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.