1642 - Laserfiche WebLink

Browse Search

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ORDINANCE NO.1642 ORDINANCE OF THE CITY COUNCIL OF THE CITY OF COLTON, AUTHORIZING THE ISSUANCE OF REFUNDING BONDS 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 Colton 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 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, pursuant to ordinance this City Council has heretofore authorized the Authority to issue, in accordance with the Agreement and the Joint Powers Act, from time to time, in one or more installments its Power Project Revenue Bonds to be outstanding at any one time in accordance with their terms in the estimated maximum aggregate principal amount of $800,000,000, for the purpose of providing funds for the acquisition, construc- tion and financing of the Project; and has also authorized the Authority to issue additional principal amounts of its Power Project Revenue Bonds if and to the extent required to complete the financing of the Project; and the Power Project Revenue Bonds so authorized are hereinafter referred to as the "Construction Bonds": and WHEREAS, the Authority has entered into agreements (the "Power Sales Contracts') with certain of the Members, pursuant to which the Members entering into such Power Sales Con- tracts (the "Participants"), will, in the aggregate, purchase 100% of the output of the Authority's interest in the Project; and the City of Colton, having entered into such a Contract, is a Participant; and WHEREAS, the Authority has heretofore issued a por- tion of the Construction Bonds and intends to issue additional Construction Bonds; and