Long Beach Municipal Code Div. I Revenue Bonds

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State Law reference— Provisions on revenue bonds, Gov. C. § 54300 et seq.

The City Council, exercising the powers reserved to the City under the Constitution of the State of California and provisions of the Charter of the City, by resolution, may issue and sell revenue bonds when the public interest and necessity require; provided, however, that where the revenue bonds are to be issued for the purpose of any department of the City which has its own Board of Commissioners, the bonds, with the approval of the City Council expressed by resolution, may be issued and sold on behalf of the City by the Board of Commissioners of the department.

(Ord. C-5971 § 1 (part), 1983: Ord. C-5618 § 2 (part), 1980: prior code § 2750)

Revenue bonds may be issued, sold and delivered under the authority of this Division for the purpose of financing or refinancing any public project

(Ord. C-7085 § 4, 1993)

At a regular or special meeting and by a majority vote of all members, the City Council or the Board of Commissioners of a department, if the revenue bonds are to be issued for a purpose of the department, shall adopt a resolution authorizing the issuance of said bonds without the requirement of submitting the proposition of issuing revenue bonds to the qualified voters. The resolution shall state all the terms and conditions upon which the bonds are being offered for sale, that the bonds are to be revenue bonds payable exclusively from revenues and such other funds as may be legally available for such purpose, and that the bonds are not to be secured by the taxing power of the City.

(Ord. C-7085 § 1, 1993: Ord. C-5971 § 1 (part), 1983: Ord. C-5618 § 2 (part), 1980: prior code § 2750.1)

A. Revenue bonds may be sold by the City Council or the Board of Commissioners upon either: (1) competitive bid as provided in Subsection B of this Section; or (2) by negotiated private sale pursuant to and in accordance with a resolution adopted by a majority of all members of the City Council or of the Board of Commissioners.

B. If revenue bonds are to be sold by competitive bid, then before selling the bonds or any part thereof, the City Council or the Board of Commissioners of the department, if the bonds are to be issued for a purpose of the department, shall give notice inviting sealed bids by publication of the notice once in a newspaper of general circulation within the City at least ten (10) days prior to the date of opening bids stated in the notice, together with such other notices as may be required by law. If satisfactory bids are received, the revenue bonds offered for sale shall be awarded to the lowest responsible bidder. If no bids are received, or if the City Council or the Board of Commissioners determines that the bids received are either not responsive to the notice inviting the same or not satisfactory as to price or responsibility of the bidders, the City Council or the Board of Commissioners may reject all bids received, if any. In the event no bids are received or all bids are rejected, the City Council or the Board of Commissioners may either readvertise or sell the bonds at private sale subject to confirmation thereof by resolution adopted by a majority of all members of the City Council or of the Board of Commissioners. The private sale may then be made upon terms and conditions other than those contained in the resolution authorizing issuance of the revenue bonds and the notice inviting bids therefor.

(Ord. C-7085 § 2, 1993: Ord. C-6142 § 1, 1985: Ord. C-5971 § 1 (part), 1983: Ord. C-5618 § 2 (part), 1980: prior code § 2750.2)

In addition to, and not as a limitation of, the authority provided by Section 3.52.110, the City may exercise all of the rights and powers and perform the duties and covenants contained in the Revenue Bond Law of 1941 (commencing with Government Code Section 54300), if included in the resolution authorizing issuance of the revenue bonds, which are by this reference, with the exceptions stated in this Section, incorporated in this Section. Government Code Sections 54380 through 54388, both inclusive, and Sections 54310, 54402, and 54418 are not incorporated in this Section and shall not be applicable to revenue bonds issued by the City Council or the Board of Commissioners of a department.

(Ord. C-7085 § 3, 1993: Ord. C-5971 § 1 (part), 1983: Ord. C-5618 § 2 (part), 1980: prior code 2750.3)

This Division shall be liberally construed.

(Ord. C-5971 § 1 (part), 1983: Ord. C-5618 § 2 (part), 1980: prior code § 2750.4)