SR-203-000-01 (2)
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JUN 1 3 iWs
CA:RMM:linda33a/hpw
City Council Meeting 6-13-89
Santa Monica~ California
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STAFF REPORT
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TO:
Mayor and City council
FROM:
City staff
SUBJECT:
ordinance Amending Santa Monica Municipal Code
Section 2651 Pertaining to Powers and Procedures
for Issuance of Revenue Bonds
At its meeting on May 30, 1989, the city council introduced
for first reading an ordinance amending Santa Monica Municipal
Code Section 2651 concerning powers and procedures for the
issuance of Revenue Bonds by the City.
The ordinance is now
presented to the City council for adoption.
RECOMMENDATION
It is respectfully recommended that the accompanying
ordinance be adopted.
PREPARED BY: Robert M. Myers, City Attorney
Linda A. Moxon, Deputy City Attorney
stanley Scholl, Director of General Services
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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 services, 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 joint powers
authority created in accordance with
California law, or sold and/or issued in
connection with 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further, are hereby repealed or modified to that extent necessary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 publ ished 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:
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R?BERT M. MYERS U
Cl.ty Attorney
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