HomeMy WebLinkAboutOrdinance 1843 N.C.S. 03/18/1991.:,
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Introduced by
Nancy Read
®RDII~IAI~ICE N®. 1843 N.C.S.
Seconded by
Vice Mayor Cavanagh
AIV ®ItDINA1VCE OF THE CITY OF PETAI.UMA, STATE OF
CALIFOIZIVIA, AMEAII)IIV(B CHAPTER 4.08 ®F THE PETALUMA
I1~UNICIPAL CODE ItEI.ATII~(i T®BOND ISSUE PROCEDURES
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PETALUMA,
AS FOLLOWS:
Section 1. Chapter 4.08 of the Petaluma Municipal Code is amended to read as
follows:
CHAPTER 4.08.
Sections:
4.08.010 Short Title -Enactment -Purposes
4.08.020 Issuance of Revenue Bonds
4.08.030 Issuance of Improvement Bonds
40 4 08 O10 Short title -- Enactffient -- Purposes.
41 This chapter shall be known as the "Petaluma Bond Law", and is enacted by the
42 council of the city under and pursuant to the powers granted and reserved to the city under
43 Sections 3 and 5 of Article XI of the Constitution of the State of California and Section 81
44 of the Charter of the city, and is enacted far the purpose of establishing a procedure for the
45 issuance and sale of revenue and improvement bonds of the city for certain purposes. This
46 chapter shall constitute a special procedure for the carrying out and enforcement of the
47 rights and powers belonging to the city and such procedure shall control and be followed in
48 the issuance and sale of revenue and improvement bonds as in this chapter so provided.
Ord. 1843 N.C.S.
..
1 The procedures of this chapter are alternative to the procedures of general state law.
2 When issued under the authority of this chapter, the bonds shall so recite.
3
4 4 08 020 Issuance of Revenue Bonds.
5 Whenever the public interest and necessity so require, the council of the city may,
6 acting under this chapter 6y resolution or resolutions issue revenue bonds for the following
7 purposes:
8 A. The obtaining, conserving, treating and supplying of water for domestic use,
9 irrigations, sanitations, industrial use, fire protection, recreation, or any other public or
10 private use;
11 B. The collection, treatment or disposal of garbage or refuse matter;
12 C. The collection, treatment or disposal of sewage, waste or storm water,
13 including drainage. The procedure for the issuance of such revenue bonds shall be the
14 procedure set forth in the Revenue Bond Law of 1941 (commencing with Section 54300 of
15 the California Government Code), and by this reference,. with the exception hereinafter
16 stated, the provisions of said law are incorporated in this chapter; provided, however, that
17 no election to authorize the issue of such revenue bonds shall be required or held, and to
18 that end Sections 54380 through 54387 of the Government Code are not incorporated in
19 this chapter and shall not applicable to the issuance of such revenue bonds.
20
21 4 08 030 Issuance of Iffiproveffient Bonds.
22 The council of the city may issue improvement bonds to represent unpaid special
23 assessments levied pursuant to the Municipal Improvement Act of 1913 (commencing with
24 Section 10000 of the California Streets and Highways Code) or the Landscaping and
25 Lighting Act of 1972 (commencing with Section 22500 of the California Streets and
26 Highways Code).
27 The procedure for the issuance of improvement bonds shall be the Improvement
28 Bond Act of 1915 (commencing with .Section 8500 of the California Streets and Highways
29 Code); as now or hereafter amended, with the following exceptions:
30 A. Notwithstanding the limitations of Section 8651.5 of the California Streets
31 and Highways Code, the council of the city may establish a redemption premium for the
32 retirement of bonds in advance of their normal maturity in any amount or percentage, or in
33 no amount. The premium may be different for different bond maturities or for different
34 dates of advance bond retirement, or both.
35
Ord. 1.843 N.C.S.
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ection 2. Severability. If any section, subsection or portion of this ordinance is for
any reason held to be invalid or unconstitutional by the decision of any court of competent
jurisdiction, such decision shall not affect the validity of the remaining portion of this
ordinance. The City Council hereby declares that it would have adopted this ordinance
and each section, subsection or portion thereof, irrespective of the fact that any one or
more sections, subsections or portions be declared invalid or unconstitutional. In the event
that the, tax rate established by this ordinance is invalid, the provisions of Chapter 4.08 of
the Petaluma Municipal Code as they existed immediate prior to the effective date of this
ordinance shall be in full force and effect and shall apply to the issuance of revenue and
improvement bonds to which the provisions of this ordinance do not validly apply.
Section 3. Effective Date. This ordinance is effective thirty (30) days from its
13 adoption.
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15 Section 4. Publish /Posting. The City Clerk shall, and she is hereby directed to,
16 post/publish this ordinance for the period and in the manner as required by law.
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18 INTRODUCED and ordered posted/published this 4th ~. day of
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March , 1991.
ADOPTED this 18th day of March , 1991 by the following vote:
AYES: Read, Davis, Woolsey, Sobel, Nelson, Vice Mayor Cavanagh
NOES:o
ABSENT: Mayor Hilligoss
~~
M or Vice Mayor
AT EST
Ci Clerk
ord \3
2 /28 /91
APPROVED:
City ttorney
Ord. 1843 N.C.S.