HomeMy WebLinkAboutCC RESO 94-22RESOLUTION NO. 9 4 - 2 2
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
APPROVING THE ISSUANCE OF REVENUE BONDS OF THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
TO FINANCE THE BAYSIDE COGENERATION PROJECT
FOLLOWING A PUBLIC HEARING AND MAKING
CERTAIN DETERMINATIONS THERETO
WHEREAS, the California Statewide Communities Development Authority
(the "Authority"), a joint powers authority organized and existing under Title 1, Division
7, Sections 6500 et seq. of the Government Code of the State of California, is authorized
and empowered to issue one or more series of its revenue bonds to finance certain costs
of acquiring and constructing an approximately 49 megawatt cogeneration facility to be
located at 1400 Tidelands Avenue in the City of National City (the "City") and owned
by Bayside Cogeneration, L.P. (the "Project"); and
WHEREAS, before the Authority determines to avail itself of its
authorization to issue revenue bonds to finance the Project, notice of public hearing with
respect to the Project must be published, and an "applicable elected representative" must
conduct a public hearing pursuant to such published notice, as required by Section 147(f)
of the Internal Revenue Code of 1986, as amended (the "Code"); and
WHEREAS, the City has published such notice and by its City Council, as
an "applicable elected representative" with respect to the Project, has conducted a hearing
pursuant to such published notice at the public meetings of the City Council of the City
held on February 15 and March 1, 1994.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of National City that the City hereby approves the Project and the proposed issuance of
not more than $61,000,000 aggregate principal amount of revenue bonds of the
Authority, in one or more series, to finance costs of acquiring and constructing the
Project. Such bonds are to be payable solely from amounts received by the Authority
from or under one or more related loan agreements or installment sale agreements with
Bayside Cogeneration, L.P., and will not be a general obligation of the City or a charge
upon the full faith and credit of the City. Nothing contained herein shall be construed
to imply any guarantee or obligation whatsoever of the City in respect of such bonds.
Continued on Page Two
Resolution No. 94-22
Page 2 of 2
PASSED and ADOPTED this 1st day of March, 1994.
George H. Waters, Mayor
ATTEST:
1i9/1).,
Anne e� o les, CityClerk
P
APPROVED AS TO FORM:
L..
George H. Eiser, III
City Attorney