SR-203-001 (4)
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CA ~ RMM: LmoO'} ib
C1ty CounC1 I Mpet1ng 10-1-H~
SAnta MonIca] Calltornl8
S'l'A to to' REPOR'f
?-B
OCT 1 1985
'Po:
, ;\ ,\ /~};?'\
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MFlyor and C1 ty Coune1 1 V ~ . ('I V-1....... . c...J 4' i~ \ II
F-' ~!" 1/ _ :--rt U -r \ JiY
C1 ty Attornf"Y ~ A 1',,\ ..w, ,Ii
(ytv I -. rAil '
0- f,
Orrtlnancp Sppc1fY1ng the Powprs and Pror.pourec; ,i 1'-'.......
tor thp I<:;'311anCe of Rpvenue Bond"! for thp Purpo<:;e'--:>(7/l It-V'
ofF 1 n R n C 1 n 9 F n c 1 lIt 1 p <:; 1 nth pel t y 0 f San t a '--.' ,..{Yl .
Mon1.ca by Part1c1patlng PartlP<; and Includ1ng ~.I..,V/Y
DefInItIons, C;pner<'ll ProV1S1ons, Powers, lYi'V1J I
[S'3uance Procpdllre~ and Certaln Supplpmpnt<'ll ~
PrOVlSlCInS '._j;:v
b./ /~
FROM:
Sll H.l EC'f :
At
17, lq8~J thp CIty Councl!
1t<; mpetlng on Spptemher
1 n t rocl\l ,pd
rpadIng an ordInance spec1ty'nq the
for tIr"lt
powpr<;
<'Ind procpdure<:; for thp l"l<;uanr.e ot rpvpnue hond" for
the purpose ot
In thp C1ty of Santd
fInancIng tar1l1t1es
MonIca hy part1clpat1ng partle,,;
WhICh Includps defInItIon",
genpral
proVl",on<;, powprSJ lc;c;uancp procprturf"c;, ;'!nrt certaIn
'3upplpmf"ntal
The orolnancp 1<; now prpc;pntpd to
proV1<;lon~.
the Clty CounCIl tor adoptlon
RECOMMI':NDA1' JON
It
respectfully rpcommpnopo thRt thp accompanY1ng
1'5
or01nancp he <'Ioopteo.
PREPAR Em BY:
Rohprt M Myprs] CIty Attorney
1.1nda A. Moxon, Df"puty Clty Attorn€'y
<6-B
OCT 1 1985
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Agenda Item If
BEFORE DIS~~IBUTION ~HECK CONTENT OF ALL
DISTRIBUTION OF RESOLUTION #
/c:?/; /?S--
j-6
f/d
5--0
FO~ CITYC~ERK'S ACTION
ORDINANCE It / '5 Ys-
9//-7/rJ
Adopted~ /~~ ;I~~~
AU"JAYS PUBLISH AI::OPTEr5 ORDINANCES*
*Cross out Attorney I 5 approval
Introduced:
J
Council Meetlng Date
Was it amended?
VOTE: Affirmative~
NegatIve:
Abstain:
Absent: ~ --
4 PROOF votEC: lVITH ANOTHER.' PERS T BEFORE MNTHING
IJJ:S1Klnul10i-J: VK.1Gir.iAL 1:0 b signed) sealed and
filed lU Vault.
NEWSPAPER PUBLICATION (Date~
,
)
)
Department origInating steff report (
Management Ser~~~e~ Lynne BarT~tte -urainances only
Agency mentioned in document or staff report
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(cert I fied?)
Subject file (agenda packet)
1
Counter file
1
Others:
Airport
Parking Auth.
Audltorum
Personnel
Building Dept.
Planning
Environ. Servo
Finance
Police (en-
forcement?)
Fire
Purchasing
Recr /Parks,
.
General Servo
LIbrary
Transportation
Treasurer
Manager
SEND FOU~ COPIES OF ALL ORDINANCES TO:
CODfD SYSTEMS, Attn Peter Macfearie
120 Ma~n ~tr~et -
J AV0~r N~w Jersey"017~7
SEND FOUR COPIES OF ALL ORDTNANC.F.S TO:
PRESIDING JUDGE . -
SANTA MONICA MUNICfPAL COURT
~72S MAIN STREET
SANTA MONICA) CA 90401
*Check Code Sect~ons before sendmg.
