HomeMy WebLinkAboutOrdinance 1505 N.C.S. 02/01/19825~
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' ~~~~~TB,V~ DAT~~ ~
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{~IAR, - 3 1982 ~
~INTRODUCED:BY"COUNC.-TLMAN "~SECONDED."BY~COUNCILMAN
JAMES' -HARBERSON . ~ UIILLIAM; P~ERRY
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. ~ A~N' ORD'I NANCE~ PROV I D;I NG 'FOR THE C I:T.Y OF ~ ~
. ~ PETALUMA MULTI-`FAMILY RES'IDENTIAL MORTGAGE ~ ~~
REUENUE°$OND'LAW INCLUDI.NG GENERAL`PROUI;SIONS ..
AND DE~F~INITI.ONS, PQW-ERS ANDt.PROCEDURES TO
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I~S'SUE. RE~,IENUE 'BONDS AND° :T.Q MAKE AND PURCHASE
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' CONST•RUCT I ON LOANS OR~~ MORTGA'GEi LQAN.S BOTH
DIRECTLY AND I;NDIRECTLY ,THROUGH°LOANS TO
LENDE~RS QR THE PURCHAS:E OF 'PARTI'C:IPAT'ION"
~ I,NTER~ESTS ,FOR SPECIFTED PURP'OSE:S ~ AND CERTA~I;N
OTHER SUPPLEMENTAL PROV I'S.I ONS -
~ R E 'C- I T.A, :Lc
• . WHEREAS, The City o.f Peta,lizma ( the "Gity" ) i:s a
' municipal.corpor,ation and charter cit:y.duly or.g:anized and
existing under,a fr~eeholde"rs" ch~arter pursuant to which the
City has the ri.ght.and p~owe;r to.m'ake and e:nforce a11 laws and
` regula.tions in respec:t to: mun~icipal a~f'f~airs and cert:ai.n other
,, matters in accordanc:e with and as more.pa-rticularly provided
in S'ections 3, 5 arid 7 of Art,icle XI of~the Constitution o'f
t~he,'Stat'e; of 'Califorriia and S:ec,ti~on 2°o'f the Charter o.f tYie
City, ( tYie "`Charter" ) ; .. and,
~ WHEREAS`, the,City Council of the.City acti>ng under.and,
pti,r"suant to the powers reserved to, the Ci.t.y. .unde'r Sections 3,
5'and 7~ of Article 'XI of' the Coris:titution of the 'State o,f
Califorriia and under the Charter., firids. that the_ publi.c
interest and neces.sit:y require the establishment by this
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-_ procedural ordin_arice :of a procedure°for;the authorization;
. issuan~e and sale of multi-famil,y residential mortgage ~
. revenue bonds. ~~:by~ the City„ for the purpose ~ of .making
. Construction Loa~ns and Moxtga;ge Loans'~ both directly and '
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indirectly throtigh Loaris.•.to Lenders or Partic'ipation ~
Purchases, all a~s defiried arid speci,fied th'e_rein; -•
NOW, THEREFORE,,sB'E~:IT ORD_AI~NED, by the Council.of The
City of Petal'uma; as'fbllows:: ~
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`'• ~ Ch;apter 4.,1~0, is her.eby added to the Retaluma
: Municipal Code~to read and be numbered as fo'llows:
~ "Chapter~4.10
~ G;I.TY ~OF PETALUMA MULTT-,FAMiLY .RESIDENTIAL -
MQRTGAGE . REVENUE BOND. LAW;: ' ' ~ ~
ART`T:CLE :1 ° .
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GENERAL PROVISIONS',AND-DEFINfi:TI~ONS' ~'
SEC. 4.10.I0.1 CTTAT:IQN . ~
This chapter`,may be cited.as The Ci~ty of Peta:luma ~
Multi-Eami.ly Residenti~al Mortgage Re~e_nue Bond,.Law.
