HomeMy WebLinkAboutReso. 1985 - 114 - Approving the tanc project agreement for the issuance and sale of a promissory note for short-term financing and authorizing the mayor to sign said agreement .,'
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RESOLUTION NO. g5-`/1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE TANC PROJECT AGREEMENT FOR THE ISSUANCE AND
SALE OF A PROMISSORY NOTE FOR SHORT-TERM FINANCING, AND
AUTHORIZING THE MAYOR TO SIGN SAID AGREEMENT.
BE IT RESOLVED by the City Council of the City of Redding as
follows:
1 . The City Council of the City of Redding hereby approves
the TANC Project Agreement providing for the issuance and sale of
a promissory note for the purpose of financing studies, the
acquisition of options, permits and other preliminary costs to be
incurred prior to the undertaking of construction or acquisition
of a project for the transmission of electric energy.
2 . The Mayor of the City of Redding is hereby authorized
and directed to sign all necessary documents on behalf of the
City of Redding and the City Clerk is hereby authorized and
directed to attest the signature of the Mayor and to impress the
official seal of the City of Redding on the aforesaid documents,
when appropriate.
3 . A true copy of the agreement referred to herein is
attached hereto and made a part hereof.
I HEREBY CERTIFY that the foregoing resolution was intro-
duced and read at a regular meeting of the City Council of the
City of Redding on the 17th day of June , 1985 , and
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was duly adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Demsher, Fulton, Gard, & Pugh
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Kirkpatrick
ABSTAIN: COUNCIL MEMBERS: None
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aZLOL014X-OLL
BARBARA ALLEN GARD, Vice Mayor
City of Redding
ATTEST:
ETHEL A, NICHOLS, City Clerk
FORM,, PROVED: may/
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RANDALL A. HAYS, City/Attorney
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PROJECT AGREEMENT
TRANSMISSION AGENCY OF NORTHERN CALIFORNIA
This Project Agreement ( "Agreement" ) is dated as of
June 19, 1985 by and among the undersigned Members of
1 .
Transmission Agency of Northern California ( "Agency" ) , a ! '
California joint exercise of powers agency, and the Agency.
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WITNESSETH:
WHEREAS, the Agency desires to issue a promissory note •
(the "Promissory Note" ) in the form attached hereto as Exhibit A
pursuant to California Government Code Section 6547 for the
purpose of financing studies, the acquisition of options, permits
and other preliminary costs to be incurred prior to the •
undertaking of construction or acquisition of a project for the
transmission of electric energy; and
WHEREAS, none of the undersigned members of the Agency
has contracted or is to contract to make payments to be applied I ;
to the payment of said Promissory Note;
NOW THEREFORE , in consideration of the foregoing and the •
covenants contained herein, the undersigned agree as follows : j
1 . Each of the undersigned Members of the Agency
hereby approves of the issuance and sale of the Promissory Note
in the form attached hereto as Exhibit A bearing such interest
rate or rates and at such price as the Commission of the Agency
shall authorize. Such approval is intended to be and is limited
to the approval required by Paragraphs 6 and 15 of the Joint
Powers Agreement creating the Agency attached hereto as Exhibit B
and such approval is not intended to be and shall not constitute
an authorization pursuant to Section 6547 of the California
Government Code.
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2. The Promissory Note shall not constitute a debt,
liability or obligation of any of the Members of the Agency and
shall not constitute a debt of the Agency payable by the Members
of the Agency pursuant to Paragraph 21 of the Joint Powers -
Agreement attached hereto as Exhibit B.
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3 . This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original and
all of which, when taken together, shall consitute a single
Agreement .
Transmission Agency of Northern
California
By •
And
City of Alameda
By
And
City of Biggs
By
And
City of Gridley
By
And
City of Healdsburg
•
By
And
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j
City of Lodi
i ; .
By
And - , !
City of Lompoc I'
By i
And t
Modesto Irrigation District
I
By
And
City of Palo Alto
i
By
And
City of Redding
By
And
City of Roseville
By
And
Sacramento Municipal Utility.
District
•
By
And
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110
City of Santa Clara
By 4 I
And
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Turlock Irrigation District
By ; I
And
City of Ukiah
By I
And
Plumas-Sierra Rural Electric
Cooperative, Inc.
By
And ti
i I
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I PROMISSORY NOTE
Dated: July 1, 1985
IFOR VALUE RECEIVED, Transmission Agency of Northern
California (the "Agency" ) , a joint exercise of powers agency duly
iorganized and existing under and pursuant to the laws of the
State of California, hereby promises to pay to the order
I of on
December 31, 1985 at , California
the principal sum of dollars
($ ) together with interest thereon from the
date hereof until principal shall have been paid at the rate
of percent ( % ) per annum, computed on a 360-day year
basis.
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The indebtedness evidenced hereby is payable only out of
"Available Revenues" (unless paid from the proceeds of renewal
notes or revenue bonds issued for the purpose of paying the
1 indebtedness evidenced hereby) . "Available Revenues" means all
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revenue of the Agency from any source other than payments from
-' !! Members of the Agency. Neither the payment of the principal or
any part thereof nor any interest hereon constitutes a debt,
liability or obligation of any Member of the Agency.
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Transmission Agency of Northern
California
-- By
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iEXHIBIT A
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