TOTAL COPIES
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CA:RMM:lmo053
CIty CouncIl MeetIng 10-1-85 Santa MonIca] CalIfornIa
ORDINANCE NUMBF.R 1345(CCS)
(CIty CouncIl SerIes)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA SPECIFYING THE POWERS
AND PROCEDURES FOR THE ISSUANCE OF REVENUE
BONDS FOR THE PURPOSE OF FINANCING
FACILITIES IN THE CITY OF SANTA MONICA BY
PARTICIPATING PARTIES AND INCLUDING
DEFINITIONS] GENERAL PROVISIONS, POWERS,
ISSUANCE PROCEDURES, AND CERTAIN
SUPPLEMENTAL PROVISIONS
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES ORDAIN
AS FOLLOWS:
SECTION 1.
FIndIngs and DetermInatIons.
The CIty
CouncIl of the CIty of Santa MonIca hereby declares:
(aJ The
acquIsItIon
and
constructIon of certaIn
faCIlItIes In the CIty by prIvate persons as specIfIed hereIn
serves the publIC Interest of the CIty and promotes the publIC
health, safety, and welfare of the CIty by makIng such
faCIlItIes avaIlable to the reSIdents of the CIty WIthout cost
to the CIty or to any other publIC agency.
(b) PermIttIng the CIty to aSSIst In the fInancIng of
the
and
eXpanSIon
and
acqUIsItIon
constructIon
or
modernIzatIon of such faCIlItIes servps the publIC Interest of
the CIty by enablIng the CIty to Induce manufacturIng,
Industrial] and commprclal enterprIses to locate In the CIty,
thereby promotIng commerce and Industry 1n the CltYi and
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ensurIng that certaIn facIlItIes are avaIlable to the publIC
and are acquired and constructed or expanded, enlarg~d or
modernIzed
In
a
manner
conSIstent
With such publIC
avaIlabIlIty and wIth the pUblIC concerns of the City.
(c) EncouragIng the acqUIsItIon and constructIon or
expansion and modernization of
faCIlItIes for manufacturIng,
Industrial, and commercIal enterprises or pUblIc facIlItIes by
prIvate persons pursuant to thIS OrdInance constItutes a
munICIpal
affaIr of the CIty of Santa MonIca, an exerCIse of
the polIce powers of the CIty of Santa MonIca, and a pUblIC
purpose
In WhICh the City of Santa Monica has a unIque
Interest.
SECTION
2.
DefInItIons.
Unless the context otherwise
requires,
the folloWIng words or phrases used
In thIS
ordInance shall have the folloWIng meanIngs:
( a )
AcqUISItIon
(and
ItS varIants}.
AcqUISItIon,
constructIon,
Improvement, furnIshIng, eqUIpping, remodelIng,
repaIr, rpconstructIon, or rehabilitatIon.
(b)
AdmInIstratIve
Expenses.
All
reasonable and
necessary expenses incurred by the CIty In the admInIstratIon
of the prOVISIons of
thIS OrdInance WIth respect to a
partIcular ProJect and the finanCIng thereof,
Includlng~
WIthout lImItatlon, comp~nsatlon to CIty agents} employees and
staff,
fees and expenses of paYIng agents, trustees, bond
counsel,
and fInanCIng consultant~, and costs of prlntlng and
advertIsIng.
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(c) Honel s .
Any bonds, notes,
InterIm cprtIflcates,
debentures, or other oblIgatIons Issued by the CIty pursuant
to thIS OrnInance, WhICh are payable exclUSIvely from Revenues
and other funds permItted by thIS OrdInance
(d) CIty.
The CIty of Santa MonIca, CalIfornIa, a
munIcIpal corporatIon eXIstIng under and exerCISIng powers
pursuant to the CIty Charter and the ConstItutIon of the
State.
(e) CIty Charter. The charter of the CIty, as amended
from tIme to tIme.
(f} CIty CounCIl. The CIty CounCIl of the CIty.
(9) Costs.