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- SEC. 4.10.102 DECLARATIbNS' OF;NECESS'ITY ,
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= a. The_ Council hereb:y f:i~nds -and.,declare's that it 'is ~
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~ ~necessary, essent,ial, a publi,c purpose:~and.a municipal affai:r
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f'or the Ci,ty. to be. authorized to "m'ake loans or otherwi,se
provide funds to finanee the, de~el~opment of affordab'le:
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~ ~ mul.ti-famil'y rent;al housing to meet, a subst;antial housing
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~ need identif.i;ed in the communi~ty: ~ ,
.- . Fage 2_of 18 Ord. 1505
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b. The Council further finds and decla`res t'hat it is
nec'ess:ary, essenti.al, a public purpose arid a mu~nlc'ip.al affair
for the City to mak'e loans or otherw'i;se~provi_de f.unds to
encourage the ava,ilability of adequate housing and home
finance. for pe•rsons and. famil.ies of `T.ow or m`oderate income,
and to devei.op viable communities. by ~pr.ovi~ding d'ecent
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housing, enh:anc.e'd 1'i.ving environment,: ' and" =incr;e'ased economic
opportunities fo_r persoms and fami,Lies of''low :or moderate
income. •
SEC. 4.10.103 DEFIN;I'TIONS
Unless the context otherwise requires, the terms_defined
iri this chapter shall have the following me~an'ings:
a. "Acqu~i-siti.on'" means the. ac:quis,ition of a Residence
pursuant to the.~Program.
b. "Bond's" means any-bonds,;. notes, ce.rtificates,
debentures or other- ob~li.gati;ons issued by the City pu~rsuant
to this chapter and.pay.able exclusively -from revenues as in
this chapter def~ined and from any other funds specified in
this chapter upon which such obligations may be made a charge
~ and from which they a-re payable.
c. "C,i'ty"° means The Gity of P,`etaluma.
~ d.. ~"Construction Loari" means a.'ioan made pursuant to
the Program to a:Participating Party to'finance Residential
Construction,; Rehabilit~ation or Ac:qui,siti;on,~whether such
loan is insured ~or uninsured. ~
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Page 3 of ;1~8 , Ord. 1505
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e. "Council" means the City Counc°il of The.City of ~.
Petalutna.
f. "Loan to Lende=r" means a gener-al obligation loan to
a Qualified Mortgage Lender,enabling such mortgage lender to
make one or more Constructio~n Loans or Mortgage Loans:
g. P1Local.Code°s" mean~ appl:icable local; state and
federal standard's fo:r Resid~mtial Cons.tr.uction or
Rehabilitation.
h. "Moxtgage Loan" means a long-te~rm loan made .
pursuant to the Pr.ogram t'o a Par'ticipating Par~ty, which -~is
secured by a moxtgage or a deed of trust•,.whether insured or
unirisured, and whi`ch provides f:or the per-manent financing of
Residences pursuan,t to this_ chapter.•
~ i. "P'articipating Part.y" means ariy person, company,
corporation,~partnershi,p, firm or~othe'r entity or group of
entities` receiving fi'nanc~ing for Residential Construction,
Rehabilitation :o,r,Acquisition pur-suant to the Program. No
eTective officer of the City shall be eligibl;e to be a
Participating Par-ty.
j. "Partici~pation Purchase" means the purchase:of a
participa:tion in a c;ashflow from single f'amily mortgage loans
from.a:Qualified Mortgage Lender.,enabling such Qualified
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Mort'g,age Lende~r to make one or mo'r:e',Construction Loans or
Mort.gag:e Loans.
.k. "Pe~rsons or families of low or moderate income"
means person~s and families who:se~income doss not exceed the
Page 4 of 18 ~ 'Ord. 1505
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qua•lifyirig limits for ,"persons or.. families of Toia or moderate~
~ income:" .within ~the mea~ni:ng of ' Section 16`7(k~) ('3 )(B) of the .
Internal Revenue G:ode of 1954, as amer~ded. From time to
time, the City sha.ll adg.pt by res.olut~lon the qualifying
income limits for persons or famili'es- of lo.ta or moder.ate
income. ' ~ ,
1. "Program" meams the City's p:rograrri of making _
. Construction Loans ,and~ Mo,rtgage Lo°ans both d~ir•ectly and
through T,oans to ;LendersF:arid Parti~cipa;tio:n Pur.chases pursuant
to this chapte'r.. . ~ ~
m. "Qualified:Mortgage Lender" inean~s any mortgage
lender authorized. by the City to aeid tFie City pur`suant to
this chapter. A Quali:fied~Mortgage.Lender:may be a state or
national bank, a federal- or state-chart~ered savings~and loan
a.ss'ociation, a trust,compan.y, a mortgage:banker, an i.nsurance
company or other lender authoriz'ed to firiance multi-fami:ly
housing in the St-ate of Cal`ifo-rnia, whi'ch is ,capabLe of
providing service to or other-wise •aid'ing the Gity pursuant to
this chapter.
