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1 <br />2 <br />3'. <br />41 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />112 13- <br />%12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23' <br />24 <br />25 <br />26 <br />27 <br />28 <br />WHEREAS, pursuant to the laws of the State of California, the <br />Authority may issue from time to time in one or more installments, its refundinq <br />revenue bonds and other evidences of indebtedness (together, "Refunding Bonds" <br />and, together with Acquisition Bonds, "Power Project Revenue Bonds") for the <br />purpose of redeeming or retiring Acquisition Bonds or Refunding Bonds theretofore <br />issued, or otherindebtedness theretofore issued for. the San Juan 3 Project; and <br />WHEREAS, the Authority will enter into agreements (the "San Juan 3 <br />Project Power Sales Contracts") with two or more of the Members, pursuant to <br />which the Members entering into such San Juan 3 Project Power Sales Contracts <br />(the "San Juan 3 Project Participants") will purchase from the Authority a <br />percentage entitlement in the energy and capacity of the San Juan 3 Project; and <br />WHEREAS, the Power Project. Revenue Bonds with respect to the San Juan <br />3 Project are to be payable from funds held in trust for the benefit of the <br />holders of such Bonds and from revenues of the Authority from the San Juan 3 <br />Project, including payments to be made by the San Juan 3 Project Participants <br />under. the San Juan 3 Project Power Sales Contracts; and <br />WHEREAS, in accordance with the Joint Powers Act, the exercise by the <br />Authority of its power to issue Power Project Revenue Bonds is subject to the <br />authorization by ordinance of those Members which contract to make payments to <br />be applied to the payment of such Power Project Revenue Bonds; and <br />WHEREAS, neither the payment of principal of the Power Project <br />Revenue Bonds nor any part thereof nor interest thereon shall constitute a debt, <br />liability or obligation of the City; and <br />WHEREAS, this (governing Body has determined that the acquisition of <br />rights in the San Juan 3 Project by the Authority is appropriate to assist the <br />San Juan 3 Project Participants to meet the future power needs of their customers <br />for electric energy; and <br />