Porterville Municipal Code Div. 1 Generally

A. This section shall be known as the CITY OF PORTERVILLE REVENUE BOND LAW, and is enacted by the council of the city of Porterville under and pursuant to the powers granted and reserved to the city of Porterville under sections 3 and 5 of article XI of the constitution of the state of California and sections 4 and 54 of the charter of the city of Porterville, and is enacted for the purpose of establishing a procedure for the issuance and sale of revenue bonds of the city of Porterville for certain purposes. This section shall constitute a special procedure for the carrying out and enforcement of the rights and powers belonging to the city of Porterville and such procedure shall control and be followed in the issuance and sale of revenue bonds as in this section so provided. This section fixes and establishes the entire procedure for the issuance and sale of said revenue bonds and no other law shall be applicable thereto.

B. Whenever the public interest and necessity so require, the council of the city of Porterville may, acting under this section, by ordinance or ordinances issue revenue bonds to provide funds for the acquisition, construction, improving or financing of:

1. Any "enterprise" as that term is defined in the revenue bond law of 1941 hereinafter referred to; or

2. Any enterprise comprising a revenue producing improvement, system, plant or plants, work, facilities or undertaking used for or useful in both the collection, treatment or disposal of sewage, waste or storm water, including drainage, and in the obtaining, conserving, treating and supplying of water for domestic use, irrigation, sanitation, industrial use, fire protection, recreation, or any other public or private uses.

The procedure for the issuance of such revenue bonds shall (except as herein otherwise expressly provided) be the procedure set forth in the revenue bond law of 1941 (commencing with section 54300 of the California Government Code), and by this reference, with the exception hereinafter stated, the provisions of said law are incorporated herein; provided, however, that no election to authorize the issuance of such revenue bonds shall be required or held, and to that end sections 54380 through 54387 of said Government Code are not incorporated herein and shall not be applicable to the issuance of such revenue bonds; and provided further, that the term "enterprise" shall have the meanings specified in this subsection B rather than the meanings specified in section 54309 of said Government Code.

C. Reference is hereby made to three (3) copies of chapter 6 of division 2 of title 5 of the Government Code of the state of California known as the "Revenue Bond Law Of 1941" and filed in the office of the city clerk of the city of Porterville on October 3, 1972, and said chapter 6 of division 2 of title 5 of the Government Code of the state of California as aforesaid now on file with said city clerk is hereby adopted by reference excepting therefrom article 3 of said chapter 6 and excepting as hereinabove provided. (Ord. 1026 §§ 1 – 3, 11-7-1972)