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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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