12.28.010 Definitions.

   As used in this chapter the following definitions shall apply:

   (a)   "Bond law" means the Revenue Bond Law of 1941, being Chapter 6, commencing with Section 54300, of Part 1 of Division 2 of Title 5 of the Government Code of the State of California.

   (b)   "Enterprise" means any revenue-producing improvement, building, system, plant, works, facilities or undertaking used for or useful for any of the purposes set forth in Section 54309 of the bond law, together with the distribution of electric energy for lighting, heating, and power for public or private uses, and the generation, production, transmission and distribution of gas for public or private uses; Section 54310 of the bond law shall not apply.

   (c)   "Enterprise" includes, but is not limited to, all parts of the enterprise, all appurtenances to it, and all of the various components of it set forth in Section 54309.1 of the bond law.

(Ord. 3083 § 1 (part), 1978)

12.28.020 Definition in resolution.

   Subject to the limitations of Section 12.28.010, in any general resolution providing for the issuance of bonds for acquiring, constructing, improving or financing any enterprise, the council may define "enterprise" and that definition applies to the bonds authorized in said resolution. Such definition may include any one or any combination of two or more or all of the purposes set forth in Section 12.28.010(b).

(Ord. 3083 § 1 (part), 1978)

12.28.030 Powers of council.

   (a)   Issue Bonds. The council may provide for the issuance of and authorize, issue, sell and deliver revenue bonds of the city for the purpose of providing funds for the acquisition, construction, improving or financing of an enterprise, including any or all expenses incidental thereto or connected therewith.

   (b)   Acquire Project and Pledge Revenues. The council may acquire, construct, improve or finance any project to improve any enterprise defined in the resolution providing for the issuance of bonds pursuant to Section 12.28.020, and may pledge, place a charge upon, and assign all or any part of the gross revenues of such enterprise for the security of the bonds.

   (c)   Bond Law. The council has and may exercise all of the powers set forth in the bond law, subject to the restrictions therein set forth, except as in this chapter otherwise expressly provided.

(Ord. 3083 § 1 (part), 1978)

12.28.040 Procedures.

   (a)   Bond Law. Except as otherwise expressly provided in this chapter, the provisions of the bond law shall apply to the exercise of the powers set forth in Section 12.28.030.

   (b)   General Resolution. The council may authorize and provide for the issuance of the bonds by a general resolution to take effect upon adoption. Such resolution shall state:

   (1)   The purpose or purposes for which the bonds are proposed to be issued;

   (2)   The total principal amount of the bonds;

   (3)   That the bonds are to be revenue bonds, payable exclusively from the revenues of the enterprise and from such of the other funds referred to in Section 54478 of the bond law as shall be specified in the resolution;

   (4)   That the bonds are not to be secured by the taxing power of the city; and

   (5)   Such other matters authorized by the bond law as are deemed appropriate by the council.

   (c)   Series Resolution. The council may issue, sell and deliver any series of bonds by series resolution (which may be the general resolution referred to in Section 12.28.040(b)) to take effect upon adoption. Such series resolution shall:

   (1)   Define and state the estimated cost of the project for which the series of bonds are proposed to be issued;

   (2)   State the principal amount of such series of bonds;

   (3)   State the maximum rate of interest on such series of bonds; the maximum discount at which such series of bonds may be sold and the dates on which the interest thereon shall be payable; and

   (4)   State such other matters authorized by the bond law as are deemed appropriate by the council.

   (d)   Municipal Bond Insurance. The council may cause the payment of principal, premiums on redemption (if any) and interest on any series of bonds to be insured or guaranteed, and may include the premiums on such insurance or guaranty in determining the principal amount of such series of bonds.

   (e)   Nonapplicability of Certain Portions of Bond Law. Sections 54380 to 54387, inclusive, 54402(b) and 54418 of the bond law shall not apply.

(Ord. 3083 § 1 (part), 1978)