4258[Note: Ordinance to be adopted after Bonds Ordinance.]
ORDINANCE NO. 4258
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
ANAHEIM AUTHORIZING THE ISSUANCE OF NOTES BY
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY.
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 Notes to be outstanding at any one time
in accordance with their terms in the estimated maximum aggregate
principal amount of $400,000,000, to mature on or before July 1,
1991, for the purpose of temporary financing of costs of acquisition
and construction of the Project; and
WHEREAS, the Authority proposes to issue its Power Project
Revenue Bonds for the purpose of providing funds for the acquisition,
construction and financing of the Project; and
WHEREAS, notwithstanding the aforesaid estimated maximum
aggregate principal amount of Notes proposed to be issued by the
Authority for the Project and to be outstanding at any one time in
accordance with their terms, additional Notes may be required to com-
plete 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%
of the output of the Project; and
WHEREAS, the Notes are to be renewable from time to time
and 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 Notes is subject to
the authorization of such issuance by the 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 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 has authorized by Ordinance the
issuance and sale by the Authority of its Power Project Revenue
Bonds, the proceeds from the sale of which 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 prin-
cipal, premium, if any, and interest on the Notes authorized by this
Ordinance when due.
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 Notes out-
standing at any one time in accordance with their terms in
a maximum aggregate principal amount of $400,000,000 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 Project.
The proceeds from the sale of the Notes hereby authorized
are to be used for the financing of costs of acquisition
and construction of 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 Power
Project Revenue Bonds of the Authority and, to the extent
not so paid, may be payable from revenues of the Authority
from the Project, including payments received by the
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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
(6 0) days from and after its enactment it shall take effect
and be in full force, in the manner provided by law.
THE FOREGOING
the City Council of the
September_, 1981.
ATTEST;
City C erk
ORDINANCE is approved, enacted and adopted by
Citv of Anaheim, this est• day of
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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. 4258 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. 4258 on the 1st day of September, 1981.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal
of the City of Anaheim this 1st day of September, 1981.
CITY CLERK 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. 4258 and was published once in the
Anaheim Bulletin on the 11th day of September, 1981.
v'
CITY CLERIZ-