O1562
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CA:RMM:jld534/hpca/pc
city council Meeting 1-22-91
Santa Monica, California
ORDINANCE NUMBER 1562 {CCS}
(City Council Series)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA AMENDING CHAPTER 6.5
OF THE SANTA MONICA MUNICIPAL CODE
RELATING TO REVENUE BONDS
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES ORDAIN AS
FOLLOWS:
SECTION 1. Chapter 6.5 of the Santa Monica Municipal Code
is amended to read as follows:
Chapter 6.5 - REVENUE BONDS
SECTION 2650. Purposes. The City
council, exercising the powers reserved
to the City under Sections 6 and 8 of
Article XI of the Consti tution of the
state of California and Section 400 of
the city Charter of the City of Santa
Monica may, when the public interest and
necessity require,
by resolution or
resolutions, issue revenue bonds for
funds to acquire, construct, improve or
finance any enterprise as defined in
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Section
54309
of
the
California
Government Code.
SECTION 2651. Procedure.
(a) Except as otherwise provided
for in this Chapter, revenue bonds shall
be issued in accordance with the
procedures of the Revenue Bond Law of
1941 (Chapter 6 of Part 1 of Division 2
of Title 5 of the California Government
Code, commencing with section 54300), in
effect on January 2, 1991, the provisions
of which are incorporated into this
Chapter. Copies of the Revenue Bond Law
of 1941 (as in effect on January 2,
1991), are filed for convenience in the
office of the City Clerk.
(b) The provisions of the Revenue
Bond Law of 1941 set forth in Sections
54380 through 54388, inclusive, in
Section 54303, in Section 54311, in
Section 54354.5, in the second sentence
of subsection (b) of Section 54402, in
Section 54404, in the second sentence of
Section 54418, in Section 54422, in
Section 54424, in Section 54515, in
section 54521, in Section 54522, and in
the last sentence of Section 54661, and
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any other provisions of the Revenue Bond
Law of 1941 that are inconsistent with or
conflict with the city Charter shall not
apply to the issuance and sale of such
revenue bonds.
SECTION 2652. santa Monica
Provisions. The ci ty of Santa Monica
revises, amends, and supplements the
provisions of the Revenue Bond Law of
1941 as follows:
(a) "Fiscal agent" as
used in this Chapter shall
mean any fiscal agent,
trustee, paying agent,
depository or other fiduciary
provided for in the
resolution authorizing the
issuance of the revenue
bonds.
(b) "Resolution" as
used in this Chapter shall
mean, unless the context
otherwise requires, the
instrument providing the
terms and conditions for the
issuance of the revenue
bonds,
and
may
be
an
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indenture
ordinance,
or other
writing.
(c) Credit Enhancement
Agreements.
In connection with, or
incidental to, the sale and
resolution,
order, agreement,
instrument in
issuance of the revenue
bonds, the City may enter
into such credit enhancement
or liquidity agreements, with
such payment, interest rate,
security, default, remedy,
and other terms and
conditions as the City
Council shall determine are
in the public interest.
SECTION 2653. Name.
shall be known as the
Revenue Bond Act.
This Chapter
Santa Monica
SECTION 2654. construction. The
powers conferred by the provisions of
this Chapter are in addition and
supplemental to the powers conferred by
the City Charter, or any other ordinance
or law.
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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 affect 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
rema ining 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.
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 pub 1 ished once in the off icial newspaper
within 15 days after its adoption. This Ordinance shall become
effective after 30 days from its adoption.
APPROVED AS TO FORM:
~"-~
ROBERT M. MYERS .
City Attorney
.........
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Adopted and approved this 22nd day of January, 1991.
4Ma:~
I hereby certify that the foregoing ordinance No. 1562 (CCS)
was duly and regularly introduced at a meeting of the City
Council on the 8th day of January 1991~ that the said ordinance
was thereafter duly adopted at a meeting of the City council on
the 22nd day of January 1991 by the following Council vote:
Ayes: Councilmembers: Genser, Holbrook, Katz, Olsen
Vazquez, Zane, Mayor Abdo
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: None
ATTEST:
~i~f~
--- .......... C'i ty- Clerk/-