301940168.3
ORDINANCE NO. _____
AN ORDINANCE OF THE CITY OF GLENDALE AUTHORIZING THE
ISSUANCE BY THE CITY OF NOT TO EXCEED $45,000,000
AGGREGATE PRINCIPAL AMOUNT OF CITY OF GLENDALE
ELECTRIC REVENUE BONDS, 2026 REFUNDING SERIES, PAYABLE
OUT OF THE ELECTRIC WORKS REVENUE FUND, AND APPROVING
CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH.
WHEREAS, pursuant to Article XXVI of the Charter (the “Charter”) of the City of Glendale, California (the “City”), the City Council of the City (the “City Council”) is authorized to provide for the issuance of revenue bonds for the purpose of providing moneys for the financing or refinancing of the acquisition or construction of additions to, or extensions or improvements of, the municipal electric system of the City (the “Electric System”) by ordinance authorizing the issuance of such revenue bonds; and WHEREAS, pursuant to Article XXVI of the Charter, the City now proposes to issue its Electric Revenue Bonds, 2026 Refunding Series (the “Bonds”) pursuant to the Original Indenture, as supplemented and amended, including as supplemented by a Twelfth Supplement to Indenture of Trust, dated as of May 1, 2026 (the “Twelfth Supplement”), by and between the City and the Trustee (collectively, the “Indenture of Trust”), to provide moneys for (i) refunding all or a portion of the outstanding City of Glendale, California Electric Revenue Bonds, 2016 Refunding Series; (ii) making a deposit to a debt service reserve fund, if appropriate or necessary; and (iii) paying the costs of issuance of the Bonds; and
WHEREAS, the Bonds shall not constitute an indebtedness of the City but shall constitute obligations which shall be payable as to both principal and interest only from the Electric Works Revenue Fund of the City, as provided in Section 20 of Article XI of the Charter; provided, however, that nothing shall preclude the payment of debt service on the Bonds from any premium or accrued interest received from the sale of the Bonds as provided in Subsection 4 of Section 4 of Article XXVI of the Charter; and WHEREAS, this Ordinance is for the purpose of authorizing the issuance of the Bonds.
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Glendale:
Section 1. Authorization to Issue Bonds; Purposes; Principal Amount. (a) Pursuant to Article XXVI of the Charter, the City Council does hereby authorize to be issued, upon the terms and conditions as hereinafter set forth, the Bonds in the aggregate principal amount of $45,000,000 (or such lesser amount as shall be approved by the City Manager upon consultation with the Director of Finance, the execution of the applicable Bonds constituting conclusive evidence of the City Manager’s approval of such principal amount) for the following objects and purposes: (A) refunding of all or a portion of the outstanding City of Glendale, California Electric Revenue Bonds, 2016 Refunding Series; (B) making a deposit to a debt service reserve fund, if appropriate or necessary; and (C) paying the costs of issuance of the Bonds. 301940168.3
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(b) This Ordinance shall constitute complete authority to issue the Bonds pursuant to the Indenture of Trust, as provided herein. The Bonds shall be issued pursuant to and in accordance with the terms and conditions set forth in this Ordinance, and more specifically in the Indenture of Trust.
Section 2. Date of Issuance; Maximum Interest Rate. The Bonds shall be issued on or about May 27, 2026 (or such other date as shall be acceptable to the City Manager upon consultation with the Director of Finance). The maximum interest rate to be payable on any maturity of Bonds shall not exceed six percent (6.0%) per annum.
Section 3. Maturity Dates. The Bonds shall mature (or be payable by sinking fund redemption) in each of the years 2027 through 2038, inclusive (or in such other years as shall be acceptable to the City Manager upon consultation with the Director of Finance). Subject to the preceding sentence, the Bonds shall mature and be payable on such dates as specifically set forth in the Twelfth Supplement.
Section 4. Execution of Bonds. The Mayor and the Director of Finance are each hereby authorized and directed to execute the Bonds manually or by facsimile signature, and the City Clerk is hereby authorized to attest such signatures by manual or facsimile signature. The City Clerk is hereby authorized to affix the seal of the City to the Bonds by manual or facsimile impression thereon.
Section 5. Source of Payment. The Bonds shall not constitute an indebtedness of the City but shall constitute obligations which shall be payable as to both principal and interest only from the Electric Works Revenue Fund of the City, as provided in Section 20 of Article XI of the Charter; provided, however, that nothing shall preclude the payment of debt service on the Bonds from any premium or accrued interest received from the sale of the Bonds as provided in Subsection 4 of Section 4 of Article XXVI of the Charter.
Section 6. Official Action. All actions heretofore taken by the officers and agents of the City with respect to the issuance of the Bonds and the negotiation and execution of the agreements relating thereto are hereby approved, confirmed and ratified. The City Manager, the Director of Finance, the City Treasurer, the City Clerk and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions, including, without limitation, the execution and delivery of any and all certificates, requisitions, agreements, policies (including one or more municipal bond insurance policies and one or more debt service reserve account policies) and other documents, which they, or any of them, may deem necessary or advisable in connection with the issuance, sale and delivery of the Bonds.
Section 7. Provisions Necessary and Desirable. The provisions of this Ordinance are deemed necessary and desirable to facilitate the issuance, sale and delivery of the Bonds authorized by this Ordinance.
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Section 2. Publication. The City Clerk shall certify to the passage and adoption of this Ordinance and shall cause this Ordinance to be published once in the Glendale Independent, a newspaper of general circulation published in the City.
Section 3. Effective Date. This Ordinance shall take effect on the thirty-first (31st) day after its passage.
Passed by the Council of the City of Glendale on the ___ day of ____________, 2026.
Mayor
ATTEST:
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS
CITY OF GLENDALE )
I, DR. SUZIE ABAJIAN, City Clerk of the City of Glendale, certify that Ordinance No. ______ was passed by the Council of the City of Glendale, California, at a regular meeting held on the ____ day of ____________, 2026, and that same was passed by the following vote:
Ayes:
Noes:
Absent:
Abstain:
City Clerk