Irvine Municipal Code Ch. 6 Irvine Public Facilities and Infrastructure Authority

Footnotes:

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Cross reference— Public works, tit. 6.

The construction, acquisition, maintenance and improvement of public facilities and infrastructure 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.

(Code 1976, § II.H-801; Ord. No. 85-8, § 1, 3-12-85)

The activities set forth in Section 2-7-601 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 nor by the City Charter.

(Code 1976, § II.H-802; Ord. No. 85-8, § 1, 3-12-85)

This chapter 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.

(Code 1976, § II.H-803; Ord. No. 85-8, § 1, 3-12-85)

The City may exercise any or all of the powers granted to the Authority by this chapter alone, or in combination with powers granted by any other law relative to the construction, acquisition, maintenance and improvement of public facilities and infrastructure.

(Code 1976, § II.H-804; Ord. No. 85-8, § 1, 3-12-85)

The public facilities and infrastructure financed by the Authority are subject to the planning, zoning, sanitary and building laws, ordinances and regulations, as applicable. In the planning and location of any such facilities, the Authority is subject to the master plan or sections of such master plan for the development of the area in which the Authority may construct or finance facilities or infrastructure to the same extent as if it were the City.

(Code 1976, § II.H-805; Ord. No. 85-8, § 1, 3-12-85)

The following words, terms and phrases, when used in this chapter, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Authority means the public instrumentality created by Article b of this chapter.

Obligee of the Authority or obligee means any of the following:

A. Any bondholder or trustee for any bondholders.

B. Any lessor demising to the Authority property and in connection with public facilities or infrastructure or any assignee of all or part of such lessor's interest.

C. The City, the State or the United States, or any agency of the foregoing when a party to any contract with the Authority.

Project means the construction, acquisition, maintenance or improvement of public facilities and infrastructure authorized by this chapter.

Public facilities and infrastructure means any physical structure of a public nature and use which public entities are traditionally authorized to construct, acquire, operate, maintain and improve in the furtherance of public purposes, including interests in real property, equipment, furnishings and other appurtenances which are incidental thereto.

(Code 1976, §§ II.H-807—II.H-811; Ord. No. 85-8, § 1, 3-12-85)

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Cross reference— Commissions and committees, tit. 1, div. 4.

There is hereby created and established within the City of Irvine a public body corporate and politic known as the Irvine Public Facilities and Infrastructure Authority.

(Code 1976, § II.H-820; Ord. No. 85-8, § 1, 3-12-85)

The Authority shall hold meetings at such times as it shall determine. The concurring votes of three members of the governing body of the Authority shall be required for the taking of action.

(Code 1976, § II.H-821; Ord. No. 85-8, § 1, 3-12-85)

The City Council shall be the governing body of the Authority. All the rights, powers, duties, privileges and immunities vested by this chapter in the Authority shall be vested in the City Council as the governing body of the Authority.

(Code 1976, § II.H-822; Ord. No. 85-8, § 1, 3-12-85)

From time-to-time the City Council, subject to its fiscal law, may make an estimate of the amount of money required for administrative purposes of the Authority, and appropriate such amounts to the Authority as it deems necessary, subject to such conditions as it prescribes.

(Code 1976, § II.H-823; Ord. No. 85-8, § 1, 3-12-85)

Annually, the Authority shall prepare a detailed report of all its transactions, including a statement of all revenues and expenditures.

(Code 1976, § II.H-824; Ord. No. 85-8, § 1, 3-12-85)

At least once annually the Authority shall publish a statement of all its financial affairs, audited by independent certified public accountants.

(Code 1976, § II.H-825; Ord. No. 85-8, § 1, 3-12-85)

The City Council may order the dissolution of the Authority if the Authority has no outstanding bonded indebtedness, and if the unanimous written consent of the members of the Authority is first obtained.

(Code 1976, § II.H-826; Ord. No. 85-8, § 1, 3-12-85)

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 chapter 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.

(Code 1976, § II.H-830; Ord. No. 85-8, § 1, 3-12-85)

The Authority may:

A. Purchase, lease, obtain option upon, acquire by gift, grant, bequest, devise or otherwise, any real or personal property within or without 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.

