Bakersfield Municipal Code Ch. 3.55 Enterprise Revenue Bond Law

Sections: 3.55.010 Title. 3.55.020 Powers. 3.55.030 Issuance of bonds.

This chapter may be cited as the city of Bakersfield enterprise revenue bond law. The Revenue Bond Law of 1941, being Chapter 6 of Division 2 of Title 5 of the California Government code, commencing with Section 54300 (the Revenue Bond Law of 1941) as enacted and as hereafter amended, is hereby adopted by the city as the Enterprise Revenue Bond Law, and all provisions of the Revenue Bond Law of 1941 shall be included in the enterprise revenue bond law, except as provided below. (Ord. 3787 § 1, 1997)

The city is recognized to have and shall exercise all powers pursuant to and as may be limited by the city charter and the laws of the state of California which are necessary or appropriate for carrying out the purposes of this chapter, including, without limitation, the power to issue bonds for the purposes specified in the Revenue Bond Law of 1941. (Ord. 3787 § 1, 1997)

A. Government Code Section 54342 is amended to read, for purposes of inclusion in the enterprise revenue bond law: A local agency may operate, maintain, repair or manage all or any part of any enterprise, including the leasing of any enterprise for commercial purposes.

B. The enterprise revenue bond law shall not include Government Code Sections 54380 through 54303 or 54418, or any sections which may hereafter be added to the Revenue Bond Law of 1941 or any other legislative enactment of the California state legislature which is not codified in the Revenue Bond Law of 1941 but which is made applicable to the Revenue Bond Law of 1941 and imposing any requirement of voter approval in connection with any proposed issuance of enterprise revenue bonds pursuant to the Revenue Bond Law of 1941 or the enterprise revenue bond law.

C. Government Code Section 54416 is amended to read, for purposes of inclusion in the enterprise revenue bond law: The legislative body may issue and sell the bonds in the manner it determines, at public or private sale, at or below par, and at the interest rate or rates fixed by the original purchaser or purchasers and approved by the legislative body or by any other person to whom such approval authority is delegated by resolution of the legislative body. (Ord. 3787 § 1, 1997)