The City Council, exercising the powers reserved to the City
under Sections 6 and 8 of Article XI of the Constitution 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 Section 54309 of the
California Government Code.
(Prior code § 2650; amended
by Ord. No. 1562CCS, adopted 1/22/91)
(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 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.
(Prior code § 2651; amended
by Ord. No. 1562CCS, adopted 1/22/91)
The City 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 indenture resolution, ordinance,
order, agreement, or other instrument in writing.
(c)
Credit Enhancement Agreements.
In connection with, or incidental to, the sale and 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.
(Prior code § 2652; added
by Ord. No. 1562CCS, adopted 1/22/91)
This Chapter shall be known as the Santa Monica Revenue Bond
Act.
(Prior code § 2653; added
by Ord. No. 1562CCS, adopted 1/22/91)
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.
(Prior code § 2654; added
by Ord. No. 1562CCS, adopted 1/22/91)