(Code 1976, § II.H-831; Ord. No. 85-8, § 1, 3-12-85; Ord. No. 98-19, § 2, 12-8-98)

The Authority may acquire, construct, rent, lease, maintain, repair, manage and operate all or 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; provided that such leasing, in any transaction financed on a tax-exempt basis, shall be restricted to less than a major portion of the property acquired or constructed on such basis, as now or hereafter defined by federal law or applicable regulation. Leases may be negotiated without competitive bidding or awarded after competitive bidding in such manner as may be established by the Authority.

(Code 1976, § II.H-832; Ord. No. 85-8, § 1, 3-12-85)

Neither the Authority nor the City shall manage or operate surplus space devoted to commercial purposes, but shall lease such space to private operators.

(Code 1976, § II.H-833; Ord. No. 85-8, § 1, 3-12-85)

The Authority may do any act to construct, acquire, maintain and improve public facilities and infrastructure within the City, to devote such facilities and infrastructure to uses and activities consistent with the public purposes of this chapter and to acquire and construct such facilities and infrastructure on real property owned, controlled or operated by it as may be necessary or appropriate to such uses and activities.

(Code 1976, § II.H-834; Ord. No. 85-8, § 1, 3-12-85)

The Authority may receive, control and order the expenditure of any and all money and funds pertaining to public facilities and infrastructure 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.

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

D. The proceeds of assessment levied by the City.

E. The proceeds of all bonds issued pursuant to this chapter.

F. The proceeds of all general obligation, revenue or other bonds issued by the City for public facilities or infrastructure.

(Code 1976, § II.H-835; Ord. No. 85-8, § 1, 3-12-85)

The Authority may invest funds held in reserve or sinking funds, or funds not required for immediate disbursement, in property or securities in which cities may legally invest funds subject to their control. No such investment shall be made in contravention of any covenant or agreement with the holders of any bonds of the Authority issued and outstanding.

(Code 1976, § II.H-836; Ord. No. 85-8, § 1, 3-12-85)

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 infrastructure within the City, and to such ends may comply with any conditions attached thereto.

(Code 1976, § II.H-837; Ord. No. 85-8, § 1, 3-12-85)

The Authority may exercise all or any part or combination of the powers granted by this chapter.

(Code 1976, § II.H-838; Ord. No. 85-8, § 1, 3-12-85)

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 chapter.

(Code 1976, § II.H-839; Ord. No. 85-8, § 1, 3-12-85)

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, and subject to reimbursement of the appropriate funds of the City for the reasonable value thereof. The City Council may, from time-to-time, by resolution, provide for the making by the Authority to the City, annually, of a payment, the amount of which shall be determined in a manner provided by such City Council, but which shall not exceed the amount the Authority would be required to pay to the City in ad valorem taxes if it were a private entity owning the same property.

(Code 1976, § II.H-840; Ord. No. 85-8, § 1, 3-12-85)

Whenever the Authority determines that the management and operation of any facility authorized hereunder is so complex and specialized as to require that it be accomplished by specially qualified persons, it may make and enter into managing agency agreements with competent persons, firms or corporations specially trained and experienced to render such services, subject to retention of such controls over rates and use of the facility as are necessary or desirable to assure its operation as a public facility or infrastructure.

(Code 1976, § II.H-841; Ord. No. 85-8, § 1, 3-12-85)

In addition to and supplemental to the powers set forth herein and notwithstanding any provision to the contrary set forth in this chapter, the Authority may exercise all of the powers set forth in the Marks-Roos Local Bond Pooling Act of 1985 (Government Code § 6584 et seq.) in the same manner and to the same extent that an "authority," as defined and established pursuant to said provisions, may exercise them, including, but not limited to, the powers enumerated in Government Code § 6588; provided, however, that the Authority shall only undertake financings and arrangements pursuant thereto which involve the "bonds" (as defined in Government Code § 6585) of the City or its instrumentalities and not those of other local agencies other than the City of Irvine or its instrumentalities. In the exercise of said powers, however, the limitations and requirements set forth in Government Code §§ 6588(o), 6590.1, 6590.2, 6591(g), 6591.1, 6592.5, 6595.5, 6595.7, 6596, 6597, 6598, 6598.5 and 6599.1(b), (c) and (d) shall not be applicable to the Authority's exercise of the powers conferred by this section and are not incorporated herein.

