4267Ordinance No. 4267
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ANAHEIM,
CALIFORNIA, AMENDING AN ORDINANCE HERETOFORE ADOPTED BY
SAID CITY COUNCIL ENTITLED: "AN ORDINANCE OF THE CITY
COUNCIL OF THE CITY OF ANAHEIM, CALIFORNIA, PROVIDING FOR
THE PROCEDURES FOR THE ISSUANCE AND SALE OF $92,000,000
ELECTRIC REVENUE BOND ANTICIPATION NOTES OF SAID CITY AND
PROVIDING THE TERMS AND CONDITIONS OF SAID NOTES."
WHEREAS, the City of Anaheim is a municipal corporation
organized and existing under a Charter duly and regularly adopted
pursuant to the provisions of the Constitution of the State of
California; and
WHEREAS, the City Council has heretofore adopted an ordi-
nance entitled: "An Ordinance of the City Council of the City of
Anaheim, California, providing for the procedures for the issuance
and sale of $92,000,000 Electric Revenue Bond Anticipation Notes of
said City and providing the terms and conditions of said Notes" (the
"Ordinance"); and
WHEREAS, the City Council is desirous of amending said
Ordinance to provide for additional security for the Notes to be
issued pursuant to said Ordinance;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ANAHEIM
DOES ORDAIN AS FOLLOWS:
SECTION 1. Amendment of Ordinance. (a) Section 5 of the
Ordinance is hereby amended to read as follows:
"Section 5. Sources of Payment. As provided in
Section 1210 of the Charter, the Notes shall not constitute
or evidence indebtedness of the City and are not secured by
the taxing power of the City, but shall constitute and evi-
dence only indebtedness of the Electric System, payable both
as to principal and interest out of:
(1) the proceeds of the sale of the Bonds;
(2) the proceeds of the sale of Notes issued
pursuant to this or subsequent ordinances under
Section 1210 of the Charter;
(3) sums drawn pursuant to the Revolving Credit
Agreement referred to in Section 16 or any amendment,
supplement or extension thereof;
(4) sums paid to the City by Southern California
Edison Company pursuant to the Purchase Price repay-
ment provision of the letter agreement governing the
purchase by the City of an additional 1.5% ownership
interest in San Onofre Nuclear Generating Station
Units 2 and 3; or
(5) any other lawfully available source of funds
permitted by Section 1210 of the Charter and determined
by subsequent resolution of the City Council to be a
source of funds for payment of the Notes.
Nothing herein will be deemed to limit the right of the
City, at its sole discretion, to pay the Notes from any other law-
fully available source of funds permitted by Section 1210 of the
Charter."
(b) Section 13 of the Ordinance is hereby amended to
read as follows:
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"Section 13. Security for the Notes. The Notes are
unsecured notes of the City payable from the sources of
payment set forth in Section 5, except as provided in this
Section. The Notes shall be secured by a pledge and assign-
ment of all monies (if any) paid or payable to the City by
Southern California Edison Company pursuant to the Purchase
Price repayment provisions of the letter agreement governing
the purchase by the City of an additional 1.5% ownership
interest in San Onofre Nuclear Generating Station Units 2 and
3. The City shall not hereafter pledge or assign any interest
in or right to the monies heretofore pledged and assigned
by this Section. The pledge hereby made shall be valid and
binding from the effective date hereof; the monies so pledged
shall immediately be subject to the lien of this pledge without
any physical delivery thereof or further act; and the lien of
this pledge shall be valid and binding as against all parties
having claims of any kind in tort, contract or otherwise against
the City, irrespective of whether such parties have notice
thereof. Neither this ordinance nor any other instrument by
which such pledge is evidenced need be recorded. No other
specific revenues or assets of the City are pledged to the
payment of the Notes and the Notes are not payable from taxes;
provided, however that the City Council by subsequent resolution
may pledge to the payment of the Notes other monies or sources
of funds permitted by Section 1210 of the Charter."
(c) Section 15 of the Ordinance is hereby amended to
read as follows:
"Section 15. Dealer Bank Agreement. Prior to the issuance
of any of the Notes, the City Council by resolution may designate
a dealer, underwriter or agent in accordance with a dealer,
underwriting or other agreement ("Dealer Bank Agreement") to be
approved by such resolution of the City Council. Pursuant to
the Dealer Bank Agreement said dealer, underwriter or agent
may from time to time purchase Notes from the City or arrange
for the sale of Notes by the City for a fee or other compensa-
tion as will be more particularly set forth in such Agreement."
(d) Section 16 of the Ordinance is hereby amended to read
as follows:
"Section 16. Revolving Credit Agreement. Prior to the
issuance of any of the Notes, the City Council by resolution
shall designate a commercial bank in accordance with a credit
or other agreement ("Revolving Credit Agreement") to be ap-
proved by such resolution of the City Council. Pursuant to
the Revolving Credit Agreement said bank will provide monies
not to exceed $92,000,000."
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SECTION 2. Publication. That the City Clerk shall cause
this Ordinance to be published once, within fifteen days after its
adoption, in The Anaheim Bulletin, the official newspaper of the
City.
SECTION 3. Effective Date. This Ordinance shall become
effective thirty days from and after the date of adoption.
ADOPTED, SIGNED AND APPROVED this 15th day of September ,
1981.
(SEAL)
ATTEST:
cix
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Cit Clerk of the ity of
Anaheim
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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. 4267 was introduced at a regular meeting of the
City Council of the City of Anaheim, held on the 8th day of September, 1981,
and that the same was duly passed and adopted at a regular meeting of said
City Council held on the 15th day of September, 1981, by the following vote of
the members thereof:
AYES: COUNCIL MEMBERS: Overholt, Kaywood, Roth and Seymour
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Bay
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said
Ordinance No. 4267 on the 15th day of September, 1981.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal
of the City of Anaheim this 15th day of September, 1981.
CITY CL RK OF THE CITY 0 ANAHEIM
(SEAL)
I, LINDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original Ordinance No. 4267 and was published once in the
Anaheim Bulletin on the 25th day of September, 1981.
CITY CLERK