WIth reference to a ProJect, any or all of
the follOWIng costs Incurred for the acqUISItIon thereof:
(1) OblIgatIons
of
the
PartICIpatIng Party
Incurred for labor and materIals In connectIon WIth the
acqUISItIon of the ProJect.
(2) The cost of acqUISItIon of any property,
whE'ther
real
or personal,
Imoroved
.
or unImproved,
IncludIng
franchIse
rIghts and other IntangIble property and any
Interests
thereIn,
reqUIred for the acqUISItIon of the
ProJect.
( 3 ) The
cost
of
demolIshIng,
remOVIng, or
relocatIng any buildIng or structure,
and the cost of makIng
relocatIon aSSIstance payments, If any, as reqUIred by law.
(4) The cost of contract bonds and of Insurance
of all kInds that may be reqUIred or necessary durIng the
course of the acqUISItIon of the ProJect.
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l5) All
costs
of
engineering]
legal]
and
consultant services] IncludIng the costs of the PartiCIpatIng
Party for surveys, estimates, plans and specificatIons, and
prelimInary
InvestIgatIon
therefor,
and for superVIsIng
constructIon,
as well as for the performance of all other
dutIes requIred by or consequent upon the proper acqUISItIon
of the ProJect.
(6) All
costs
Incurred
In connectIon With
proceedIngs by the PartICIpatIng Party necessary to comply
WIth the CalIfornIa EnVIronmental QualIty Act of 1970, as
amended.
17) All amounts requIred to fund any reserve
funds for Bonds and any Interpst on Bonns becomIng dup and
payable
durIng
a
perIod not exceedIng the perIod of
acqUISItIon of the ProJect and 12 months thereafter.
(8) All admInIstratIve expenses.
19) All costs WhICh the PartICIpatIng Party shall
be requIred to pay,
under the terms of any contract or
contracts, for the acqUISItion of the ProJect.
(10) The refInancIng of any eXIstIng Indebtedness
securpd by an Interest In any real propprty comprIsIng any
portIon of the ProJect, so long as and to the extent that such
refInancIng does not cause Interest on the Bonds to beCOffiP
taxable under SectIon 103 of the Internal Revenue Code of
1954, as ampnded.
r 11 ) Any
sums
requIred
to
reImburse
the
PartICIpatIng Party for advances made for any of thp abovp
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Items or for any other cost~ lncurrpd and for work done WhICh
are
properly
chargeable to the ProJect,
provIded that
reImbursement of such advances dop.s not. cause the Intprest on
the Bonds to become sUbJect to federal Income taxatIon.
( h J
FInance
(and ItS varlants~.
The l@ndlna of monIes
...
or any oth@r thIng of value to PartIcIpatIng PartIes, or the
enterIng
Into of leases or
Installment sale agreements wIth
PartIcIpatIng PartIes,
or the makIng of
loans to fInancIal
InstItutIons
whIch
In turn make
loans to PartIcIpatIng
PartIes,
for the purpose of paYIng or otherWIse provIdIng for
or aS~lstlng the payment of any or all of
the Costs of a
ProJect pursuant to thIS OrdInance.
r I )
PartICIpatIng
Party.
Any person,
corporatIon,
partnershIp,
fIrm,
or other entIty or group of entItles
reqUIrIng fInanCIng for the acqUISItIon of a ProJect pursuant
to thIS OrdInance
( J 1
ProJect.
Real Property located wIthIn the CIty and
Improved or to be Improved wIth manufacturIng, IndustrIal, or
commerCIal
faCIlItIes;
faCIlItIes for recreatIon, parkIng,
health,
educatIon, or other uses approved by the CIty CounCIl
pursuant hereto and WhICh are open to the publIC; and other
faCIlItIes determIned by the CIty CounCIl to serve the publIC
Interest and promote the publIC health, safety, and welfare
WIthIn the CIty.
( k )
OrdInance.
ThIS OrdInance, a~ amended from tIme to
tIme In accordance WIth SectIon 19 hereof.
