Burbank Municipal Code Art. 17 Public Facilities Financing

2-4-1701: TITLE:

This article shall be referred to as the CITY OF BURBANK PUBLIC FACILITIES FINANCING AUTHORITY ORDINANCE. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1702: DECLARATION OF PUBLIC USES AND PURPOSES:

The City Council hereby finds and determines that the construction, acquisition, maintenance and improvement of public facilities and improvements within the City and the performance of all undertakings incidental or advantageous thereto are public purposes for which public money may be spent and private property acquired, and are governmental functions. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1703: MUNICIPAL AFFAIR:

The City Council hereby finds and determines that the activities set forth in Section 2-4-1702 of this article are municipal affairs, necessary and appropriate to a municipal corporation and the general welfare of its inhabitants, and are not prohibited by the Constitution of the State of California or by the City Charter. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1704: EFFECT OF ORDINANCE UPON OTHER LAW:

This article shall not affect any other provision of law relating to the same or a similar subject but provides an alternative method of procedure governing the subject to which it relates; and it shall not abridge, modify or otherwise affect the right of the City to exercise any power given to it by the Constitution or any other law. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1705: DEFINITIONS:

Unless the context otherwise requires, the definitions set forth in this section shall govern the construction of this article.

AUTHORITY: The public body established pursuant to Section 2-4-1706 of this article.

BONDS: Any revenue bonds issued by the Authority pursuant to the provisions of this article.

CITY: The City of Burbank.

CITY CHARTER: The Charter of the City as approved by the voters of the City at a special election held therefor on January 4, 1927, and as thereafter amended.

PROJECT: The construction, acquisition, maintenance or improvement of public facilities and improvements authorized by this article.

PUBLIC FACILITIES AND IMPROVEMENTS: Any real or personal property, or any interests therein, which is used for public purposes of the City, including, but not limited to, land, buildings, equipment, furnishings and other appurtenances which are incidental thereto.

STATE: The State of California. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1706: ESTABLISHMENT:

There is hereby created and established within the City of Burbank a public body, corporate and politic, separate and apart from the City, to be known as the City of Burbank Public Facilities Financing Authority. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1707: MEETINGS; VOTE NECESSARY TO ACT:

The Authority shall hold meetings at such times as it shall determine. The affirmative votes of at least three (3) members of the governing body of the Authority shall be required for the taking of action. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1708: GOVERNING BODY OF AUTHORITY; BYLAWS:

The members of the City Council shall act ex officio as the governing body of the Authority. At its organizational meeting the Authority shall adopt bylaws governing the conduct of its affairs in any manner deemed advisable by the Authority and not inconsistent with the terms of this article. Such bylaws may be amended from time to time by the governing body of the Authority. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1709: FINANCIAL STATEMENTS:

At least once annually the Authority shall prepare and make available, for inspection by interested members of the public, a statement of all its financial affairs, audited by independent certified public accountants. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1710: ORDER FOR DISSOLUTION:

The City Council may order the dissolution of the Authority if the Authority has no outstanding indebtedness and is not a party to any outstanding material contracts. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1711: CORPORATE POWERS:

The Authority may:

A. Sue and be sued, have a seal, and make and execute contracts and other instruments necessary or convenient to the exercise of its powers.

B. Make, and from time to time amend and repeal, bylaws and regulations not inconsistent with this article to carry into effect the powers and purposes hereof.

C. Select and appoint or remove such permanent and temporary officers, agents, counsel and employees, as it requires, and may determine their qualifications, duties, and compensation. The powers of the Authority under this subdivision are subject to all limitations and rights applicable to similar employment by the City, unless by resolution the City Council otherwise determines. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1712: ACQUISITION AND DISPOSAL OF PROPERTY; FACILITIES; INSURANCE:

The Authority may:

A. Purchase, lease, obtain option upon, acquire by gift, grant, bequest, devise, or otherwise, any real or personal property within the City, or any interest in, or improvements on, such property.

B. Sell, lease, exchange, transfer, assign, encumber (by mortgage, deed of trust, or otherwise) or otherwise dispose of any real or personal property or any interest in such property.

C. Insure any of its real or personal property or operations against risks or hazards. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1713: MAINTENANCE AND MANAGEMENT:

The Authority may acquire, construct, rent, lease, maintain, repair, manage and operate all or any portion of any real and personal property, including the leasing of the operation of the property, and the leasing for commercial purposes of surplus space or space which it is not economic to use for public purposes. Leases may be negotiated without competitive bidding or awarded after competitive bidding in such manner as may be established or determined by the Authority. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1714: CONSTRUCTION, ACQUISITION, MAINTENANCE AND IMPROVEMENT OF PUBLIC FACILITIES AND IMPROVEMENTS:

The Authority may do any act to construct, acquire, maintain and improve public facilities and improvements within the City, to devote such facilities and improvements to uses and activities consistent with the public purposes of this article and to acquire and construct such facilities and improvements on real property owned, controlled, or operated by it, or on property leased by it from the City, as may be necessary or appropriate to such uses and activities. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1715: RECEIPT AND EXPENDITURE OF FUNDS:

The Authority may receive, control, and order the expenditure of any and all money and funds pertaining to public facilities and improvements or related properties, including, but not limited to:

A. All revenue derived from operations of the Authority.

B. All money appropriated or made available by the City for such purpose, including, but not limited to, the proceeds of all bonds or other obligations issued by the City for public facilities or improvements.