(Ord. No. 98-19, § 1, 12-8-98)

As used in this chapter, "bonds" means revenue bonds issued pursuant to this article.

(Code 1976, § II.H-850; Ord. No. 85-8, § 1, 3-12-85)

The Authority shall have the power to borrow money to provide funds for any project 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, which shall be a charge upon, and 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 proceeds for their issuance and shall not constitute obligations nor evidence any indebtedness of the City.

(Code 1976, § II.H-851; Ord. No. 85-8, § 1, 3-12-85)

All such bonds shall recite upon their face, in substance, that the bonds of each issue shall constitute special obligations, and evidence a special indebtedness, of the Authority, which shall be a charge upon, and 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 not constitute obligations, nor evidence any indebtedness, of the City and shall also recite upon their face that they are issued under this chapter.

(Code 1976, § II.H-852; Ord. No. 85-8, § 1, 3-12-85)

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 facilities or infrastructure 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 of such projects.

B. Exclusively from the income and revenue of certain designated facilities or infrastructure, whether or not such facilities 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 facilities thereafter to be established.

C. From its revenues generally, including revenue from the leasing of public facilities and infrastructure 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.

(Code 1976, § II.H-853; Ord. No. 85-8, § 1, 3-12-85)

Nothing in this chapter nor in the specifications, in the proceedings for the issuance of any bonds, of the sources of payment thereof shall preclude any of the following:

A. The payment of interest on or principal of any such bonds out of sums received as premiums or accrued interest on the sale thereof.

B. The payment of principal of or interest on, or premiums on the redemption of any such bonds out of the proceeds of the sale of refunding bonds issued for that purpose.

C. The payment of any interest on any such bonds accruing during, and for not to exceed two years after, the period of the construction of a project on account of which they were issued, or for any other reasonably limited period, out of the proceeds of the sale of such bonds.

D. The payment of any principal of, interest on, or premiums on the redemption of, any such bonds by the purchasers thereof, or by any entity other than the Authority issuing the same in any case where such purchasers or entity may have guaranteed such payment.

E. The application to the payment of any principal of, interest on, or premiums on the redemption of, any such bonds of any funds which the Authority may lawfully so apply.

(Code 1976, § II.H-854; Ord. No. 85-8, § 1, 3-12-85)

Except as limited by express provision of this chapter, the Authority, by resolution, or by contract, or other agreement with or for the benefit of the bondholders, 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.

(Code 1976, § II.H-855; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the aggregate principal amount, date or dates, maturities, interest rate or rates, interest payment dates, denominations and form of such bonds, and may provide for the issuance thereof as serial bonds or sinking fund bonds, as payable to bearer or as registered bonds, and for the subsequent registration of bonds, and for all other terms and conditions upon which they shall be executed, issued, secured, sold, paid, redeemed, funded and refunded.

(Code 1976, § II.H-856; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide that any resolution or resolutions adopted in connection with the authorization of any bonds shall constitute a contract with the holders 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.

(Code 1976, § II.H-857; Ord. No. 85-8, § 1, 3-12-85)

Referenced on the face of the bonds to any such resolution by the date of its adoption, or to any such contract or other agreement by the date of its execution, or the apparent date on the face thereof is sufficient to incorporate all of the provisions of the contract or agreement into the body of the bonds. Each taker and subsequent holder of the bonds has recourse to all of the provisions of the indenture and is bound thereby.

(Code 1976, § II.H-858; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for such covenants and agreement on the part of the Authority as it deems necessary or advisable for the better security of any bonds.

(Code 1976, § II.H-859; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the making of a covenant requiring the Authority to pay punctually the principal and interest on any bonds on the date or dates, at the place or places, and in the manner mentioned in the bonds in accordance with their terms.

(Code 1976, § II.H-860; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the making of a covenant requiring the Authority to continuously operate in an efficient and economical manner any or all facilities and infrastructure and properties, any revenues of which are charged with the payment of any bonds in connection with which such covenant is made.

(Code 1976, § II.H-861; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the making of a covenant requiring the Authority to make all repairs, renewals and replacements necessary to the operation of any or all facilities and infrastructure and properties, any revenues of which are charged with the payment of any bonds in connection with which such covenant is made, and to keep any and all such facilities and infrastructure and property at all times in good repair.