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( 1 1
ProJect,
Interest,
Revenues
WIth
respect to the fInanCIng of a
all
amounts
receIved as repayment of prIncIpal,
and all other charge~ receIved for, and all other
income and
revenue
(IncludIng the proceeds of Insurance)
derIved by the City In connectIon WIth such ProJect or the
fInanCIng
thereof,
and
any receIpts derIved from the
Investment of
such Income or RE'venue~,
In~ludlng monlPS
deposIted In a SInking, redemptIon, or reserve fund, or other
fund to secure the Bonds or to provIde for the payment of the
prIncipal of or Interest on the Bonds and such other monIes as
the
CIty CounCIl may
In
Its dIscretIon make avallable
therefor.
(m)
State.
The State of CalIfornIa.
SECTION
3.
POwer"3.
The CIty IS authorIzed and
empowered:
r a J
To determIne the
locatIon and character of any
ProJ~ct to bE' fInanced under the prOVISIons of thiS OrdInance.
r b)
To
Issue Bonds for the purpose of fInanCIng or
otherWIse
aSSIstIng
In
th~ acqUISItIon of ProJects by
PartICIpatIng PartIes under thIS OrdInance,
and for the
purpose of refundIng any Bonds prevIously Issued hereunder.
(c)
To
fIX fees, charges, and
Interest rates for the
fInanCIng of
any ProJect, and to reVIse such feps, charges]
and Interest rates from tIme to tIme, and to collect Interest
and prInCIpal
on any loan made to a Partlclpatlng Party
together
WIth
such fees and charges
Incurred
1n such
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finanCIng,
and to contract with any person, partnershIp,
aSSOCIation,
corporation,
or puh11c agency With
rpspect
thereto.
(d) To hold deeds of trust as securIty for finanCing
any proJPct and to pledge the same as securIty for repayment
of Bonds Issued therefor.
(e)
To establIsh the terms and condItIons ot
the
fInancIna
...
of
any
Project undertaken pursuant to thIS
Ordinance.
( f )
To
reqUire that the full amount owed on any loan
tor the finanCIng of
a Project pursuant to thIS OrdInance
shall
be due and payable upon
sale or other transfer of
ownerShIp of such ProJect.
I g)
To acqUIre,
by deed, purchase,
lease, contract,
gIft,
deVIse,
or otherWIse, any real
or personal property)
structures,
rights,
rIghts-at-way,
franchIses,
easements,
mortgages,
and other Interests 1n property located WIthIn the
State necessary or convenIent for the fInanCIng or acqUISItIon
of a proJE"ct,
upon such terms and condltlon~ as It deems
adVIsable,
and to lease, sell, or dIspo~e of the same In such
manner as may be necessary or deSirable to carry out the
objects and purposes of thIS OrdInance.
(h)
To
employ
or contract for such engineering)
archItectural,
accountIng, collectIon,
economIC feaSIbIlIty,
or other serVIces In connectIon WIth the serVICIng of loans
made to PartICIpatIng PartIes as may be necessary In the
Judgment of the CIty CounCIl for the successful fInanCIng of a
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ProJect.
The CIty mny pay the r~asonable costs of conSUltIng
engIneers,
archItects, accountants, constructIon experts, and
economIc feaSIbIlIty experts, If, In the Judgment of the CIty
CouncIl,
such serVIces are necessary to the successful
fInanCIng of a ProJect. The CIty may employ, contract for,
and fIX the compensatIon of fInanCIng consultants, bond
counsel, and such other adVIsers as may be necessary In Its
judgment to prOVIde for the Issuance and sale of Bonds.
( I )
In
addItIon to all other powers speCIfIcally
granted In thIS OrdInance)
to do all thIngs necessary or
convenIent to carry out the purposes of thIS OrdInanc~.
SECTION 4.
ApplIcatIons for FInanCIng
PartICIpating
PartIes may apply for fInanCIng pursuant to thIS OrdInance by
contactIng
the CIty Manager or such other offIcers or
employees of the CIty as shall be deSIgnated by the CIty
CounCIl from time to tIme.
Each applIcant shall supply to the
satIsfactIon
of
the CIty
Manaaer or '5uch
...
other offIcer or
employee all
Informatlnn requlrpd to evaluate the fInanCIal
relIabIlIty and stabIlIty of the PartICIpatIng Party and the
feaSIbilIty of the propo5~d ProJect, Including an estimate of
the maXImum amount of fInanCing to be reqUIred, a descrIptIon
or It~mlzatlon of the Costs of thp proposed ProJect, and a
written agreement to pay all AdmInistratIve Expenses for the
propospd ProJect.
