Burbank Municipal Code Art. 12 Revenue Bonds

2-4-1201: POWER:

The Council, exercising the powers reserved to the City under Sections 3 and 5 (formerly Sections 6 and 8) of Article 11 of the Constitution of the State of California and Section 1010 of the Charter of the City, may, when the public interest and necessity require, by resolution or resolutions issue revenue bonds for the following purposes:

A. Additions, betterments, and extensions to and improvement of the electric energy system of the City, including capacity rights in electric generation and transmission facilities, and related facilities, and incidental costs and expenses related thereto.

B. Additions, betterments, and extensions to and improvement of the water system of the City and related facilities, and incidental costs and expenses related thereto.

C. The acquisition, construction, extension, betterment, or improvement of any other revenue producing system or facility of the City, and incidental costs and expenses related thereto.

D. To refund obligations issued for any of the foregoing purposes. [Added by Ord. No. 2185; formerly numbered Section 14-165; renumbered by Ord. No. 3058, eff. 2/21/87; Amended by Ord. No. 3497, eff. 11/7/98; 3000, 2270, 2189.]

2-4-1202: PROCEDURE:

The procedure for the issuance of revenue bonds shall be the procedure set forth in the State Revenue Bond Law of 1941 (commencing with Government Code Section 54300), and by this reference, with the exceptions hereafter stated, the provisions of said Law are incorporated herein; provided, however, that no election to authorize the issuance of said bonds shall be held, and the restrictions of Government Code Section 54310 shall not apply, and to those ends Sections 54380 through 54388 and Section 54310 of said Government Code are not incorporated herein and shall not be applicable to the issuance of said revenue bonds; provided, further, that the resolution authorizing the issuance of said revenue bonds may provide that such bonds shall be payable from the revenues of the Enterprise (as specifically defined in such resolution), which may include combined revenues from electric and water services, from interest earnings on unspent bond proceeds and from such other funds as may be legally available for such purpose; provided, further, that before selling the revenue bonds, or any part thereof, the Council may either negotiate the private sale of the revenue bonds with a responsible purchaser or purchasers, who may be purchasing for their own account or for purposes of resale, or give notice inviting sealed bids pursuant to Government Code Section 54388; and provided, further, that the interest rate limitation and the limit on discount contained in Section 54402(b) and 54418, respectively, of the Government Code shall likewise not be applicable. [Added by Ord. No. 2185; formerly numbered Section 14-166; renumbered by Ord. No. 3058, eff. 2/21/87; 3000, 2462, 2189.]

2-4-1203: WHEN NOTES MAY ISSUE:

The City may borrow money in anticipation of the issuance of revenue bonds of the City which have not yet been issued, sold and delivered, and for that purpose may issue negotiable bond anticipation notes, and may refund such notes from time to time, subject to the limitations of Article 13 of this chapter. The notes shall be sold at such interest and in such manner as the Council may determine, and such notes and the resolution providing for the issuance of such notes may contain any provision, condition or limitation which a revenue bond, or any resolution or ordinance providing for the issuance of revenue bonds, may contain. [Added by Ord. No. 2462; formerly numbered Section 14-167; renumbered by Ord. No. 3058, eff. 2/21/87.]