(Code 1976, § II.H-862; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the making of a covenant requiring the Authority to pay and discharge from the funds available for that purpose all lawful claims for labor, materials and supplies, or other charges which, if unpaid, may become a lien or charge upon all or any part of the revenue, any facilities, infrastructure or properties, revenues charged with the payment of any bonds in connection with which the covenant is made, or physical properties of the project which may impair the security of the bonds.

(Code 1976, § II.H-863; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the making of a covenant which limits, restricts or prohibits the power of the Authority to mortgage or otherwise encumber, sell, lease or dispose of any or all facilities, infrastructure and properties, any revenues of which are charged with the payment of any bonds in connection with which the covenant is made, or to enter into any lease or agreement which might impair or impede the operation of such facilities, infrastructure or properties, or any part thereof or might otherwise impair or impede the rights of bondholders with respect to such revenues.

(Code 1976, § II.H-864; Ord. No. 85-8, § 1, 3-12-85)

A. The Authority may provide for the making of a covenant requiring the Authority to fix, prescribe and collect, with respect to any or all properties, any revenues of which are charged with the payment of any bonds in connection with which such covenant is made, fees, tolls, rentals or other charges in connection with the services and facilities furnished from any such properties operated by it, and to fix and collect rentals or other charges for any such properties leased by it to others for operation, sufficient, with such other funds as may have been made available for and charged with such payment, to pay the principal of and interest on such bonds as they become due and payable, together with all expenses of operation, maintenance and repair of such facilities, infrastructure and properties, and with such additional sums as may be required for any sinking fund, reserve fund or other special fund provided for the further security of such bonds or as a depreciation charge or other charge in connection with such facilities, infrastructure and properties, and all other charges payable out of any revenues charged with the payment of the bonds.

B. The Authority may also provide for the making of a covenant requiring the fixing and prescribing by it and the collection by any lessee or operator of any or all facilities, infrastructure and properties, any revenues of which are charged with the payment of any bonds in connection with which such covenant is made, of all fees, tolls, rentals or other charges in connection with the services and facilities furnished by such lessee or operator, sufficient to assure the payment by such lessee or operator to such Authority of the rentals or other charges payable by such lessee or operator to such Authority.

(Code 1976, § II.H-865; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the making of a covenant requiring the Authority to provide for the establishment and maintenance of reserve funds, sinking funds, or other special funds in the City treasury or special trust accounts in a bank or trust company to ensure payment, when due or payable, whether at maturity or upon redemption, of the principal of and interest on any bonds, including premiums, if any due, upon the redemption of any thereof or to ensure the application of the proceeds of such bonds to the purposes for which the same were issued, or for any other appropriate purpose. Any money placed in any such reserve, sinking, or other special fund or trust account shall constitute a trust fund and shall be applied only to the purposes for which it was created.

(Code 1976, § II.H-866; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the making of a covenant requiring it to apply the proceeds of the bonds in connection with which such covenant is made, or any part thereof to the acquisition, construction, maintenance or improvement of a specified facility, infrastructure or other specified purpose.

(Code 1976, § II.H-867; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the making of a covenant restricting the incurring of additional indebtedness payable in whole or in part out of revenues of funds which are charged with the payment of any bonds in connection with which such covenant is made.

(Code 1976, § II.H-868; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the making of a covenant requiring it to carry insurance on any facilities, infrastructure or properties any revenues of which are charged with the payment of any bonds in connection with which such covenant is made, or any operations incident thereto, specifying or limiting the kind, amount and character of such insurance, and providing for the use and disposition of the proceeds of any such insurance thereafter collected.

(Code 1976, § II.H-869; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the terms and conditions upon which any bonds may become or be declared due and payable prior to maturity, upon the happening of any specified event of default; and the terms and conditions upon which such declaration and its consequences may be waived.

(Code 1976, § II.H-870; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the rights, limitations, powers and duties arising upon breach by the Authority of any of the covenants, conditions or obligations contained in any resolution, contract or agreement.