SECTION 5.
Acceptance of ApplicatIons.
Upon receIpt of
an application containIng all reqUired InformatIon) agreement,
H
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e
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and undertaklng~, the City Council shall at such tIme as It
de~ms convenIent review such application ann any staff
recommendations with respect thereto. If the City Council
chooses to approve any ~ppllcatlon for fInancing under this
OrdInance, It shall adopt a resolution authorIzing the
Issuance of Bonds and/or acceptIng and apprOVIng such
application and the partiCipation of the City In the fInancing
of such ProJect, sUbJect to the provISIons of this OrdInanc~
and the conclusion of all proceedings undertaken to consummate
such fln~nclng to the sRtlsfactlon of thp City. The
provISions of this Section 5 shall not apply to any finanCIng
approvpd hy resolution of the City Councilor the
Redevelopment Agency of the City of Santa MonIca adopted prIor
to the nate of adoption of thiS Ordloancp.
SECTION 6. Authorization of Bond~. The CIty may Issue
Its Bonds for the purpo~e of financing or otherWIse a~slstIng
In the acquIsition of ProJects authorlzpd by thlq Ordlnance.
Every Issue of Bonds shall be a speCial obligation of the
City, payable solely from all or any part of the Revenues of
ProJects.
SECTION 7.
Isquance of Bonds.
The Bonds may be Issued
as serial Bonds or as term Bonds, or the City CounCIl, In Its
dlscretlon, may Issue Bond~ of both types. The Bonds shall be
authorized by resolution of the City CounCil and shall bear
such date or dates, mature at such time or times, bpar
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interest at such fIxed or varIable rate or rates, be payable
at such tIme or tImes} be In such denomInatIons} be In such
form, carry such regIstratIon prIvIle~es, be executed In such
manner, be payable In lawful money of the UnIted States of
Am~rIca, at such places or plac~s, and be sUbJect to such
terms of redemptIon as the resolutIon or resolutIons of the
CIty CouncIl may prOVIde. The Bonds may be sold at eIther a
publIC or prIvate sale and for such prIces as the CIty CouncIl
shall determIne. PendIng preparatIon of the defInItIve Bonds}
the City
temporary
Bonds.
may Issue InterIm receIpts, certIfIcate~, or
Bonds, WhICh shall be exchanged for such definItIve
SECTION
8.
Terms
of
Bonds.
Any resolutIon or
resolutIons authorIzIng any Bonds or any Issue of Bonds may
contain prOVIsIons respectIng any of the folloWIng terms ~nd
condItIons, WhICh shall be a part of the contract WIth the
holders of the Bonds:
fal The pledge of all or any part of the Revenues}
SUbJect to such 89rpempnts WIth Bondholder~ as may then eXIst.
(b) The Interest and prInCIpal to be receIved and other
charges to be charged and the amounts to be raised each year
thereby, and the use and dlSposltlon of the Revenues.
Ie) The settlng aqIde of reserves or sInklng funds and
the regulatIon and dISpOSItIon thereof.
(d) LImItatIons on the purposes to WhICh the proceeds
of a sale of any Issue of Bonds} then or thereafter lssued}
10
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may be applIed, and pledgIng such proceeds to secure the
payment of the Bonds or any Issue of Bonds.
rel LImItatIons on the Issuance of addItIonal Bonds,
the terms upon WhICh addItIonal Bonrt~ may be Issued and
secured, and the refundIng of outstandIng Bonds.
(f) The procedure, If any, by WhICh the terms of any
contract WIth Bondholders may be amended or abrogated, the
amount of Bonds the holders of WhICh must consent thereto, and
the manner In WhIch such consent may be gIven.
(g) SpecIfIcatIon of the acts or omISSIons to act WhICh
shall
constItute a default
holders of
Its oblIgatIons,
In the dutIes of the CIty to
and prOVIdIng thp rI9ht~ and
remedIes of such holders In the event of default.
(hl The mortgagIng of land, Improvements) or other
assets owned by a PartICIpatIng Party for the purpose of
securIng payment of the Bonds.
