Part 2 — FINANCING FACILITIES

2752. • LOANS FOR FACILITIES.

The City is hereby authorized to make, purchase, or otherwise contract for the making of a mortgage or other secured or unsecured loan, with the proceeds of Bonds and upon such terms and conditions as the City shall deem proper, to any Participating Party for the Costs of a Facility.

2752.1. -  

(Repealed by Ord. 1740 adopted 2-2-82.)

Any person may apply to the City for approval as a Participating Party and for approval of a Facility for financing under this Chapter. Applications shall set forth such information as the City may require in order to enable the City to evaluate the applicant, the Facility and its proposed costs.

The City is hereby authorized to charge Participating Parties application, commitment, financing and other fees, in order to recover all administrative and other costs and expenses incurred in the exercise of the powers and duties conferred by this Chapter. The Council shall direct the City Clerk to transmit a letter agreement or contract to a Participating Party which will obligate such party to pay such fees and expenses as the Council may charge or incur hereunder.

The City is hereby authorized to obtain, or aid in obtaining, from any department or agency of the United States or of the State of California or any private company, any insurance or guarantee as to, or of, or for the payment or repayment of, interest or principal, or both, on any Bonds or on fees or other charges, or any part thereof, on any loan or any instrument evidencing or securing the same, made or entered into as authorized by this Chapter; and is authorized to accept payment in such manner and form as provided therein in the event of default by a Participating Party, and to assign any such insurance or guarantee as security for Bonds.

(Amended by Ord. 1740 adopted 2-2-82.)

The City is hereby authorized to fix payments, fees, charges and interest rates for a financing authorized by this chapter and to agree to revise from time to time such payments, fees, charges and interest rates to reflect changes in interest rates on Bonds, losses due to defaults or changes in other expenses related to this Chapter, including City administrative expenses.

(Amended by Ord. 1740 adopted 2-2-82)

The City is hereby authorized to hold deeds of trust or mortgages or security interests in personal property as security for loans and other obligations authorized by this Chapter and to pledge or assign the same as security for repayment of Bonds. Such deeds of trust, mortgages or security interests, or any other interest of the City in any Facility, may be assigned to, and held on behalf of the City by, any bank or trust company appointed to act as trustee by the City in any resolution or indenture providing for issuance of Bonds.

The City is hereby authorized to contract for such engineering, architectural, financial, accounting, legal or other services as may be necessary in the judgment of the City for the purposes of this Chapter.

Except as specifically provided in this Chapter, the acquisition, construction, installation, reconstruction, rehabilitation or improvement of a Facility financed under this Chapter shall not be subject to any requirements relating to buildings, works or improvements owned or operated by the City, and any requirements of public competitive bidding or other procedural restriction imposed on the award of contracts for acquisition or construction of a City building, work or improvement shall not be applicable to an action taken under this Chapter.

(Amended by Ord. 1740 adopted 2-2-82)

In addition to all other powers specifically granted by this Chapter, the City is hereby authorized to contract for and do all things necessary or convenient to carry out the purposes of this chapter, provided, however, that the City shall not have the power to operate a Facility financed under this Chapter as a business.

(Amended by Ord. 1740 adopted 1-19-82)

(Chapter 7.5 added by Ord. 1740 adopted 1-19-82)