n. "Rehabilitatiori" means the ma~king of repairs and
improvement~,s to a substandard residenc,e, so . tha't ~ it meets the
requirem'ents o'f the Local Codes. ~
~ o.~ ~"Residence"' means real prope-rty improved witYi a
multi-fami:ly rental ~residential, st`ructu~re of :four or mo;re
~ unit"s and also i;ncludes real property improved with a
commercial or mixed 'resi.dential and commercial structure
Page -- 5 of 18 Ord. 1505
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' whi:ch, in_ the judgment of the City,.~ i,s an integral part o:f a
~ res~id~ntial, neighborhood. ". ~
~ ° p. "Res!iden;ti~a1 Construct_ion" .mean~s th`e const~ruction
' of new Residerices meeting the requirements of the Loca1 Codes.
q. "Revenues".means.amounts receiv'ed as repayment o;f
princ'ipal," inte`rest., and ~11 other charges receivecl by the
- City w-ith respe'ct t'o:. loans under_ this chapter, any proceec~s
~ received•by the City f:rom mortgage gua•ranty insurance on such
~ loans, all other income and-r:ecei.pts derived:,by the City from
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~ the making or purchas°ing of loans or participa;tions therein
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. under" this chapter, anp amounts receive'd b:y the City, as .
i'nvestment ea'rnings on moneys deposit,ed in.a sinking,
. redemption, or reserve fund or any other fund securing Bonds
'~ o':r providing for t~he payment of the principal o.f, or i.nterest
. on, Bonds and such other moneys as the Council may, ~in its
discretion, make av:a'iLable therefor.,
ARTICLE 2
PROGRAM LOANS
. SEC. 4.1;0.20°l LOANS 'FOR MUL'TI,-FAMI:LY RES'IDENTIAL
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. REHABI'LITATION.AND CONSTRUCTION
, The City inay make:Construction Loans and Mortgage Loans
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both directly and through Loans to:Lenders and'Participation
Purchases to finance Residential Construc.tion., Rehab.ilita.ti,on
. and Acquisit;ion, provided that at~ le`ast 20% of the dwelling
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- units of any Residence financ'ed pursuant.to the,Program are
Page 6 of 18 Ord. 1505
~~~ to be occupi,ed by persons or famil`ies of low or moderate
income:: ~
SEC. 4.10.2-02 FIXING FEES, CHARGE;S., AND RATES FOR
~ PROGRAM LOANS: ~
The City may fi<x fee's, charges, arid ~interest rate_s for
Construction Loans.; Mo,rtgage Loans, Lo,arrs to Lenders and ~
Participation Purchase:s and may from time to time revise such
fees, charges, and iritere's:t rates to.reflect changes in .
interest rates on the Ci:ty'•s Borids; losses due to defaults,
changes in loan servicirig charges~. or changes in othe_r
expenses related to~_such loans,.including City administrative
expenses. Any change in interest rate shall conform to the
provisions of Sec:tion~ 1,916.5 of the ~California Civil Code,
and shall reflect c~hanges in interest ra,tes on the City's
'. Bonds, losses due 'to def'aults, changes i`n loan ser'vici~ng
~ charges, and changes.in such other e_xp'en:ses ~related to the
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Program. ~ .
SEC. 4.10.203' F'IX'ING'TERMS AND CONDITIONS'OF LOANS
The City ma.y. fix • tYie character, terms and c,onditions
upon which Constructiaon.Loans, Mortgage Loa'ns, Loans to
~ ~ Lenders ,and Participat~on Purcha'ses` ~may ;be made.,
Cons'truction Loans and Mortgage Lo.ans_ made to Participati:ng
Parties t~hr.ough or by Qualified_Mortgage~,Lenders, and Loans
to Lenders.made t'o and Pa:rtici:pati;on Pu-r'chases ma-de from ~
~Qual:ifi:ed Mortgage Lenders, shall be: o,f su;ch character and on
~ such terms and cond'itions as are:.established by the City. .