(11 Such other terms and condItIons pertaInIng to the
Issuance of
CounCIl.
the Bonds as are deemed adVIsable by the CIty
SECTION 9. Trust Agreement. In the dIscretIon of the
CIty CounCIl, any Bonds Issued under the prOVISIons of thIS
OrdInance mAY be secured by a trust agreement or Indenture by
and between the CIty and a corporate trustee or trustees,
whIch may he any trust company or hank haVIng the powers of a
trust company WIthIn or WIthout the State. Such trust
agreement or the Indenture may pledge or aSSIgn the Revenues
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to be recelvp-d or proceen~ of any contract or contracts
pledgedJ
and may conveyor mortgage any property.
Such trust
agreempnt
or Indenture may contaIn ~uch prOVl~lons for
protectIng and enforCIng the rIghts and remedies of the
Bondholdprs as may be reasonablp and proper and not In
vIolatIon of law, Including such provISIons as are permItted
to be
Includpd In any resolutIon or resolutIons of the CIty
CounCIl authorIZIng the Issuance of Bonds hereunder.
Any such
trust
aareement
...
or
inc'lenture
mav set forth
4
the rIghts and
remedies of the Bondholders and of the trustee or trustees,
and
may
restrIct
the
IndIVIdual
rIght of actIon by
Bondholders.
In addItIon to the foregolngJ
any such trust
agreement or Indenture may contaIn such other prOVISIons as
the CIty CounCIl may deem reasonable and proper for the
securIty of the Bondholders
SECTION 10.
Personal LIablllty.
NeIther the members of
the CIty CounCil nor any person executIng the Bonds shall be
lIahle pprsonally on the Bonds or be sUbJPct to any personal
lIabIlIty or accountabIlIty by reason of the Issuance thereof.
SECTION 11.
Refunc'llng Bonds.
The CIty CounCIl may
prOVIde for the Issuance of Bonds any portIon of WhICh IS to
be used for the purpose of refundIng outstandIng Bonds,
includIng the payment of the prlnclpal thereof and Interest
and redemption premIums,
If any) thereon.
The proceeds of
Bonds Issued to refund any outstandIng Bonds may} In the
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discretIon of the CIty CounCIlJ he applIed to the retIrement
of such outstanding Bonds at maturItYJ or the redemptIon (on
any redemptIon date) or purch~s~ of such outstandIng Bonds
prIor to maturItYJ upon such terms and SUbJect to such
condItIons as the CIty CouncIl shall deem adVIsable.
SECTION 12. Repayment of Bonds. Revenues shall be the
sole source of funds pledged by the CIty for repayment of
Bonds
Issued hereunder.
Bonns Issued hereunder shall not be
deemed
to constItute
a debt or lIabIlIty of
and credIt of the CIty
the City or a
but shall be
pledge
payable
ProJect.
of the faIth
solely from
All Bonds
Revenues ariSIng from the particular
shall contaIn on the face thereof a
statement to the follOWIng effect:
NEITHF.R THE FAITH AND
TAXING POWER OF THE
MONICA IS PLEDGED TO
THE PRINCIPAL OF OR
THIS BOND.
The Issuance of Bonds shall not dIrectlYJ IndIrectlYJ or
contIngently oblIgate the CIty CounCIl to levy or pledge any
form of taxatIon or to make any approprIatIon for theIr
CREDJT NOR THE
CITY OF SANTA
THE PAYMENT OF
ANY INTEREST ON
payment.
SECTION 13. AuthorIty to ASSIst ProJects. The CIty may
prOVIde fInanCing to any PartICipating Party for, or otherWise
assist the acquIsItIon ofJ duly approved ProJects pursuant to
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this Ordinance. At the dIscretion of the City Council, the
fInancIal a~sIstance provIded hereunder may take any form
deemed advIsable for the succp-~sful financing of the ProJect,
IncludIng Without limitation a loan, lease, or Installment
sale.
SECTION 14.
FinancIng Aoreements.
