1991 ORD O-17-91 - Laserfiche WebLink

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1 WHEREAS, this Governing Body has determined that the acquisition of 2 rights in each of the Mead -Phoenix Project and the Mead-Adelanto Project by the 3 Authority is appropriate to assist the Mead -Phoenix Project Participants and the 4 Mead-Adelanto Project Participants to meet the future power needs of their 5 customers for electric energy; and 6 7 WHEREAS, this Governing Body has determined that the issuance by the 8 Authority of Transmission Project Revenue Bonds is appropriate to reduce the debt 9 service cost related to the financing of cost of construction and acquisition of 10 the Authority's rights and interest in each of the Mead -Phoenix Project and the 11 Mead-Adelanto Project and reduce the costs payable by the Mead -Phoenix Project 3.2 Participants and the Mead-Adelanto Project Participants under the Mead -Phoenix 13 project Transmission Service Contracts and the Mead-Adelanto Project Transmission 14 Service Contracts or to realize other economic benefits relating to the Mead - 15 Phoenix Project and the Mead-Adelanto Project. 16 17 NOW THEREFORE, this City does ordain as follows: 18 19 1. The issuance and sale by the Authority, from time to time, in 20 one or more installments, of its Acquisition Bonds (including the transfer, from 21 time to time or in one or more installments, of funds from the multiple project 22 proceeds account to a project account or accounts with respect to the Mead - 23 Phoenix Project in accordance with the Indenture of Trust for the 1989 Multiple 24 Project Revenue Bonds), in a maximum aggregate principal amount of $150,000,000, 25 for the financing of costs of construction and acquisition of the Authority's 26 rights and interest in the Mead -Phoenix Project is hereby authorized. 27 Notwithstanding such maximum issue additional principal amounts of its 28 4