Sections:
1.23.010 Definitions.
1.23.020 Authority to incur indebtedness.
1.23.030 Debt limit—Indebtedness defined.
1.23.040 Measure of indebtedness incurred.
1.23.050 Election as condition precedent.
1.23.060 Change of purpose—Special electionProcedure.
1.23.070 Issuance of bonds.
1.23.080 ProceedsPremiums and accrued interest—Price—Use of surplus.
1.23.090 Delivery—Receipt of price.
1.23.100 Personal liability.
1.23.110 Security for bonds issued pursuant to this chapter.
1.23.120 Tax levy—Duration—AmountPrincipal and interest.
1.23.130 Liberal construction.
1.23.140 Supplemental and additional powers.
1.23.150 Effect of this chapter.
.010 City. As used in this chapter, "City" means the City of Anaheim, California, a municipal corporation and charter city organized and operating pursuant to the laws of the State of California and its Charter.
.020 Charter. As used in this chapter, "Charter" means the Charter of the City of Anaheim, adopted by the electors of the City at the Special Municipal Election held on June 2, 1964, approved by the California State Legislature January 14, 1965, as amended.
.030 Bonds. As used in this chapter, "bonds" means the aggregate principal amount of all bonds authorized by a proposal approved by the City electors pursuant to the Charter.
.040 Municipal Improvement. As used in this chapter, "municipal improvement" includes buildings, building improvements, electrical, water, sewer, road and other public improvements, lands, and any other real property for the benefit of residents of the City and surrounding areas necessary or convenient to carry out the objects, purposes and powers of the City. (Ord. 4741 § 1 (part); July 29, 1986.)
Pursuant to the Charter, the City shall not incur an indebtedness evidenced by general obligation bonds which shall in the aggregate exceed fifteen percent of the total assessed valuation, for purposes of City taxation, of all the real and personal property within the City. Within the meaning of this section, "indebtedness" means bonded indebtedness of the City payable from the proceeds of taxes levied upon taxable property in the City. (Ord. 4741 § 1 (part); July 29, 1986.)
No bonded indebtedness which shall constitute a general obligation of the City may be created unless authorized by the affirmative votes of two-thirds of the electors voting on such proposition at any election at which the question is submitted to the electors and unless in full compliance with the provisions of the Constitution of the State of California and of the Charter. Such election and two-thirds approval shall be a condition precedent to the authorization of bonds pursuant to this chapter. (Ord. 4741 § 1 (part); July 29, 1986.)
When the City Council determines by resolution that the expenditure of money raised by the sale of bonds for the purpose for which the bonds were voted is impracticable or unwise, it may call a special election to obtain the consent of the electors to use the money for some other specified municipal purpose.
The procedure shall be the same as when the bond proposition was originally submitted. (Ord. 4741 § 1 (part); July 29, 1986.)
Bonds may be issued as serial bonds or as term bonds or the City Council, in its discretion, may issue bonds of both types. The bonds shall be issued pursuant to resolution of the City Council and shall bear such date or dates, mature at such time or times, be divided into two or more series (which bonds of one series may be made payable at different times from those of any other series), bear interest at such fixed or variable rate or rates, be payable at such time or times, be in such denominations, be in such form, be executed in such manner, be payable in lawful money of the United States of America, at such place or places, be subject to such terms of redemption and contain such other terms and conditions, as the resolution or resolutions of the City Council may provide. The bonds may be sold at either public or private sale and for such prices as the City Council shall determine. Pending preparation of definitive bonds, the City may issue interim receipts, certificates or temporary bonds which shall be exchanged for such definitive bonds.
In the discretion of the City Council, any bonds issued under the provisions of this chapter may be secured by a trust agreement or indenture by and between the City and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or without the State of California. Such trust agreement or indenture, unless otherwise provided in the resolution providing for the issuance of bonds, may contain such provisions for protecting and enforcing 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 forgoing, any such trust agreement or indenture, unless otherwise provided in the resolution providing for the issuance of bonds, may contain such other provisions as the City Council may deem reasonable and proper for the security on the bondholders. (Ord. 4741 § 1 (part); July 29, 1986.)
All premiums and accrued interest received on sale shall be placed in the fund to be used for the payment of principal of and interest on the bonds, and the remainder of the proceeds of the bonds shall be placed in the treasury to the credit of the proper improvement fund and applied exclusively to the purpose and object recited in the resolution of issuance; provided, however, that when said purpose and object has been accomplished any moneys remaining in such improvement fund shall be transferred to the general fund. (Ord. 4741 § 1 (part); July 29, 1986.)
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