HomeMy WebLinkAboutReso 1992-16546 RESOLUTION NO. 16546
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA DECLARING INTENT TO MAKE PROCEEDS OF FUTURE
REVENUE BONDS AVAILABLE TO SDG&E FOR ELECTRICAL
FACILITIES
WHEREAS, San Diego Gas & Electric Company (the "Company") has advised the
City of Chula Vista (the "Issuer") that the Company intends to construct and
acquire various improvements to its local electric generation, transmission and
distribution system located throughout San Diego and Orante Counties, as well as
transmission facilities located elsewhere (the "Project";
WHEREAS, Section 1.103-8(a)(5) of the Treasury Regulations and Revenue
Ruling 79-321 generally permit proceeds of the Issuer's indebtedness to be used
to pay or reimburse the Company's costs paid or incurred on or after the date on
which the Issuer adopts a final bond resolution, a preliminary resolution, or
takes some other similar "official action" toward the issuance of bonds;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the Issuer as
follows:
SECTION 1. The City Council finds and determines that the foregoing
recitals are true and correct.
SECTION 2. This Resolution is adopted by the City Council of the Issuer
solely for the purpose of establishing compliance with the
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requirements of Section . 03-8(a} {5} of the Treasury
Regulations. This Resolution does not bind the Issuer to
issue any bonds or other indebtedness or to obtain, set aside
or allocate for the benefit of the Company any amount of State
of California private activity bond volume cap.
SECTION 3. The City Council hereby declares the Issuer's present official
intent to make proceeds of its future revenue bonds or other
indebtedness available to the Company for its use in paying or
reimbursing itself for costs of the Project. Such revenue
bonds or other indebtedness shall be issued at one time or
from time to time in an aggregate principal amount of up to
$1,000,000,000, but shall be issued only if the Issuer and the
Company first shall have agreed to mutually acceptable terms
for the indebtedness, for the sale and delivery of the
indebtedness, and for the loan agreement or other arrangement
pursuant to which proceeds of the indebtedness will be made
available to the Company.
SECTION 4. The Issuer intends that this Resolution shall constitute
"official action" toward the Issuer's issuance of indebtedness
Resolution No. 16546
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within the meaning of section 1.103-8(a)(5) of the Treasury
Regulations.
SECTION 5. The City Council hereby authorizes the City Attorney and City
Manager to hire bond counsel and other counsel as needed
(including but not limited to Orrick, Herrington & Sutcliffe}
in connection with the bonds to be issued to finance or
refinance facilities for the Company, provided that no City
funds other than proceeds of such bonds shall be required to
pay fees and expenses of such bond counsel.
SECTION 6. This Resolution shall take effect from and after its adoption.
Lym~n Christopher ' ~ruce M. Boogaard
Director of Finance ity Attorney
Resolution No. 16546
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PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 24th day of March, 1992, by the following vote:
YES: Councilmembers: Grasser Horton, Malcolm, Moore,
Rindone, Nader
NOES: Councilmember: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
rim Nader, Mayor
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do
hereby certify that the foregoing Resolution No. 16546 was duly passed, approved,
and adopted by the City Council held on the 24th day of March, 1992.
Executed this 24th day of March, 1992.
BeverlEy~. Authelet, City Clerk