The full amount owed on any such loan,may be made due and
Page 7 o.f .~ 1'8 . Ord . 1505
pa.yabl~e upon saT;e or other transfer df owne~rship of the ~
Resi~dence fi~-nanced by such l;oari and, upon such ~ te'rms. and
conditions as may be establi.:shed by the City. ~
• SEC. 4.10.204 SERVI'CING OF LOANS ~ ~
The City may fix fees f~or~~ s'ervicing o'f 'loans by
Qualified Mortgage L"eriders. • .'
SEC. 4.10.20'S. DEE~DS-OF TRUST OR,MORTGAGES AS.SECURITY
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The City-ina,y hold deeds of-trust or mortgage.s as '
security for C`onstruetion Loans, Mortgage:Loans, Loa~ns to .
Lenders and P.ar~tici;pation Purchase_s .and ma;,y pl'e'dge or assign
the same°as securit.y fo;r repayment;of Borids.~ Such deeds of:-
trust or mortgages may be as'signed to, and hel~d `on behalf of
~ ~ the_City b,y:, any bank or.trust c:ompany o:r:other ~fin'arici.al
~ instituti:ori ;appoirited'~to act a_s tr.ustee ,by tlie ~City in ariy'
resolution providinq-for the issuance of ;Bond's.
~ SEC. 4.10.206~. EMPLO,YMEN,T'OF EXPERT:S AND CONSULTANTS
The C-ity may emplo:y suc~h engineering,. architectural, ~
financial, accounting,., legal 'or other- .pro'fessional._services ,
as may be necessar,y in the judgment.of the.City f'or the
purpose's of ..this chapter: - ~
$EC. 4.10.20.7 ACQU:I°SIT'ION:_.OF LAND , ~ -
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The City may :acq;uire by deed,. purc~hase,`lease.., contraet,
gi-ft, dev..ice or" .-othe"rwise any rea;l • o-r personal' property;
structur,es, right:s, r=ights-of-way; f:"ranchises, easements.,,and
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other intere:st in lands necessary''or.conveni,erit for the,
purpose;s of thi-s chapter, upon such terms, and conditions as
" ~ Page 8 of 18 ' Ord.,1505
it deems advisable, and may lease, sell, or di-spose of the
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same in such manner`as ma;y be necessa~ry, desi-rable or
convenient t'b car"ry out the purposes of this chapter.
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SEC. 4.10.208 ~ADD"IT`TONAL POWERS ~
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In addition~to all other.powers spec~ific'al,ly granted by
this chapte'r, the, City may'"do .all things ;necessary, desirable
or convenient to, carry out the purposes of this chapter.
ARTIGLE 3 ~ '
:BONDS AND NOTES ~
SEC. 4:10.301 ~ISSUANCE OE LIMITED. dBLIGAT:ION BONDS
a. The City.ma,y, from fiYme to t_ime,. i.ssue Bonds for
any of the pur:poses specified in S'e.ction 4.1'0.20'1. Bonds
shall be..neg;o.t:i;able instruments for aLl purposes, subject
only to th~e' pro~risions of such Bonds for regis:tration.
b. Every issue of Bonds shall-be a limited ob'ligation
of the :City payab,le~_ -from "all or any sp"ecif'ied part of the
revenues and the moneys and assets authorized'in.this chapter
to be pledged or ass:igne'd to secure p'ayment af Bonds. Such
revenues, moneys or assets shall be the sol,e souree of
repa.yment of sueh issue of Bonds. Bon'ds issued under the
provisi.ons of this chapter shall not be deemed to constitute
a debt or l~i.abi.lity of the City or a pTed`ge of the faitYi and .
credit of the.C'ity bu.t shall be papable solely from,specified
revenues, m`oneys and.assets. The issuance o'f Bonds shall not .
directly, indirectly,, or contingently ob.ligate the City to
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Pa~e 9 of 18 ~ Ord. 1505
levy or pledge any fo~m of taxation or to make.any
appropriation fo~r their payment. ~
Al1 Bonds shalT conta~in on'th~ ~ace thereof a statement
to the following effe'ct: ~
Neither the,: faith and credit nor tYie taxing powe'r
of The City of Petaluma~is pled"ged t'o'the payment
of the-priricipal of or interest on.this Bond.
