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Except for the provisions of Section 11.27.9 of this article, the provisions of this article are directory only and any failure to comply with the provisions thereof or any departure therefrom shall not affect the validity of any bonds issued thereunder or the indebtedness or obligation of the City created thereby.
SECTION HISTORY
Added by Ord. No. 167,351, Eff. 11-23-91.
If any portion of this article is declared illegal, invalid or unenforceable, then such portion or provision shall be deemed to be severable from this article. Such illegality, invalidity or unenforceability shall not affect the remainder hereof.
SECTION HISTORY
Added by Ord. No. 167,351, Eff. 11-23-91.
Section
11.27.20 Power of the Council.
11.27.20.1 Resolution Authorizing Bonded Indebtedness.
11.27.20.2 Sale of the Bonds.
11.27.20.3 Signature, Countersignatures.
11.27.20.4 Bonds as Unconditional Obligations of the City.
11.27.20.5 Other Forms of Financing.
11.27.20.6 Effect of Provisions of Article on Validity of Sale of the Bonds; Severability.
The Council, exercising the powers reserved to the City under the Constitution of the State of California, and its power under Section 361 of the Charter of the City, may determine that revenue bonds, notes and other evidences of indebtedness (collectively, the “Bonds”) shall be issued as provided in this article to acquire and/or construct public off-street parking facilities.
SECTION HISTORY
Added by Ord. No. 172,282, Eff. 12-14-98.
Amended by: Ord. No. 173,306, Eff. 6-30-00, Oper. 7-1-00.
Whenever the Council deems it necessary for the City to incur a bonded indebtedness to fund all or any portion of the acquisition and/or construction of public off-street parking facilities, it shall by resolution:
(a) State that it deems it necessary to incur the bonded indebtedness and authorized the issuance of Bonds.
(b) Specify the amount of the debt to be incurred.
(c) State the maximum term of the Bonds to be issued, which term shall not exceed 30 years.
(d) Specify the maximum rate of interest which the Bonds shall bear.
(e) Provide for the issuance of the Bonds pursuant to a master indenture and a supplemental indenture. The indentures shall, among other things, prescribe the form of the Bonds and the time and place for payment of the principal and interest on the Bonds, and may provide for the redemption of the Bonds issued under this article before maturity at determined prices.
SECTION HISTORY
Added by Ord. No. 172,282, Eff. 12-14-98.
The City may sell the Bonds at such times and in such manner as the Council deems to be in the public interest, provided that the Bonds shall not be sold for less than par. The Council shall give notice inviting bids for the Bonds in such manner as the Council shall prescribe by resolution. If satisfactory bids are received, the Bonds offered for sale shall be awarded to the lowest responsible bidder. If no bids are received or if the Council determines that the bids received are not satisfactory as to price or responsibility of the bidders, the Council may reject all bids received, if any, and either re-advertise or sell the Bonds at private sale.
SECTION HISTORY
Added by Ord. No. 172,282, Eff. 12-14-98.
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