Board Meeting Materials
2000 - 2009
4/18/2017 4:54:03 PM
4/18/2017 4:54:02 PM
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[Project Vote] <br />RESOLUTION NO. 2009-13 <br />RESOLUTION OF THE BOARD OF DIRECTORS OF SOUTHERN <br />CALIFORNIA PUBLIC POWER AUTHORITY (I) AUTHORIZING <br />PREPARATION OF ALL DOCUMENTS NECESSARY OR <br />APPROPRIATE TO SELL AND ISSUE MAGNOLIA POWER <br />PROJECT A, REFUNDING REVENUE BONDS, 2009-1, AND <br />MAGNOLIA POWER PROJECT A, REFUNDING REVENUE BONDS, <br />2009-2, PROCEEDS OF WHICH WILL BE USED TO REFUND THE <br />MAGNOLIA POWER PROJECT A, REFUNDING REVENUE BONDS, <br />2007-1, AND FOR SUCH OTHER PURPOSES AS THE FINANCE <br />COMMITTEE SHALL DETERMINE; (II) APPOINTING THE LEAD <br />UNDERWRITER; AND (III) AUTHORIZING OFFICERS OF THE <br />AUTHORITY TO DO ALL THINGS DEEMED NECESSARY OR <br />APPROPRIATE <br />WHEREAS, on June 4, 2007, the Southern California Public Power Authority (the <br />"Authority") issued $223,260,000 of Magnolia Power Project A, Refunding Revenue Bonds, <br />2007-1 (the "2007 Bonds") in order to refund a portion of the Magnolia Power Project A, <br />Revenue Bonds, 2003-1, which outstanding bonds are payable by the Cities of Anaheim, <br />Burbank, Colton, Glendale and Pasadena (the "Project A Participants"); <br />WHEREAS, the 2007 Bonds are insured by MBIA Insurance Company ("MBIA") whose <br />bond ratings have been significantly downgraded, thereby substantially increasing the amount of <br />interest being paid by the Authority; <br />WHEREAS, additional downgrades of MBIA may occur; <br />WHEREAS, representatives of the Project A Participants have determined that it is in the <br />best interest of the Authority (i) to proceed with preparing all documents necessary or <br />appropriate to sell and issue variable rate Magnolia Power Project A, Refunding Revenue Bonds, <br />2009-1, and Magnolia Power Project A, Refunding Revenue Bonds, 2009-2 (together, the "2009 <br />Bonds"), proceeds of which will be used to refund the 2007 Bonds and for such other purposes <br />as the Finance Committee of the Authority shall determine, and (ii) to appoint the lead <br />underwriter for the 2009 Bonds; and <br />WHEREAS, once prepared, drafts of the contracts proposed to be entered into by the <br />Authority in connection with the issuance of the 2009 Bonds will be presented for the Board's <br />consideration. <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Authority as <br />follows: <br />
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