SEC. 4.10.302 ~AMOUNT OF BONDS
In determin'ing tYie amo`unt of B.onds to be issued, the
City may include all costs of issuance of such Bond"s, reserve
funds, and capitalized interest for such p,eriod as the City .
may determine. , ~
SEC. 4.10.303 TYPE,, FORM AND SALE OF BONDS
Bonds may be issued~as serial Bonds, term,Bonds or
installment.Bonds, or any combination thereof. B'onds shall
be authorized by resolution of the Gouncil and shall bear
such date or dates,, mature at such time or times, bear
interest at such fixed or variable~ra:te or rat`es, be payable
at such time or times, be in such denom'inations., be in such
form, either coupon or regis.ter'ed, ca'rry such registration
privileges, be executed in such manner, be. payable in lawful
mone.y of the.Un1'ted States of~~America at such place ox
places, be subject to s.uch terms of :redemp:tion and have such
other terms and condit'ions as such resolution or any
indentur.e authorized by~such resol.uti.on :to be ent`ered into by
the City may•provide. Bonds may be sold at ei'ther publ.ic or
private sale and for such prices~as the City shall
Page 10 of 18 Ord. 1505
determine.~ The Gity may, sell any Bonds at a price below the
par value thereof. Pending preparation'of,definitive Bonds,
the City may issue temporary Bonds, which~shall be exchanged
~ for- definitive Bonds when prepared. ~
SEC. 4.10.304 TERMS.AND CONDIT;ION OF BONDS °
Any resolution authorizing any Bonds or any issue o:f ~
Bonds, or „any inderiture authorized b-y .such ,resolution to• be
~ entered into by, the City, may contairi provisions.respecting
any of the follo~aing terms and c.onditi:ons;,~.which sha11 be a
part of the contraet with the holde~rs; o.f s"uch B.onds:
a. The terms, conditions and form o~f such Bonds and
the interest arid principal to 'bs pai.d ther-e`om; .
b. Limitations on the uses and purpo;s:es to which the
proceeds of sale of such ~Bonds ma,y ,be applied,., and the pledge
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or assignment o'f such proc:eed's to se:cure t~he payment o£ such
Bonds; '
c. Li~mitati'ons on the, issuance of additional parity
Bonds-, the terms upori which add~iti,anal parity Bonds:may be
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issued and secu'red; arid the "r,efiindirig of outstandi'ng ,Bonds.;
~ d. The setting aside of reserves and -sinking funds arid
the regulation and di~sposition thereo;f,;
e. The pledge or assignment of all or any part of the
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- revenues and the use and dispositiqn the;reof; subject to such
agreement;s with~"the ho;lders of Bonds as ma,y then be ,
outstanding; , .
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f. Limitation on the use of revenues for expenditures
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for operating, administration,.or. other expenses of tfie City;
g. 5pecification o:f the acts;or omissions to act, if
any, which sha11 c:onstitute a default in the `duties of the
City to holders of such Bonds, and providing the rights and
remedies of such holders in the event o~f def:ault, including
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any limitations on the_r:ight of actio;n:by individual
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Bondholders; ~
h. The appointment~of a corporate:trustee to a:ct on
behalf of the City and the hol:der..sLof its Bonds, the p:ledge
or assignment of loans, deeds of trust,, mortga.ges a•nd any
~ other contr:acts to such trustee, and the rights of such
trustee; • ~
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i,. The mortgaging of any Residence and the site
thereof for the purpose of securing'the Bond's;
j. The proc.edure, if any, by which the terms of any
contract with B:ondhoider,s may be amended or abroga'ted, tlie
amount of such~Bonds the hold'ers of which must consent
thereto, and the~:manner in which such consent may be given;
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k. Any;other provisions which the,'Council may deem
reasonable and proper for the purposes of this chapter and
the security of_ the BonciYiolders,.
SEC. 4.10.3'05 PLEDGE OF REVENUES.
Any pTedge of revenues or other moneys or.assets
pursuant to the_ provisions o.f this chapte"r sYi~all b~e valid and
, Pa~e 12 of 18:. Ord. 1505
binding £rom the time such pledge -is made: Revenues, moneys
and as;sets so pledged and thereaf,ter receiy.ed.:by the C`ity
shall immediately ,be .;sizbject to the li~en of sueh ple'dge
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without any physica,l delivery thereof or f:urther act, and the
lien of any such•'pledge,shall be valid and binding as against
all part'ies having c'laims, of any kind in tort; contr-act, or
othe'rwise against the Ci.ty, ir,respective of wh'ether such
parties have notice thereof. Neither the reso:lution nor any
indenture by which a:p-ledc;e is created need`be filed or
reco:rded except in the records of: the City.
