Chico Municipal Code Ch. 2.46 Chico Public Financing Authority

This chapter is enacted to codify the provisions of that certain agreement between the city and the Chico Redevelopment Agency dated July 17, 1990, and entitled “Joint Exercise of Powers Agreement, Chico Public Financing Authority” which established a joint powers agency designated therein and hereinafter referred to as the Chico Public Financing Authority. Such agreement was approved and executed by the city and the Chico Redevelopment Agency pursuant to the joint powers laws of the state of California, as set forth in Chapter 5, Division 7, Title 1, of the California Government Code (commencing with Government Code Section 6500), including those provisions of the joint powers laws adopted by the Marks-Roos Local Bond Pooling Act of 1985, as set forth in Article 4, Chapter 5, Division 7, Title 1 of the California Government Code (commencing with Government Code Section 6584).

(Ord. 1829 (part))

In accordance with the provisions of the joint powers agreement between the city and the Chico Redevelopment Agency, the primary purpose of the Chico Public Financing Authority shall be to provide for the financing of land, facilities and equipment to be used for the public purposes of the city and/or the agency, including but not limited to “public capital improvements” as defined in Section 6585(g) of the California Government Code, either through the acquisition, construction and improvement of such land, facilities or equipment, or through a loan of funds to the city or the agency to enable the city or the agency to acquire, construct or improve such land, facilities or equipment. In addition, the authority shall have all the purposes authorized by Section 6590 of the California Government Code. As provided by the joint powers laws of the state of California, the Chico Public Financing Authority is a public entity separate and distinct from either the city or the Chico Redevelopment Agency.

(Ord. 1829 (part))

Pursuant to the joint powers agreement between the city and the Chico Redevelopment Agency, the city council has been designated as the board of directors of the Chico Public Financing Authority, and all the rights, powers, duties, privileges and immunities of the authority shall be vested in the city council as the board of directors thereof.

(Ord 1829 (part))

Pursuant to the joint powers agreement between the city and the Chico Redevelopment Agency, the officers of the Chico Public Financing Authority shall consist of a chairperson, vice chairperson, executive director, secretary, treasurer and authority counsel, who shall be the mayor, vice mayor, city manager, city clerk, finance director and city attorney respectively. Such officers shall perform all of the functions provided for by the joint powers agreement as codified herein and/or the bylaws adopted pursuant to such agreement.

(Ord. 1829 (part), Ord. 2113 §1)

Pursuant to the joint powers agreement between the city and the Chico Redevelopment Agency, the Chico Public Financing Authority shall have all of the powers granted to it by the joint powers laws of the state of California, including but not limited to the powers set forth in the Marks-Roos Local Bond Pooling Act of 1985, as well as all powers common to the city and the agency which may be necessary to accomplish the purposes of the authority.

(Ord. 1829 (part))

Pursuant to the joint powers agreement between the city and the Chico Redevelopment Agency, the Chico Public Financing Authority is authorized, in its own name, to do all acts necessary for the exercise of its general powers, including but not limited to any of the following:

A. To make and enter into contracts;

B. To acquire, construct, manage, maintain, and operate any public capital improvements as defined in Section 6585(g) of the California Government Code, including the common power of both the city and the Chico Redevelopment Agency to acquire such improvements by any lawful means;

C. To sue and be sued in its own name;

D. To issue bonds and otherwise incur debts, liabilities, or obligations;

E. To apply for, accept, receive and disburse grants, loans and other aids from any agency of the United States of America or the state of California;

F. To invest any money in the treasury of the Chico Public Financing Authority in the same manner and under the same conditions as a local agency pursuant to Section 53601 of the California Government Code;

G. To make and enter into agreements, assignments and other documents of any nature whatsoever, as may be necessary or convenient in the exercise of the general powers of the Chico Public Financing Authority or under the joint powers laws of the state of California;

H. To make loans to the city or the Chico Redevelopment Agency in order to carry out the purposes of the Chico Public Financing Authority, or to refinance indebtedness incurred by the city or the agency in connection therewith; and

I. To exercise any and all other powers that may be provided for in the joint powers laws of the state of California including, but not limited to, the Marks-Roos Local Bond Pooling Act of 1985.

(Ord. 1829 (part))

Pursuant to the joint powers agreement between the city and the Chico Redevelopment Agency, all powers of the Chico Public Financing Authority shall be exercised in the manner provided for in the joint powers laws of the state of California, and, except for those powers set forth in the Marks-Roos Local Bond Pooling Act of 1985, shall be subject to the restrictions upon the manner of exercising such powers as are imposed upon the city in the exercise of similar powers, all as provided for by Section 6509 of the California Government Code.

(Ord. 1829 (part))

Pursuant to the joint powers agreement between the city and the Chico Redevelopment Agency, the debts, liabilities and obligations of the Chico Public Financing Authority shall not be the debts, liabilities and obligations of either the city or the agency.

(Ord. 1829 (part))

Pursuant to the joint powers agreement between the city and the Chico Redevelopment Agency, the city manager, as executive director of the Chico Public Financing Authority, shall be the custodian and shall have charge of, handle, and have access to any and all property of the authority, all as provided for by Section 6505.1 of the California Government Code.

(Ord. 1829 (part))

Pursuant to the joint powers agreement between the city and the Chico Redevelopment Agency, the finance director, as treasurer of the Chico Public Financing Authority, shall have all of the duties and obligations set forth in Sections 6505 and 6505.5 of the California Government Code, including, but not limited to, the duty and obligation to receive and receipt for all money of the authority and place same in the treasury of the city designated to the credit of the authority, be responsible for the safekeeping and disbursement of all authority money so held by the finance director, and pay, when due, out of the money of the authority so held by the finance director, all sums payable on outstanding bonds and coupons of the authority.

(Ord. 1829 (part), Ord. 2113 §1, Ord. 2268)

Pursuant to the joint powers agreement between the city and the Chico Redevelopment Agency, the city council, acting as the board of directors of the Chico Public Financing Authority, may adopt, from time to time, bylaws governing the authority as the city council deems necessary or advisable.

(Ord. 1829 (part))

Pursuant to the joint powers agreement between the city and the Chico Redevelopment Agency, the city and agency, by amending the joint powers agreement, may modify the terms and conditions under which the authority operates, except as may be limited by contract with the owners of bonds issued by the authority, or by applicable regulations or laws governing either the city, the Chico Redevelopment Agency, or an agency established under the joint powers of the state of California.

(Ord. 1829 (part))

Pursuant to the Joint Powers Agreement between the city and the Chico Redevelopment Agency, the Chico Public Financing Authority shall continue in existence as long as a bond or material contract to which the Chico Public Financing Authority is a party remains outstanding or is in effect, the authority owns any interest in any public capital improvements as defined in Section 6585(g) of the California Government Code, or the city and the agency mutually agree to terminate the authority, whichever last occurs. Upon termination of the Chico Public Financing Authority, all property of the Authority, both real and personal, shall be divided between the city and the Chico Redevelopment Agency in a manner to be determined by the city council, and all surplus money on hand shall be returned to the city and the agency in proportion to the contribution made.

(Ord. 1829 (part))