Merced Municipal Code Ch. 3.40 Revenue Bonds

The city council, exercising the powers reserved to the city under Sections 3 and 5 of Article XI of the Constitution of the state of California and Sections 200 and 201 of the Charter of the city, may, when the public interest and necessity require, by resolution or resolutions, issue revenue bonds for any of the purposes as set forth in Sections 54309 and 54309.1 of the Government Code of the state of California. Such revenue bonds shall be issued by the city council pursuant to provisions of the Revenue Bond Law of 1941 (California Government Code Sections 54300 et seq.), as in effect on the effective date of the ordinance codified in this chapter (and all of the provisions of such law are incorporated in this section by reference and made a part hereof); excepting, however, that no election shall be required for the issuance of any revenue bonds by the city council; and that the terms "local agency" and "legislative body," as used in the law, means the city council; and to that end, Sections 54380 through 54387 of the Government Code of the state of California are not incorporated in this chapter and shall not be applicable to the issuance of such revenue bonds; and excepting further, however, that the revenue bonds may bear interest at a rate not exceeding eight percent a year, payable annually or semiannually.

(Ord. 1214 § 1, 1978).