SEC. 4:10.306 NO PERSONAL LIABTLI.TY •
Neither the memb.ers of the Counci~l, the o'fficers or
employees o;f the Ci~t•y, nor any person executing any Bonds
shall be liable:personally on the B~onds or be sub.ject to any
personal liability or,acco.untability by reason of the
issuance ther..eof,.
SEC . 4. 10 . 3 07 ~ P,URCHASE ;Q,F `BONDS BY.~ C I TY ~
The City shall have the power~out of ;any f.unds available
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therefor at its ;sole optiori, to purchase its 'Bonds. The City
may hold, pledge, eance~l, or r,esell such Bonds, su_bject to
and in~accordance with agreements with the Bondho.l:ders.
SEC. 4.10.308 COMPELLING PERFORMANCE.
Any ho,lde~r o!f Bond_s 'i ssued .under the provi sions ~of thi s
chapter or ariy of the coupons appe'rta~riing thereto, and any
trustee appoirited-pu~rsu:ant~to any resolution au:thorizing the
issuance of Bonds;~~except to t2ie extent the-rights thereof
Page 13
of 18 Ord. 1505
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. ,; ma,y~ be restricted by such resolution or any ~inden'ture .
author;ized thereby to .be. .:enter;ed into by -the C'i't~y, m.ay,, ,~
either at law or in<equity; by suit, action_, mandamus, or ~`
other roceedin s ~ ~
p g_, protect or enforce any arid all rights
specified in law :or in such resolution or.indenture, and may
enforce and c'ompe'1 the perf:ormance of all duties required b,y
this chapter or by sueh -resol:ution o~r:indenture. to be
performe'd by the°City or by any officer,..employee, or :agent
thereof includin the fi'xin ~
, g g; ~eh~a~~rgi~~rig,;~ p~a~~nd ~coTle~cting of
rates', fees, inte~r:est., a~nd charge:s autho>ri,zed and required by
the provisions of sucYi~resoluti,ori;or i:ndenture to be £ixed,
established, and coll.ected. ~ . • •:
SEC. 4.10.30.9~ REFUND`ING BONDS -USE OF PROCEEDS'" ~~
a. The City.ma;y issue:Bond,s f.or the purpose of -
refunding :any Borids then ou;tstandirig including the.payment.of
any redemption premiums thereo£ and.any interest accrued or
' to accrue to the • earl•iest_ subsequent ~ dat`e o~f .redemptiori,
~' purchase, or maturity of such,Bonds;:and,; i£ deemed advisable
by the 'City,. ~for the additiorial purposes 'specified in SEC.. :
4.10.201. ~ . .
, b. The' pr:oceeds of Bond`s i_ssued for the pu"rpose o.f~
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refunding any outstandin'g Bonds.may, in the di:scr.etion of the
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City, be applied to the;purchase•or.r-etirem;ent at matu;rity or
, redemption of; such outstanding B'onds:.,. e~ither at their
earliest or any subsequent redempt,io'n da`t'e or' upon the
purchas:e;dr ret~iremen€ at the maturit,y. thereof.and may,
' . .• Page 14 of 18 ~ _ .
Ord. 1505
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pending such applicatiori.; be pLaced'in escrow, to be ~applied
to suc~ purchase or r.etirement at maturity or redemp;ti.on on
such date as may b'e determined by the City..
c. Pending use for pur.chase,, r-e'tirement at maturity or
, redemption of outstariding Bonds, an.y proeeeds held in escrow
, pursuant to subdivisi::on (b) m'a~y b-e invested and :reinvested as
provided in the res.oluti.on or indentur,e,. Any interest or
. other increment e;a~rned o:r~reali.:ze'd on any such inve~stment may
, also be~app:li:ed.to the:payment of the out°standing.Bonds to be
refunded. Afte.r the fterms of the escrow have be.en fully
satisfied and carr,i;ed out., "any balance of ~sueh p,r.oceeds and
any interest.or i:ncrement earned or.realized from the
investment ther.eof may'be returned to the City to be used by
it for any lawful purpqse. "
d. A11 Bonds issued pu-rsuant to this sectiori shall be
subject to the provis:i,ons of th~is ch~apter in'~the same manner
and to the same extent as othe•r Bonds i'ssued pursuant to this
chapter. ~ ~
SEC.. 4.10.310 I-NDEP~ENDENT VALID'IT:Y OF THE BONDS
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The.validity of the authorization arid i."ssuanc;e of any
Bonds is "not: dependent on~ and :shall no;'t be af;fected in any
way by any~ proceed~in_gs~~~taken, by the C-lty for; the making of
any loan 'or- the entering'irito of ;any agreement; or by the
failure to',make any lo`an or enter into any agreement; for
which ~'Borids ;are authorized to be issued unde-r this chap-ter.
