Berkeley Municipal Code Ch. 7.40 Off-Street Parking Revenue Bonds

This chapter shall be known as the "City of Berkeley off-street parking revenue bond law," and as enacted by the council under and pursuant to the powers granted and reserved to the City under Sections 3 and 5 of Article 11 of the Constitution of the state and Sections 38, 115, 117 and 118 of the Charter of the City, and is enacted for the purpose of establishing a procedure for the issuance and sale of revenue bonds of the City to provide public off-street vehicular parking facilities and places within the City. This chapter shall constitute a special alternative procedure for the carrying out and enforcement of the rights and powers belonging to the City, and such procedure shall control and be followed in the issuance and sale of revenue bonds as in this chapter provided whenever the council shall determine to issue revenue bonds pursuant to this chapter. This chapter fixes and establishes the entire procedure for the issuance and sale of said revenue bonds pursuant to this chapter, and no other law shall be applicable thereto. The procedure set forth in this chapter shall, however, be alternative to any other procedure legally available to the City. (Ord. 4952-NS § 1, 1976)

Whenever the public interest and necessity so require, the council may, acting under this chapter by resolution or resolutions, issue revenue bonds to acquire (whether by purchase, lease, eminent domain or otherwise), construct, establish, improve, extend, maintain, operate, administer, lease and sublease off-street vehicular parking facilities and places within the City, including any and all public parking lots, garages, or other automotive parking facilities, in order to relieve traffic congestion and promote the welfare of the citizens and inhabitants of the City. The procedure for the issuance of such revenue bonds shall be, except as herein otherwise expressly provided, the procedure set forth in former Article XII-A of the Charter of the City (except Sections 85.5 and 86 thereof), as set forth in California Statutes 1953, Chapter 145, page 4104 and following; and by this reference, with the exception hereinafter stated, the provisions of said former Article XII-A are incorporated herein; provided, however, that the provisions of Sections 85.5 and 86 of said former Article XII-A shall not be applicable and to that end said Sections 85.5 and 86 are not incorporated herein and shall not be applicable to the issuance of such revenue bonds. (Ord. 4952-NS § 2, 1976)

Before selling any revenue bonds to be issued pursuant to this chapter, the council shall give notice inviting sealed bids in such manner as the council may prescribe. If satisfactory bids are received, the bonds offered for sale shall be awarded to the highest responsible bidder. If no bids are received or if the council determines that the bids received are not satisfactory, the council may reject all bids received, if any, and either readvertise or sell the bonds at private sale. The council may sell bonds at a price below the par or face value thereof, not to exceed, however, two percent of said par or face value. (Ord. 4952-NS § 4, 1976)

Revenue bonds issued pursuant to this chapter shall bear interest at a rate or rates of not to exceed nine percent per year, payable annually or semiannually or in part annually and in part semiannually. (Ord. 4952-NS § 3, 1976)