C. The proceeds of all financial aid or assistance by the State or the federal government.

D. The proceeds of all bonds issued pursuant to this article. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1716: INVESTMENTS:

The Authority may invest funds held in reserve or sinking funds, or funds not required for immediate disbursement, in property or securities in which municipalities may legally invest funds subject to their control under the laws of the State. No such investment shall be made in contravention of any covenant or agreement with the owners of any bonds issued and outstanding. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1717: BORROWING:

The Authority may borrow money or accept financial or other assistance from the City, the State, the federal government, or any other source for or in aid of any public facility or improvements within the City, and to such ends may comply with any conditions attached thereto. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1718: EXERCISE OF POWERS:

The Authority may exercise all or any part or combination of the powers granted by this article. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1719: NECESSARY OR CONVENIENT ACTS:

The Authority may do and perform any and all other acts and things necessary, convenient, desirable, or appropriate to carry out the provisions of this article. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1720: USE OF SERVICES AND FACILITIES OF CITY:

In order that there may be no unnecessary duplication of effort or expense, the Authority may provide for the furnishing of services by, and the use of facilities of, any department, office or agency of the City in lieu of, or in conjunction with, the direct provision by the Authority of services and the use of facilities through employment or purchase or other means. The furnishing of such services and the use of such facilities of any such department, office or agency shall be upon such terms and conditions as may be approved by the Authority and the City Council. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1721: POWER TO BORROW AND ISSUE BONDS; NATURE OF BONDS:

The Authority shall have the power to borrow money to provide funds for any public facilities and improvements and to issue in its name revenue bonds to evidence the indebtedness created by such borrowing. The bonds of each issue shall constitute special obligations, and evidence a special indebtedness, of the Authority, and shall be a charge upon and payable solely from such revenues and funds as are specified therein and in the proceedings for their issuance. Such bonds shall not constitute obligations or evidence any indebtedness of the City. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1722: BOND RECITALS:

All such bonds shall recite upon their face, in substance, that they constitute special obligations, and evidence a special indebtedness, of the Authority, payable, both as principal and interest, and as to any premiums upon the redemption of any thereof, solely from such revenues and funds as are specified therein and in the proceedings for their issuance, and shall also recite upon their face that they are issued under this article. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1723: TYPES OF BONDS; SOURCES OF PAYMENT:

The Authority may issue such types of bonds as it determines, including bonds on which the principal and interest are payable:

A. Exclusively from the income and revenue of the public facilities and improvements financed with the proceeds of the bonds, or with such proceeds and financial assistance from the State or federal government or from any other source in aid thereof.

B. Exclusively from the income and revenue of certain designated public facilities and improvements, whether or not such public facilities and improvements were financed in whole or in part with the proceeds of the bonds, and including income or revenue from any future extension, betterment, or addition to any such public facilities and improvements thereafter to be established.

C. From its revenues generally, including, but not limited to, revenue from the leasing of public facilities and improvements owned or leased to it.

D. From any contributions or other financial assistance from the City, the State or federal government, or from any other source.

E. From any combination of these sources. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1724: TERMS AND CONDITIONS:

Except as limited by express provision of this article, the Authority, by resolution, or by trust indenture, contract, or other agreement with or from the benefit of the bond owners, may determine all the terms and conditions of each issue, series, or division of bonds and of their sale and issuance, and all matters necessary or appropriate in connection with the bonds. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1725: CONTRACT WITH BOND OWNERS:

The Authority may provide that any resolution, trust agreement or indenture adopted or entered into in connection with the authorization of any bonds shall constitute a contract with the owners of such bonds, not subject to repeal, and not subject to any modification other than to the extent and in a manner provided in any such resolution. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1726: COVENANTS AND AGREEMENTS:

The Authority may provide for such covenants and agreements on the part of the Authority as it deems necessary or advisable for the better security of any bonds. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1727: PROVISIONS FOR SECURITY AND MARKETABILITY:

The Authority may provide for such other acts and matters as it may deem to be necessary, convenient, or desirable to secure the bonds or to make them more marketable. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1728: ISSUANCE AND SALE OF BONDS:

The bonds may be issued and sold in such manner and pursuant to such proceedings as the Authority shall at the time determine and direct, at public or private sale, at a discount or a premium, and at a rate of interest not to exceed the rate determined by the Authority in the resolution providing for the sale thereof. The bonds shall be payable at the times and in the amounts determined by the Authority in said resolution. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1729: VALIDATING PROCEEDINGS:

An action to determine the validity of any bonds issued by the Authority under this article or of any contracts entered into by the Authority under this article may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure of the State of California. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1730: LIBERAL CONSTRUCTION:

This article, being necessary for the health, welfare and safety of the City and its residents, shall be liberally construed to effect its purposes. Furthermore, the City Council hereby declares that this article is an exercise of the power granted to the City by the City Charter and the Constitution of the State and is an exercise by the City of its powers as to municipal affairs and its police powers, and this article shall be liberally construed to uphold its validity under the laws of the State. [Added by Ord. No. 3070, eff. 7/4/87.]

2-4-1731: PARTIAL INVALIDITY:

If any section, paragraph, sentence, clause or phrase of this article shall for any reason be held illegal or unenforceable, such holding shall not affect the validity of the remaining portions of this article. The City Council hereby declares that it would have adopted this article and each and every other section, paragraph, sentence, clause or phrase hereof and authorized the proceedings authorized to be taken pursuant thereto irrespective of the fact that any one or more sections, paragraphs, sentences, clauses or phrases of this article may be held illegal, invalid or unenforceable. [Added by Ord. No. 3070, eff. 7/4/87.]