(Code 1976, § II.H-871; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for a procedure by which certain specified terms and conditions of any resolution, contract or agreement may be subsequently amended or modified, or any provision thereof waived, with the consent of the Authority and the vote or written assent of the holders of a specified principal amount of the bonds issued and outstanding. Such provision may authorize meetings of bondholders and specify the manner in which the consent of the bondholders may be given. Such provision shall specifically state the effect of such amendment, modification or waiver upon the rights of the holders of all of the bonds.

(Code 1976, § II.H-872; Ord. No. 85-8, § 1, 3-12-85)

The provisions for such procedure may include an agreement that bonds held by the Authority, the City, or by any other person or entity who or which the Authority may determine to be so interested in the matter as to make it proper, shall not be counted as outstanding bonds, and that the holders thereof shall not be entitled to vote or assent with respect to such amendment, modification or waiver, but shall nevertheless be subject thereto.

(Code 1976, § II.H-873; Ord. No. 85-8, § 1, 3-12-85)

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.

(Code 1976, § II.H-874; Ord. No. 85-8, § 1, 3-12-85)

The Authority may designate a bank or trust company as a trustee for the holders of bonds issued pursuant to this chapter and may authorize the trustee to act on behalf of the rights and remedies available to them.

(Code 1976, § II.H-875; Ord. No. 85-8, § 1, 3-12-85)

The Authority may fix and determine the conditions upon which any trustee shall receive, hold or disburse any or all funds coming into its hands pursuant to any resolution, contract or agreement.

(Code 1976, § II.H-876; Ord. No. 85-8, § 1, 3-12-85)

The Authority may prescribe the duties and powers of any trustee respecting the payment of principal and interest on bonds, the redemption of bonds, the registration and discharge from registration of bonds, and the management of any sinking or other fund provided as security for bonds, and with respect to any other appropriate matter.

(Code 1976, § II.H-877; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the issuance of bonds in series, and for the division of any issue into two or more divisions, and may fix different maturities or dates of such bonds, different rates of interest, or prescribe different terms and conditions for the bonds of the several series or divisions. After having authorized or issued bonds, the Authority may from time-to-time thereafter authorize and issue other bonds, subject to any covenants it may have made restricting the future issuance of bonds.

(Code 1976, § II.H-878; Ord. No. 85-8, § 1, 3-12-85)

All bonds of the same authorized issue need not be of the same kind or character, have the same security, or bear the same interest rate, but the terms of the bonds shall in each case be prescribed by the Authority.

(Code 1976, § II.H-879; Ord. No. 85-8, § 1, 3-12-85)

Bonds may be callable upon such terms, conditions and notice as the Authority determines, and upon the payment of the premium, if any, fixed by the Authority in the proceedings for their issuance. No bond shall be subject to call or redemption prior to its fixed maturity date unless the right to exercise such call is expressly stated on its face.

(Code 1976, § II.H-880; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the payment of the principal and interest of bonds at any place within the State, or for the payment or collection of such principal and interest without the State, and in any specified coin or currency of the United States.

(Code 1976, § II.H-881; Ord. No. 85-8, § 1, 3-12-85)

Signatures on the bonds may be printed, lithographed or engraved facsimile.

(Code 1976, § II.H-882; Ord. No. 85-8, § 1, 3-12-85)

If any officer or representative whose signature or countersignature appears upon the bonds ceases to be an officer or representative before the delivery of the bonds, his or her signature or countersignature is nevertheless valid and of the same force and effect as if he or she had continued to hold his or her office or position until the delivery of the bonds.

(Code 1976, § II.H-883; Ord. No. 85-8, § 1, 3-12-85)

Bonds issued under this chapter may be serial or sinking fund bonds. A bond by its terms shall not mature more than 40 years from its date. If any authorized issue is divided into two or more series or divisions, the maximum maturity date shall be calculated from the date on the face of each bond separately, irrespective of the fact that different dates may be prescribed for the bonds of each separate series or division of any authorized issue.

(Code 1976, § II.H-884; Ord. No. 85-8, § 1, 3-12-85)

A. The bonds may be issued and sold as the Authority determines and directs, at public or private sale, at or below their par value and at a rate of interest not to exceed the rate determined by the Authority in the resolution providing for the issuance thereof. The bonds shall be payable at the times and in the amounts determined by the Authority in said resolution.

B. Without limiting the generality of the foregoing, the bonds may also be issued directly to the seller of land, improvements or property acquired for Authority purposes, as all or part of the purchase price thereof on such terms as may be established by the agreement for acquisition.