The CIty may enter
Party With respect to
Into
agreements With any Pa.rtlcIpating
the finanCing of a ProJect, whIch rtgreem~nts may prOVide that
the architectural and engIneerIng deSign of the ProJect shall
be sUbJect to such standards, rpvIPws, and approvals as may be
establIshed by the City and that the acquIsitIon of the
ProJect shall be sUbJect to such supprvlslon as the CIty deems
necessary. The terms and condItIon~ of such agreements may be
as mutually agrepd upon, but shall not bp Incon~lstent WIth
the prOVIsions of thiS OrdInance. Any such agreement may
prOVIne the means or methods hy WhICh any mortgage tak~n by
the City shall be dIscharged, and It may contaIn a covenant by
the PartICipatIng Party to compl~te the ProJect whether or not
Bond proceeds are suffICIent therefor, and such other terms
and
conditIons as the City m~y reqUIre.
The CIty 15
authorIzed to fiX, reVIse, charge)
and collect Interest and
prInCIpal, and all othp-r rates, fees, rents, Installment
purchase payments, and charges WIth respect to the fInanCIng
of a ProJect. Such rates, fees, rents, Installment purchase
payments, charges, and Interest shall be fIxed and adJusted so
that the aggregate thereof will prOVIde funds suffiCIent WIth
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other revenues and monIes whlrh It IS antIcIpated WIll be
avaIlable therefor, If any, to do all of the follOWIng:
(a) Pay the prIncIpal of and Intere~t on outstandIng
Bonds Issued to fInance such ProJect, as the same shall become
due and payahle.
(b) Create and maIntaIn reserves requIred or provIded
for In any resolutIon authorIZIng such Bonds. A suffICient
amount of the Revenues derIved from the ProJect may be set
aSIde at such regular intervals as may be provIded by the
resolutIon or trust Indenture In a SInkIng or other SImIlar
fund, WhICh shall he pledged to, and charged WIth, the payment
of the prInCIpal of and Interest on such Bonds as the same
shall hecome due} and the redemptIon prIce or the purchase
prIce of Bonds retIred by call or purchase as thereIn
prOVIded. Such pledge shall he valId and bIndIn~ from the
tIme the pledge IS made. The rates} fees} Interest, and other
charges, revenues, or monIes so pledgf>d and thereafter
receIved by the CIty shall ImmedIately be SUbJect to the lIen
of such pledge WIthout any phYSIcal delIvery thereof or
further act, and the lIen of any such pledge shall be valId
and bIndIng as agaInst all partIes haVIng claIms of any kInd
In tort, contract, or otherWIse agaInst the City) IrrespectIve
of whethpr such partlPs have notIce thereof. NeIther thp
resolutIon,
pledge IS
the trust Indenture nor any agreement by whIch a
creatpd ne~d he fIlpd or recorded except In the
records of the CIty. The use and dISpOSItIon of monIes to the
credIt of such SInkIng or other SImIlar fund shall be SUbJect
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to the provIsIons of the resolutIon or trust agreempnt
authorIzIng the Issuance of such Bonds.
(c) P~y AdmInIstratIve Expenses to the extent not paId
from Bond proceeds.
SECTION 15.
Trust Fundo;;
All monIes receIved pursuant
to the provIslons of thIS OrdInance, whether proceeds from the
sale of Bonds or Revpnue~, ~hall he deemed to be trust funds
to be held and applIed solely for the purposes of thls
OrdInance.
Any bank or trust company In WhICh such monIes are
deposIted shall act as trustee of such monIes and shall hold
and apply the same
for thp purposps
sOPclfIed
.
In
thIS
OrdInance,
SUbJect to the terms of the resolutIon or trust
agreement authorIzIng the Bonds.
SECTION 16.
LIberal ConstrllctIon.
ThIS OrdInance,
beIng necessary for the health, welfare,
and safety of the
CIty and Its rpsldent~, shall be lIberally construed to effect
Its purposes. Furthermore, the CIty CouncIl hereby declares
that thIS OrdInance IS an exercIse of the power granted to the
Clty by the Clty Charter and the ConstitutIon of the State and
IS an exercise by the City of Its powers as to munICIpal
affaIrs and Its polIce powers, and thIS OrdInance shall be
lIberally construed to uphold Its valldIty undpr the laws of
the State.
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SECTION 17.
Supplemental and AddItIon~l Powprs.
