2005 ORD O-02-05 - Laserfiche WebLink

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ORDINANCE NO. 0-02-05 2 AN ORDINANCE OF THE CITY OF COLTON CALIFORNIA, ENTERING INTO THE SOUTHERN CALIFORNIA P BLICPOAPPROVING ER 3 11 AUTHORITY NATURAL GAS PR POWER PROJECT GAS SALES AGREEMENT AS A 4 PROJECT "A" PARTICIPANT 5 WHEREAS, pursuant to the provisions relating to the joint exercise ofowers found11 d 6 in Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California, as 7 amended (the "Joint Powers Act"), the Cit of C 8 y olton (the "City") and certain other public 9 agencies (collectively, the "Members") have entered into a Joint Powers Agreement, as 10 amended (the "Agreement"), creating the Southern California Public Power Authority 1 1 ("SCPPA"), a public entity separate and apart from the Members; and 12 WHEREAS, certain SCPPA Members, to wit, the cities of Anaheim, Burbank, Colton, 13 11 Glendale and Pasadena (the "Participants") have investigated the feasibility of the acquisition 14 and development of certain gas resources, reserves, fields, wells, and related facilities in 15 order to, among other thins g_ things, provide a long-term supply of natural gas for the purpose of 16 fueling electrical generation needs of the Participants (the "Natural Gas Project"); and 17 18 WHEREAS, SCPPA and the Participants anticipate the natural gas acquired from the 19 Natural Gas Project will be used in SCPPA's Magnolia Power Project, a natural gas-fired 20 generating facility with a nominally rated net base capacity of 242 megawatts located in 21 Burbank, California (the "Magnolia Project"); and 22 WHEREAS, The Project "A" Participants of the Natural Gas Project intend to finance 23 11 the costs of acquiring, financing, and developing Project "A" through the issuance e of Project 24 «A" bonds, including the issuance of SCPPA Natural Gas Project revenue bonds, draw down 25 26 bonds, which are intended to be refinanced by the issuance of long-term Project "A" bonds. 27 11 The Project "A" participants will consist of the Cities of Anaheim, Burbank and Colton; and WHEREAS, the Project "B" Participants of the Natural Gas Project desire to pay their fair share of the capital required for acquiring, developing, and improving their share of the