(Code 1976, § II.H-885; Ord. No. 85-8, § 1, 3-12-85)

In determining the amount of bonds to be issued the Authority may include all of the following:

A. All costs and expenses and estimated costs and expenses incidental to or connected with the acquisition, construction, maintenance, improving or financing of the facilities, or infrastructure, including, but not limited to, the cost of any environmental impact report or statement or other studies, filings or reports required by law.

B. All engineering, inspection, legal and fiscal agent's fees, costs of the issuance of the bonds, bond reserve funds, and bond interest estimated to accrue during the construction period and for a period of not to exceed 24 months after completion of construction.

(Code 1976, § II.H-886; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide that interest on bonds issued for the acquisition, construction or completion of any project may be paid out of the proceeds of the sale of the bonds during the actual construction of the project and for a period of not to exceed two years after completion of actual construction, or for any other reasonably limited period.

(Code 1976, § II.H-887; Ord. No. 85-8, § 1, 3-12-85)

In the proceedings for the issuance of bonds the Authority may provide that the principal of and interest on the bonds constitute such charge upon the revenues of any project acquired, constructed or completed from the proceeds of the bonds, or upon other available and specified revenues or funds as may be provided for in such proceedings.

(Code 1976, § II.H-888; Ord. No. 85-8, § 1, 3-12-85)

Pending the actual issuance or delivery of bonds, the Authority may issue temporary or interim bonds, certificates or receipts of any denominations, with or without coupons, to be exchanged for definitive bonds when ready for delivery.

(Code 1976, § II.H-889; Ord. No. 85-8, § 1, 3-12-85)

The Authority may provide for the issuance, sale or exchange of refunding bonds to redeem or retire any revenue bonds issued by it. All provisions of this division applicable to the issuance, sale or exchange of bonds shall be also applicable to such refunding bonds.

(Code 1976, § II.H-890; Ord. No. 85-8, § 1, 3-12-85)

Refunding bonds may be issued in a principal amount sufficient to provide funds for the payment of the bonds to be refunded and all expenses incident to the calling, retiring or paying of the outstanding bonds and the issuance of the refunding bonds. These expenses include:

A. The difference in amount between the par value of the refunding bonds and any amount less than par for which the refunding bonds are sold.

B. The amount of interest upon the refunding bonds from the date of their sale to the date of payment of the bonds to be refunded or to the date upon which the bonds to be refunded will be paid pursuant to their call or pursuant to any agreement with the holders of such bonds.

C. Any premium required to be paid to call or retire the outstanding bonds.

D. The interest accruing on the outstanding bonds to the date of their call or retirement.

(Code 1976, § II.H-891; Ord. No. 85-8, § 1, 3-12-85)

An action to determine the validity of bonds may be brought pursuant to Civil Procedure Code pt. 2, tit. 10, ch. 9 (Code of Civil Procedure § 860 et seq.).

(Code 1976, § II.H-892; Ord. No. 85-8, § 1, 3-12-85)

The Authority shall have power, and it shall be its duty, fully and faithfully to keep and perform any covenant it may make, or obligation it may assume, pursuant to any provision of this division; and it shall be the duty of each and every officer, representative and employee of the Authority to do and perform each and every act necessary or appropriate for such keeping and performance by such Authority of every such covenant and obligation.

(Code 1976, § II.H-896; Ord. No. 85-8, § 1, 3-12-85)

A. In addition to all other rights conferred on an obligee and subject only to any contractual restrictions binding upon him, an obligee may:

1. By mandamus, suit, action, or proceeding at law or in equity, compel the Authority and its members, officers, agents or employees to perform every term, provision and covenant contained in any contract of the Authority with or for the benefit of the obligee, to carry out all covenants and agreements of the Authority, and to fulfill all duties imposed upon the Authority by this chapter.

2. By suit, action or proceeding, in equity, enjoin any acts or things which are unlawful and in violation of any of the rights of the obligee.

B. The members, officers, agents and employees of the Authority are not personally liable for damages caused by the performance or nonperformance of their duties under this chapter or any contract or indenture made pursuant thereto.

(Code 1976, § II.H-898; Ord. No. 85-8, § 1, 3-12-85)