ThIS
OrdInance shall be deem~d to provIde a complete, addItIonal,
and alternative method for dOIng the thIngs authorIzed hereby,
and shall be regarded as supplpmpntal
powers conferred by other laws.
and addItIonal to the
SECTION 18.
ActIons to DetermIne ValIdIty of Bonds and
proceedIngs.
An actIon may be brought pursuant to Chapter 9
(commenCIng wIth SectIon 860 of TItle 10 of Part 2 of the Code
of CIVIl Procedurp) to netprmIne the valIdIty of Bonds and the
legalIty and validity of all proceedIngs preVIously taken and
proposed to he taken for the authorIzatIon, Issuance, sale,
and delIvery of the Bonds and for the payment of the prInCIpal
thpreof and Interest therpon.
SECTION 19.
ThIS OrdInance
Amendment of OrdInan~~.
shall not be amended so as to have a materIal adverse effect
upon the rIghts of the holders of any outstandIng Bonds
theretofore
Issued hereunder, or the rIghts of PartICIpatIng
PartIE'S WIth respect to whom ProJPcts have thpretofore bepn
fInanced hereunder, WIthout the wrItten consent of such
Bondholders and PartICIpatIng PartlPSj prOVIded, however, that
thIS OrdInance may be amended at any tIme (aJ to make such
prOVISIons for the purpose of curIng any amhIguIty) or of
curIng, correctIng, or supplementIng any defectIve provlslon
hereIn contalnpd, as the Clty may deem necessary or de~lrable;
or
(b)
If such amendment does not materlally ImpaIr or
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adversely affect the lntere~ts of any such Bondholder or
ParticIpatIng Party; nr (c) If such amendment applIes solely
to Bonds not theretofore Issued hereunder or PartIcIpating
Partlps WIth respect to whom ProJects have nnt theretofore
been financed hereunder.
SECTION 20
Referpndum Period.
ThiS OrdInance IS
sUbJect to the provISions for referendum prescribed by Section
54242 of the Government Code of the State of CalifornIa and
SectIons 4050 and 4061 of the Elections Code of the Btnte of
CalifornIa, as Incorporated In SectIon 1404 of the City
Charter, and subJect to the foregoIng thiS Ordlnancp Rhall
take effect and be In force thirty (30) days from the date of
Its adoptIon.
SECTION 21.
Reneal of
InconsIstencies
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 neces~ary to effect the
prOVISions of thIS OrdInance.
SECTION
Partial
InvalIdity.
If any section)
22.
paragraph, spntence) clause, or phrase of thIS OrdInance shall
for any reason be held Illegal or unenforceable, such holding
shall not affect the valIdIty of the remainlng portIons of
thiS Ordlnance. The CIty Councll hereby declares that It
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would have adopted thIS OrdInance and each and every other
sectIon] paragraph] sentence] clilllsP,
or phrase not declared
invalId or unconstItutIonal WIthout regard to whether any
portIon of thIS OrdInanrp would be subsequently declared
invalid or unconstItutIonal.
SECTION 23.
The Mayor shall SIgn and thp CIty Clerk
shall attest to the passage of thIS OrdInance.
The CIty Clerk
shall cause the same to be PUblIShed oncp In the offICIal
newspaper WIthIn 15 day~ after
Its adopt In.
ThIS OrdInance
shall become effectIve 10 days from Its adoptIon.
APPROVED AS TO FORM:
~ ~. "'-~7J~~ -
ROBERT M. MYERS
CIty Attorney
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Adopted and approved this 1st day of October, 1985.
f'L~ i.~
I - Mayor
I hereby certI fy that the foregoIng Ordinance No. 1345 (eCS)
was duly and regularly introduced at a meetIng of the CIty
Council on the 17th day of September 1985; that the said
Ordinance was thereafter duly adopted at a meetIng of the Ci ty
Council on the 1st day of October 1985 by the following Council
vote:
Ayes: Councllmembers: Conn, Jennings, EpsteIn, Zane and
Mayor Reed
Noes: Councllmembers: None
AbstaIn: Councllmembers: None
Absent: Councllmembers: Katz
ATTEST:
CLv /?7 4f-(l~~
CIty Clerk