,\ Ii' Ur TIi} }I iI I)FIZS ;)F Si1CI} BONDS AND FROM t":1'I:NUIS ()F IHI: 1Ii"iH0't IT'i 'r-:RON, THI; ;:CQUISI'I' ION OF CAPACITY RIGHTS 3!\ -[HE ?J} C`I', I1CLU})ING I' Y^^}. "?'S I'C' I: M �D BY THE PROJECT I�'IIC.iI'''�A'T� UNDER THE PGS I.I; SA!,I, C0!". ?AC"! S . THE 0RDINANCE AUTHORISING THIS ISSUANCE. OF THE ACQUISITION BONDS IS SUBJECT TO REFERENDUM. UPON PRESENTATION. (V,ITil IN THE TIME PERIOD SPECIFIED BY LAW) OF A PETITION (BEARING SIGNATURES, IN AT LEAST THE NUMBER REQUIRED BY LAW) PROTESTING AGAINST THE ADOPTION OF THE ORDINANCE., THE CITY COUNCIL IS REQUIRED TO RECONSIDER THE ORDINANCE. THEREUPON, IF THE CITY COUNCIL DOES NOT ENTIRELY REPEAL THE ORDINANCE, THE ORDINANCE SHALL BE SUBMITTED (UNDER BALLOT WORDING PRESCRIBED BY LAW) TO T',^}VOTERS AT A REGULAR OR SPECIAL ELECTION AND THE ORDINANCE JtIALL NOT BEC EFFECTIVE UNTIL A. �1AJ0RITY OF THE VOTERS VOTING ON THE ORDINANCE VOTE IN FAVOR OF IT. THE FOREGOING DESCRIPTION C}F THE PROCEDURES FOR REFERENDUN1 IS 'BASED UPON THE APPLICABLE REFERENDUiNI PROVISIONS OF THE CALIFORNIA ELECTIONS CODE AND THE CALIFORNIA GOVERNMENT CODE. REFERENCE IS MADE TO THE CALIFORNIA LECTIONS CODE AND THE CALIFORNIA GOVEI:NMENT CODE FOR A COMPLETE ;"IE,tINT Oi' SUr"H )j�:OVISIONS . I000h092485 -3- 3.05.5 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss. CITY OF ANAHEIM ) I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing Ordinance No. 4657 was introduced at a regular meeting of the City Council of the City of Anaheim, held on the 1st day of October, 1985, and that the same was duly passed and adopted at a regular meeting of said City Council held on the 15th day of October, 1985, by the following vote of the members thereof: AYES: COUNCIL MEMBERS: Kaywood, Bay, Pickler and Roth NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: Overholt AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said Ordinance No. 4657 on the 15th day of October, 1985. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Anaheim this 15th day of October, 1985. >�6 �.' - CITY CLERK OF THE CITY OF ANAHEIM (SEAL) I, LEONORA N. SOHL, City Clerk of the City of Anaheim,.do hereby certify that the foregoing is the original Ordinance No. 4657 and was published once in the Anaheim Bulletin on the 25th day of October, 1985. CITY CLERK