§ 43.7

It is hereby declared to be the policy of the City to permit interest payable on indebtedness of the City or of any of its Commissions, Departments or Agencies to be payable at such time or times as may facilitate the sale of the indebtedness pursuant to the procedure set forth in this Article as well as by any other method permitted by law. This Article is enacted pursuant to the powers reserved to the City under Sections 3, 5 and 7 of Article XI of the Constitution of the State of California and Section 1.101 of the Charter.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

This Article shall be known as the San Francisco Bond Facilitation Act.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

As used in this Article:

(a) "Bonds" means any bonds, notes, certificates of indebtedness or other evidences of indebtedness issued after April 1, 1991, by a public body which is authorized to issue bonds, notes, certificates of indebtedness or other evidence of indebtedness.

(b) "Public body" means the City or any Commission, Department or Agency thereof.

(c) "Governing body" means the governing board, commission, board of supervisors, board of directors or similar multimember body which exercises authority over a public body.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

Notwithstanding any other provision of law specifying that interest on Bonds is payable semiannually, interest on Bonds is payable at the times established in the resolution, indenture, agreement or other instrument providing for the issuance of the Bonds.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

Notwithstanding any other provision of law specifying that Bonds shall be issued pursuant to a resolution of a governing body of a public body, a governing body of a public body may authorize the issuance of Bonds pursuant to a resolution, indenture, agreement or other instrument providing for the issuance of Bonds.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

The general authority provided in this Article is intended to be in addition to, and not limited by, specific provisions authorizing the issuance of bonds, notes or other evidences of indebtedness and is separate and complete authority for the actions authorized in this Article.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

The powers conferred by the provisions of this Article are in addition to and supplemental to the powers conferred by the Charter or any other ordinance or by law.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)