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CA:RMM:linda29b/hpw
City Council Meeting 6-13-89
Santa Monica, California
ORDINANCE NUMBER l483(CCS)
(City Council Series)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA AMENDING SANTA MONICA
MUNICIPAL CODE SECTION 2651 TO SPECIFY THE POWERS
AND PROCEDURES FOR THE ISSUANCE OF
REVENUE BONDS
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES ORDAIN AS
FOLLOWS:
SECTION 1.
Santa Monica Municipal Code Section 2651 is
amended to read as follows:
SECTION
2651.
Procedures
for
Issuance of Revenue Bonds. The procedure
for the issuance of revenue bonds shall
be the procedure set forth in the Revenue
Bond Law of
1941
(commencing with
Government Code Section 54300) and by
this reference the provisions of said Law
are
incorporated
herein,
with
the
following exceptions:
(1) No election to authorize the
issuance of said bonds shall be held and
the restrictions of Government Code
Section 54388 shall not apply, and to
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those ends, sections 54380 through 54388
of said Government Code are not
incorporated herein and shall not be
applicable to the issuance of said
revenue bonds.
(2) The resolution authorizing the
issuance of said revenue bonds may
provide that such bonds shall be payable
from the revenues of the Enterprise (as
specifically defined in such reSOlution),
which may include combined revenues from
electric and water serv~ces, from
interest earnings on unspent bond
proceeds and from such other funds as may
be legally available for such purpose.
(3) Before selling the revenue
bonds, or any part thereof, the City
Council shall give notice inviting sealed
bids pursuant to Government Code Section
54388 unless such revenue bonds are to be
sold to and/or issued by a j oint powers
authority created in accordance with
California law, or sold and/or issued in
connection wi th a financing to be
undertaken with other federal, state, or
local entities or agencies, in which case
the city Council may negotiate the
private sale of the revenue bonds.
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(4) The interest rate limitation
and the limit on discount contained in
section 54402(b) and 54418, respectively,
of the Government Code shall not be
applicable.
SECTION 2. Any provision of the Santa Monica Municipal
Code or appendices thereto inconsistent with the provisions of
this Ordinance, to the extent of such inconsistencies and no
further, are hereby repealed or modified to that extent necessary
to effect the provisions of this Ordinance.
SECTION 3. If any section, subsection, sentence, clause,
or phrase of this Ordinance is for any reason held to be invalid
or unconstitutional by a decision of any court of any competent
jurisdiction, such decision shall not affect the validity of the
remaining portions of this Ordinance. The City Council hereby
declares that it would have passed this Ordinance, and each and
every section, subsection, sentence, clause, or phrase not
declared invalid or unconstitutional without regard to whether
any portion of the Ordinance would be subsequently declared
invalid or unconstitutional.
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SECTION 4. The Mayor shall sign and the city Clerk shall
attest to the passage of this Ordinance. The City Clerk shall
cause the same to be published once in the official newspaper
within 15 days after its adoption. This Ordinance shall become
effective after 30 days from its adoption.
APPROVED AS TO FORM:
(l--rv~.--. ~
ROBERT M. MYERS U
City Attorney
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Adopted and approved this 13th day of June, 1989.
pQ-t Ma~ l~
I hereby certify that the foregoing Ordinance No. 1483(CCS)
was duly and regularly introduced at a meeting of the city
Council on the 30th day of May 1989~ that the said Ordinance was
thereafter duly adopted at a meeting of the city council on the
13th day of June 1989 by the following Council vote:
Ayes: Councilmembers: Abdo, Finkel, Genser, Jennings,
Katz, Reed, Mayor Zane
Noes: Counci1members: None
Abstain: Counci1members: None
Absent: Counci1members: None
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ATTEST:
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