4658ORDINANCE NO. 4658
ORDINANCE OF THE CITY OF ANAHEIM AUTHORIZING
THE ISSUANCE OF NOTES BY SOUTHERN CALIFORNIA
PUBLIC POWER AUTHORITY
WHEREAS, 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 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 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 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"); 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 notes and other evidences of
indebtedness (including renewal notes) (the "Notes") to be
outstanding at any one time in accordance with their terms in the
estimated maximum aggregate principal amount of $30,000,000, each
to mature within ten years from the date of issuance thereof, for
the purpose of temporary financing of the acquisition of such
capacity rights in the Project; and
WHEREAS, the Authority proposes to issue its revenue
bonds and other evidences of indebtedness (the "Acquisition
Bonds") for the purpose of providing funds for the acquisition of
such capacity rights in 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 "Project Participants") will purchase from
the Authority a percentage entitlement in the capacity of the
Project; and
WHEREAS, the Notes are to be renewable from time to time
and payable from proceeds of the Acquisition Bonds 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; and
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WHEREAS, in accordance with the Joint Powers Act, the
exercise by the Authority of its power to issue the Notes is
subject to the authorization of such issuance by its Members
pursuant to Ordinance; and
WHEREAS, neither the payment of principal of the Notes
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 authorized by Ordinance
the issuance and sale by the Authority of its Acquisition Bonds,
the proceeds from the sale of which are to be used for the
acquisition of capacity rights in the Project, including interest
on such Acquisition Bonds and deposits to reserves, and to pay
the principal, premium, if any, and interest on the Notes
authorized by this Ordinance when due.
NOW, THEREFORE, 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 Notes for the
purpose of temporary 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 $30,000,000 is hereby authorized. Notwithstanding
such maximum aggregate principal amount, the Authority is
hereby authorized to issue additional principal amounts of
Notes 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 Notes hereby authorized are to
be used for the financing of the acquisition of capacity
rights in the Project, including interest on the notes. The
Notes hereby authorized are to be renewable from time to time
and such Notes, and premium, if any, and interest thereon,
are to be payable from proceeds of Acquisition Bonds of the
Authority 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 received by the
Authority from the Project 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.
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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 (1S) 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
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ZAX
Mayor
NOTICE OF ORDINANCE SUBJECT TO REFERENDUM
CITY OF ANAHEIM ORDINANCE NO. 4658
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. 4658 (the "Ordinance") was adopted. T e
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 NOTES 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 Notes, each to mature
within ten years from the date of issuance thereof, 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 $30,000,000 and to bear interest
at a probable overall rate of loo 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 Notes, the Authority is authorized,
pursuant to the Ordinance, to issue additional principal amounts
of its Notes if and to the extent required to complete the
financing of the acquisition of capacity rights in the Project
discussed below.
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 agreement
capacity in a project consisting of the
generators of the Hoover Power Plant
s to acquire rights to
uprating of the electric
at the Hoover Dam (the
1001h092485 -1- 3.05.5
"Pro iect"). 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 Cit, Council heretofore has authorized, by
ordinance, the issuance and sale h the Authority of its
'kcCuisition i>onds to provide funds for the financing of the
acquisition of capacit} rights in the Proiect. The Acquisition
honds are to be payable frog funds held in trust for the benefit
of the holders of such Fonds and from revenues of the Authority
from the acquisition of capacity rights in the Project, including
ravments to be made by the Project Participants under the Power
Sales Contracts.
Neither the payment of principal of the Notes 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.
THE AUTHORITY PROPOSES TO ISSUE, IN ACCORDANCE WITH THE
AGREEMENT AND THE JOINT POWERS ACT, ITS NOTES TO PROVIDE FUNDS
FOk THE FINANCING OF THE ACQUISITION OF CAPACITY RIGHTS IN THE
PRI__ .' ECT. THE NOTES ARE TU 13E PAYABLE FROM THE PROCEEDS OF THE
AC(iISI' 10N BONDS AND, Tf_) THE EXTENT NOT SO PAID, MAY BE PAYABLE
F :)Nt REVENUE_') 0'r Tf-ii: AUTHORIT7 FkONI THE .ACQUISITION OF CAPACITY
i;IGriT IN I'Ht
TE C" ItCI.UbIti_ Pa:YNIMENTS T'i BE MADE BY THE
PROJECT PARTICIPANTS UNDER THL POWE}: SALES CONTRACTS.
TL HI ORI) i NANCr; °- UTHOR I Z I NG THt:. ISSUANCE OF THE NOTES IS
SUI;JECT TO REFERENDUM. UPON PRESENTATION (WITHIN THE TIME PERIOD
SPLCIFIED 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 THE VOTERS AT A•REGULAR OR
SPECIAL ELECTION AND THE ORDINANCE SHALL NOT BECOME EFFECTIVE
UNTIL A MAJORITY OF THE VOTERS VOTING ON THE ORDINANCE VOTE IN
FAVOR OF IT. THE FOREGOING DESCRIPTION OF THE PROCEDURES FOR
REFERENDUM IS BASED UPON THE APPLICABLE REFERENDUM PROVISIONS OF
THE CALIFORNIA ELECTIONS CODE AND THE CALIFORNIA GOVERNMENT
CODE. REFERENCE IS MADE TO THE CALIFORNIA ELECTIONS CODE AND THE
CALIFORNIA GOVERNMENT CODE FOR A COMPLETE STATEMENT OF SUCH
PROVISIONS.
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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. 4658 was introduced at a regular meeting of the
City Council of the City of Anaheim, held on the lst 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. 4658 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.
l000l
ZITY 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. 4658 and was published once in the
Anaheim Bulletin on the 25th day of October, 1985.
R (.
CITY CLERK A