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Subject to the other provisions of this Article 6.5 of the Administrative Code and the provisions of Section 609 of the Charter, the Board may issue Revenue Bonds upon such terms and conditions as shall be acceptable to the Board. The Board shall approve the principal financing documents related to the Revenue Bonds including, but not limited to, trust agreements, indentures, offering documents, loan agreements, notices inviting bids, bond purchase agreements, bond insurance documents (including, but not limited to, reimbursement agreements and financial guaranty agreements relating to letters of credit, bond insurance and surety bonds) and interest rate swap agreements (collectively, the “financing documents”) in substantial form containing such terms and provisions as shall be acceptable to the Board. In connection with, or incidental to, the issuance or carrying of Revenue Bonds, a Department may enter into credit enhancement or liquidity agreements with payment, interest rate, security, default, remedy and other terms and conditions as shall be approved by the Board of such Department and any payments under such credit enhancement or liquidity agreement shall be payable from such source of funds as shall be approved by the Board of such Department. The resolution or other action may authorize the officers and staff of the Department to execute and deliver for and on behalf of the Department other documents, instruments and certificates necessary or desirable for the sale and delivery of the Revenue Bonds so long as such documents, instruments and certificates are consistent with the terms and conditions established by the Board. The resolution or other action of the Board approving such financing documents (if the approvals of such financing documents were not included in the resolution described in Section 11.28.1 of this Administrative Code or in a resolution approved pursuant to Section 11.28.4(a) of this Administrative Code) shall be subject to Council oversight pursuant to the provisions of Section 245 of the Charter.
SECTION HISTORY
Added by Ord. No. 172,353, Eff. 1-30-99.
Amended by: Ord. No. 173,234, Eff. 6-19-00, Oper. 7-1-00; Ord. No. 173,306, Eff. 6-30-00, Oper. 7-1-00.
The Department shall award Revenue Bonds sold pursuant to a competitive bidding process to the winning bidder thereof in accordance with the terms and conditions set out in the financing documents described in Section 11.28.5 above. Revenue Bonds sold by private sale shall be awarded by the Department by the execution of the bond purchase agreement with the underwriting firm(s) identified pursuant to Section 11.28.4(b) of this Administrative Code, provided that said bond purchase agreement shall contain such material terms and conditions as shall have previously been approved in a resolution or other Board action described in Section 11.28.1 or 11.28.5 of this Administrative Code. If the Board delegated the award of such Revenue Bonds to its General Manager or the General Manager’s designee pursuant to one or more resolution(s) or action(s) approved under Sections 11.28.2, 11.28.4 or 11.28.5 of this Administrative Code, such award within the parameters previously approved by the Board and the Council shall be final and shall not be subject to further review by the Council whether under Section 245 of the Charter or otherwise.
SECTION HISTORY
Added by Ord. No. 172,353, Eff. 1-30-99.
Amended by: Ord. No. 173,234, Eff. 6-19-00, Oper. 7-1-00; Ord. No. 173,306, Eff. 6-30-00, Oper. 7-1-00.
In connection with a program of short term Revenue Bonds including, but not limited to, commercial paper programs, the Board resolutions and other actions referred to in Sections 11.28.1, 11.28.2, 11.28.4, 11.28.5 and 11.28.6 of this Administrative Code, and any approval or disapproval by the Mayor or Council relating thereto pursuant to said Sections of this Administrative Code, shall only be required once with respect to the authorization to proceed with the program and no further actions or approvals shall be required with respect to all Revenue Bonds issued under such programs, including Revenue Bonds issued to provide for the payment, renewal or extension of Revenue Bonds previously issued under such approved program. For purposes of this Section 11.28.7, a short term Revenue Bond program shall include a program which authorizes the issuance of Revenue Bonds to pay, renew or extend Revenue Bonds previously issued under the program in the Board resolution described in Section 11.28.1 of this Administrative Code and in which the term of any Revenue Bond issued under such program (excluding any Revenue Bond issued for purposes of paying, renewing or extending such Revenue Bond) does not exceed five years.
SECTION HISTORY
Added by Ord. No. 172,353, Eff. 1-30-99.
Amended by: Ord. No. 173,234, Eff. 6-19-00, Oper. 7-1-00.
The proceeds received from the issuance and sale of Revenue Bonds may be held by either the Treasurer of the City or by a trustee or fiscal agent designated in the applicable financing documents and may be invested until they are expended in such obligations as are set forth in or permitted by the applicable financing documents for such Revenue Bonds provided that any such obligations shall be obligations eligible for the investment of City funds under the laws of the State of California.
SECTION HISTORY
Added by Ord. No. 172,353, Eff. 1-30-99.
Amended by: Ord. No. 173,234, Eff. 6-19-00, Oper. 7-1-00.
Notwithstanding any other provision of the Charter, the approvals of the Council pursuant to this Article 6.5 of the Administrative Code shall constitute complete authority for the Departments to issue Revenue Bonds for purposes of Section 609(g) of the Charter. Neither the adoption of this Article 6.5 of the Administrative Code nor any provision thereof shall
(1) affect the validity of Revenue Bonds duly authorized and issued under the Charter prior to the adoption by the Council of this Article 6.5 of the Administrative Code (including, without limitation, a program of short term Revenue Bonds) or
(2) impair the ability of any Department to issue or deliver Revenue Bonds or take actions related thereto (including the delivery of short term Revenue Bonds for the purpose of paying short term Revenue Bonds under a program authorized pursuant to Clause (1) if such Revenue Bonds or the actions related thereto were authorized substantially in accordance with the procedures set forth in this Article 6.5 of the Administrative Code prior to the adoption by the Council of this Article 6.5 of the Administrative Code.
SECTION HISTORY
Added by Ord. No. 172,353, Eff. 1-30-99.
Amended by: Ord. No. 173,234, Eff. 6-19-00, Oper. 7-1-00; Ord. No. 173,306, Eff. 6-30-00, Oper. 7-1-00.
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 (Bonds) shall be issued for the purpose of making loans to private business entities or non-profit borrowers for the financing of projects (Projects) permitted to be financed with recovery zone facility bonds pursuant to the American Recovery and Reinvestment Act of 2009 (ARRA). The City may cooperate with and receive aid from other agencies of government in financing a Project and accomplishing the purposes of ARRA, but shall make no contributions to the payment of interest or principal due on any of the Bonds from taxes imposed by the City.
In addition to the authorization provided in this Article, the Council may determine that bonds, notes and other evidences of indebtedness shall be issued to finance projects permitted to be financed with recovery zone facility bonds pursuant to ARRA, including but not limited to projects to be owned by the City or another public agency, in reliance upon legal authority other than this Article.
SECTION HISTORY
Article and Section Added by Ord. No. 181,161, Eff. 6-15-10.
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