Sec. 6.779. Refunding Debt; Use of Savings; Reduction of Tax Levy.

   Any savings achieved through the issuance of refunding Debt shall be used to reduce the special taxes, which were levied to retire the Debt being refunded. At the time the Council makes a determination to issue the refunding Debt, it shall determine and cause to be made any reduction in the annual tax in the District, which reduction shall be made on a pro rata basis.

SECTION HISTORY

Added by Ord. No. 177,051, Eff. 11-20-05.

Sec. 6.780. Callable Debt.

   Any Debt issued may be made callable in the document providing the terms of the Debt. When Debt is made callable, a statement to that effect shall be set forth on the face of the Debt. Callable Debt may be redeemed on any interest payment date prior to the fixed maturity in the amounts, manner and prices prescribed in the document providing the terms.

SECTION HISTORY

Added by Ord. No. 177,051, Eff. 11-20-05.

ARTICLE 7 GENERAL POWERS

Section

6.781   Municipal and State Affairs; Authority Conferred by Chapter; Applicability of Laws.

6.782   Conflicting Provisions; Severability.

6.783   Actions or Determinations; Proceedings.

Sec. 6.781. Municipal and State Affairs; Authority Conferred by Chapter; Applicability of Laws.

   This Chapter is adopted pursuant to the Charter of the City of Los Angeles. In any proceedings undertaken pursuant to this Chapter as municipal affairs, any general laws referred to in this Chapter are deemed a part of this Chapter.

   In the event that any proceeding undertaken pursuant to this Chapter shall be adjudged a state affair it shall be declared and deemed to be intended that the proceedings were had pursuant to any applicable general law or laws.

   This Chapter provides an alternative method of financing certain public and private capital facilities and municipal services. The provisions of this Chapter shall not affect or limit any other provisions of law authorizing or providing for the furnishing of facilities or services, or the raising of revenue for these purposes. The City may use the provisions of this Chapter instead of or in conjunction with any other method of financing part or all of the cost of providing the authorized kinds of public and private capital facilities and municipal services.

SECTION HISTORY

Added by Ord. No. 177,051, Eff. 11-20-05.

Sec. 6.782. Conflicting Provisions; Severability.

   A.   Any provision in this Chapter, which conflicts with any general law or act, shall prevail over the other, provision in connection with any proceedings taken pursuant to this Chapter.

   B.   If the event any portion of this Chapter shall be declared illegal, unenforceable, or unconstitutional, that provision shall be deemed severable from the remaining provisions of this Chapter.

SECTION HISTORY

Added by Ord. No. 177,051, Eff. 11-20-05.