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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.
The Bonds shall be signed by the Mayor, or such other officer of the City as the Council authorizes by resolution and by the City Treasurer or a Deputy City Treasurer. The Bonds shall be countersigned by the City Clerk or a Deputy City Clerk. All signatures and countersignatures may be printed, lithographed or otherwise mechanically reproduced except that one signature must be signed manually. If any officer whose signature appears on the Bonds ceases to be an officer before the delivery of the Bonds, the officer’s signature shall be as effective as if the officer had remained in office.
SECTION HISTORY
Added by Ord. No. 172,282, Eff. 12-14-98.
Bonds issued under this article shall be unconditional obligations of the City, payable as to principal, premium (if any) and interest exclusively from the Special Parking Revenue Fund of the City established pursuant to Section 5.117 of the Los Angeles Administrative Code. From and after the date of issuance of any Bonds under this article, the City shall pay solely from money contained in the Special Parking Revenue Fund the principal of, premium (if any) and interest on the Bonds due and payable (whether by maturity, mandatory sinking fund redemption, tender for purchase or otherwise), together with an amount sufficient to pay liquidity or other credit enhancement costs relating to the Bonds.
SECTION HISTORY
Added by Ord. No. 172,282, Eff. 12-14-98.
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