Skip to code content (skip section selection)
Unless the context otherwise requires, the terms defined in this chapter shall have the following meanings:
"Bonds" means the bonds, notes, certificates, debentures and other obligations, authorized to be issued by the city pursuant to this chapter and payable as provided in this chapter.
"City" means the city of Visalia.
"Cost" means the total of all costs incurred by or on behalf of a participating party to carry out all works and undertakings and to obtain all rights and powers necessary or incident to the acquisition, construction, installation, reconstruction, rehabilitation or improvement of a facility. "Cost" may include all costs of issuance of bonds for such purposes, costs for construction undertaken by a participating party as its own contractor, capitalized bond interest, reserves for debt service and for repairs, replacements, additions and improvements to a facility, and other working capital incident to the operation of a facility.
"Council" means the city council of the city.
"Facility" means any of the facilities, places or buildings within the city which are, or will be, maintained and operated for industrial, commercial or business purposes, conform to the general plan of the city and are approved by the city for the financing authorized by this chapter, such approval being given only when the city finds and determines that such financing: (1) will substantially promote one or more of the public purposes listed in Section 3.32.020; and (2) will not have the proximate effect of the relocation of any substantial operations of the participating party from one area of the state to another or the abandonment of any substantial operations of such participating party within other areas of the state; or, if such financing will have either of such effects, then such financing is reasonably necessary to prevent the relocation of any substantial operations of the participating party from an area within the state to an area outside the state.
A facility may be an activity which may otherwise be financed pursuant to the California Industrial Development Financing Act (Government Code §§ 91500 et seq.) to the extent said Act permits the financing of such activity under alternative authority and shall include visitor serving commercial facilities or transient visitor accommodation facilities. For purposes of this definition, "visitor serving accommodation facilities" shall include, but shall not be limited to, hotels, motels, restaurants, and recreational and shopping facilities, the primary purpose of which is serving visitors. Facility includes, without limitation, real and personal property, land, buildings, structures, fixtures, machinery and/or equipment and all such property related to or required or useful for the operation of a facility. Facility does not include any facility, place or building used or to be used primarily for sectarian instruction or study or as a place for devotional activities or religious worship.
"Participating party" means any individual, association, corporation, partnership, local agency (including but not limited to the city's redevelopment agency) or other entity which is approved by the city to undertake the financing of the costs of a facility for which this chapter authorizes the issuance of the bonds.
"Revenues" means amounts received by the city as payments of principal, interest, and all other charges with respect to a loan authorized by this chapter, as payments under a lease, sublease or sale agreement with respect to a facility, as proceeds received by the city from mortgage, hazard or other insurance on or with respect to such a loan (or any property securing such loan), lease, sublease or sale agreement, all other rents, charges, fees, income and receipts derived by the city from the financing of a facility authorized by this chapter, any amounts received by the city as investment earnings on moneys deposited in any fund securing the bonds, and such other legally available moneys as the council may, in its discretion, lawfully designate as revenues. (Prior code § 8110)