:Page 15 of 18 Ord. 1505
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' ARTICLE 4
_ : SUPRLEMENTAL PROVISTONS .
SEC. 4.10.401 LI,BERAL''CQNSTRUCTION
This chapte:r, ' bein_g. nece'ssary for t~he w.elfare of the
, City,and its iizhabitant';,.shall be libera.lTy eonstrued to
effect its purposes.
SEC..4.10.402 EFFECT.lJF OMISSION OR DEFECT
If the jurisdiction of the Council to order the proposed
. act is not affected, any omission of any offi.c:er o:r the City~
in proceeding"s under this chapter or. any other defect in the
proceedings shall not invalidate the proceedings or Bonds
issued pursuarit to thi.s chapter.
SEC. 4.10.403 AUTHORITY
This chapter is full author.ity for the i:ssuance of Bonds
by the City for the purpo:s,es specified herein..
SEC. 4.10.404 PROUI;SIONS OF THIS CHAPTER"ARE.
CqMPLETE,ADDITIONAL AND ALTERNATIVE
This chapter sYia11 be deemed to provide a complete,
additional, and alternative methqd for doing the:thirigs
authorized thereby, and sh'all be r:egarded as supp~lemental and
additional to the powers conferred by other law.s. The
issuance o:f Bonds under the provis'i,ons o,f. thi;s chapter need
not comply with:th`e requirements of any other law applicable
to the issuance of Bonds. The purpose's authorized he:reby may.
be effectuated and-Bonds may be issued for any such purposes
under this chapter notwithstanding that ariy other law may
Pa~e 16 of 18.. Ord. 1505
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provide for ~such. purposes or f~or :the ' i ssu_anc'e of Bonds for
like purposes and without re.g:ard to ,the requirements,
restrictions, 1"imitations,, or othe:r pr~ovi.sri;ons c~ontairied in
.
any other law. ~ °.
S•EC. 4.10.40'5 EFFEGT OF PARTIAL VAL'IDITY .
If any provision of this chapte~r or ~the appl,:ication.,..
thereof to any person-:or circumstance is;.he~ld invalid, such
invalidity shaTl not af:fect`~any other~provision or ~
applic,ation of this chapte:r which can be given effect w~ithout
the invalid provisi'on o,-r application, and: to~_ this erid the
provisions of thi.s chapter are deciar.ed 't'o~ be severab'le. The
Counci~I hereby dec-lar:es that.it w.ould have adopted and passed
this chapter~and each division, section, su~bs'ection,
sentence, clause, phrase and word hereof, irrespective of the
fact that any one or more of otl~ier divisions; sec:tions,
subsections, sent'enees, clauses, phr;ase~s or- words hereof be
declared invali:d or unconst"itutional.," ~
Section 2. TYi'e City 'C:lerk~ is hereby ~ aut.horized and
directed to. cause a eopy~ of thi-s ~ ordi'iiance:, to be published at
~least once in the: Argus., Courier with~in. fi'fteen days after the ~;
adoption of: this-ordi~;nance: ~ ~
Secti;ori 3. This.ordinanc;e Sh'all take effect arid be iri •
force 30 days a=f"ter its date .o_f, adoption.
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. ~ Page 17 of-"18 Ord. 1505
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. ' - IN.TRODUCED AND ORDERED PQSTED this' 18 :day of' January, 1982.
PASSED AND- ADOPTED this fi rst ~ day of; February
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1-98~1, by the fo;llowing. vote :
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- AYES: PERRY, HARBERSON,; `BOND; BALSHAW, BATTAGLIA, VI:CE` MAYOR CAVANAGH, MAYOR ,MATTEI
NOES: NONE . ~` : . ,
ABSENT: NONE: -
. ABSTAINI'NG.: rNONf
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. Mayor
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Pag:e~ 18 of 18
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pPProve To Forr~
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City Attarney
Ord. 1505