Laserfiche WebLink
to the authorization of such issuance by Members pursuant to <br />Ordinance; and <br />WHEREAS, neither the payment of principal of the Notes nor <br />any part thereof nor interest thereon shall constitute a debt, <br />liability or obligation of the City of Colton; and <br />WHEREAS, this City Council has determined that the under- <br />taking by the Authority of the Project is appropriate to assist the <br />Development Participants to, among other things, realize the savings <br />in fixed and operating costs and economies of scale of large DC <br />transmission facilities. <br />NOW, THEREFORE, the City Council of the City of Colton does <br />ordain as follows: <br />1. The issuance and sale by the Authority from time <br />to time, in one or more installments, of its Notes out- <br />standing at any one time in accordance with their terms in <br />a maximum aggregate principal amount of $15,000,000 is <br />hereby authorized. The proceeds from the sale of the Notes <br />hereby authorized are to be used for the financing of the <br />costs of the Authority for the Project, including costs of <br />Development Work, costs of issuance and interest on the <br />Notes. The Notes hereby authorized are to be renewable <br />from time to time and such Notes, and premium, if any, and <br />interest thereon, are to be payable from proceeds of the <br />Transmission Project Revenue Bonds of the Authority and, to <br />the extent not so paid, from revenues of the Authority from <br />the Project, including payments received by the Authority <br />