HomeMy WebLinkAboutReso 1998-19165 RESOLUTION NO. 19165
RESOLUTION OF THE CITY COUNCIL OF THE CiTY OF CHULA
VISTA APPROVING AGREEMENT WITH SDG&E GRANTING THE
CITY AN EXCLUSIVE RIGHT TO ISSUE AND REFINANCE
SDG&E'S INDUSTRIAL DEVELOPMENT BONDS
WHEREAS, as part of its negotiations with SDG&E for a five-year renewal of its gas
and electric franchise, City staff negotiated a side agreement whereby SDG&E would grant
to the City an exclusive right through June 30, 2013 to be the issuer for SDG&E's Industrial
Development Bond ("IDB") issues and refinancings; and
WHEREAS, under this agreement, for every $10,000,00 of debt issued or refinanced,
the City will receive an issuer fee of $25,000; and
WHEREAS, in every case, the City would be acting as a conduit and would not itself
be liable in any way for repayment of the bonds.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby approve an Agreement with SDG&E Granting the City an Exclusive Right to Issue and
Refinance SDG&E's Industrial Development Bonds through June 30, 2013, in the form
presented, a copy of which shall be kept on file in the office of the City Clerk as Document
No CO98-139.
BE IT FURTHER RESOLVED that the Mayor of the City of Chula Vista, or her designee,
is hereby authorized and directed to execute said Agreement for and on behalf of the City of
Chula Vista.
Presented by Approved as to form by
'~age) r~~ ~
J M. Kaheny//~2~
Resolution 19165
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 15~h day of September, 1998, by the following vote:
AYES: Councilmembers: Moot, Padilia, Rindone, Salas and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
ATTEST:
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of Chula Vista, California, do hereby certify that the
foregoing Resolution No. 19165 was duly passed, approved, and adopted by the City Council
at a regular meeting of the Chula Vista City Council held on the 15~h day of Septernber, 1998.
Executed this 15~h day of September, 1998.
U_//~.zt2Beverly A. Authelet, City le ~