§ 43.2

This Article may be cited as the Economic Development Revenue Bond Law of the City and County of San Francisco.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

The Board of Supervisors hereby finds and declares that it is necessary and essential to the well-being of the City and County that it provide financial assistance to promote the economic development of the City and County. Such economic development will serve the following public purposes and municipal affairs of the City and County:

• (a) The full and gainful employment of residents of the City and County;

• (b) The full and efficient utilization and modernization of existing industrial, commercial and business facilities;

• (c) The development of new industrial, commercial and business facilities;

• (d) The growth of the City and County's tax base through increased property values and consumer purchasing;

• (e) The reduction of the need for and costs of welfare and other remedial programs;

• (f) The reduction of urban ills, such as crime, attributable in part to inadequate economic opportunities;

• (g) The stability and diversification of the City and County's economy;

• (h) The lowering of the cost to City and County consumers of necessary goods and services;

• (i) The environmentally optimum disposition of waste materials of the City and County; and

• (j) The enhancement of the general economic prosperity, health, safety and welfare of the residents of the City and County.

The availability of the financial assistance authorized by this Article will serve those purposes and the general plan of the City and County by providing private enterprises and the City and County with new methods of financing capital outlays in the City and County and by ensuring that economic development within the City and County will reflect the local community's needs and objectives and will be environmentally optimum with respect to both the physical and social environment of the City and County. The City and County shall promote such public interests pursuant to this Article without adversely affecting areas outside the City and County and without conflicting with efforts by the State of California to solve problems of statewide concern.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

This Article is full authority for the issuance of Bonds by the City and County for any of the purposes specified herein.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

This Article shall be deemed to provide a complete, additional, and alternative method for doing the things authorized thereby, and shall be regarded as supplemental and additional to the powers conferred by other laws. The issuance of Bonds under the provisions of this Article need not comply with the requirements of any other law

applicable to the issuance of bonds. The purposes authorized hereby may be effectuated and Bonds are authorized to be issued for any such purposes under this Article notwithstanding that any other law may provide for such purposes or for the issuance of bonds for like purposes and without regard to the requirements, restrictions, limitations or other provisions contained in any other law.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

Unless the context otherwise requires, the terms defined in this Article shall have the following meanings:

(a) "Board" means the Board of Supervisors of the City and County of San Francisco.

(b) "Bonds" means the bonds, notes, certificates, debentures and other obligations and evidences of indebtedness authorized to be issued by the City and County pursuant to this Article and payable as provided in this Article.

(c) "City" means the City and County of San Francisco.

(d) "Cost" means the total of all costs incurred by or on behalf of a Participating Party to carry out all works and undertakings and to obtain all rights and powers necessary or incident to the acquisition, construction, installation, reconstruction, rehabilitation or improvement of a Facility. "Cost" may include all costs of issuance of bonds for such purposes, costs for construction undertaken by a Participating Party as its own contractor, capitalized bond interest, reserves for debt service and for repairs, replacements, additions and improvements to a Facility, and other working capital incident to the operation of a Facility.

(e) "Facility" means any of the facilities, places or buildings within, serving or otherwise substantially connected to the City and County which are, or will be, maintained and operated for industrial, manufacturing, research and development, commercial or business purposes, or energy uses, or any combination of such purposes and uses, and conform to the general plan of the City and County, are approved by the City and County for the financing authorized by this Article, such approval being given only when the City and County finds and determines that such financing (1) will substantially promote one or more of the public purposes listed in Section 43.2.2, and (2) will not have the proximate effect of the relocation of any substantial operations of the Participating Party from one area of the State to another or the abandonment of any substantial operations of such Participating Party within other areas of the State, or, if such financing will have either of such effects, then such financing is reasonably necessary to prevent the relocation of any substantial operations of the Participating Party from an area within the State to an area outside the State.

A "Facility" may also be an activity which may otherwise be financed pursuant to the California Industrial Development Financing Act (Government Code Section 91500 et seq.) to the extent said Act permits the financing of such activity under alternative authority. "Facility" includes, without limitation, real and personal property, land, buildings, structures, fixtures, machinery and equipment and all such property related to or required or useful for the operation of a Facility. Facility does not include any facility, place or building used or to be used primarily for sectarian instruction or study or as a place for devotional activities or religious worship.

ility" includes, without limitation, real and personal property, land, buildings, structures, fixtures, machinery and equipment and all such property related to or required or useful for the operation of a Facility. Facility does not include any facility, place or building used or to be used primarily for sectarian instruction or study or as a place for devotional activities or religious worship.

(f) "Participating Party" means any individual, association, corporation, partnership or other entity which is approved by the City and County to undertake the financing of the Costs of a Facility for which this Article authorizes the issuance of Bonds.

(g) "Responsible Department" means the Mayor except that, unless otherwise specified by the Mayor, Responsible Department for proposals for financing under this Article of any Facility described in Section 103(b)(4) of the Internal Revenue Code of 1954, as amended, shall be that department, office, commission or authority of the City and County having jurisdiction over the proposed Facility.

(h) "Revenue" means amounts received by the City and County as payments of principal, interest, and all other charges with respect to a loan authorized by this Article, as payments under a lease, sublease or sale agreement with respect to a Facility, as proceeds received by the City and County from mortgage, hazard or other insurance on or with

respect to a loan (or property securing such loan), lease, sublease or sale agreement all other rents, charges, fees, income and receipts derived by the City and County from the financing of a Facility authorized by this Article, any amounts received by the City and County as investment earnings on moneys deposited in any fund securing the Bonds, and such other legally available moneys as the Board of Supervisors may, in its discretion, lawfully designate as Revenues.

(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)

Revenues, as defined by this Article, and the expenditure of such Revenues shall not be taken into account in any manner in determining the City and County's compliance with Article XIIIB of the California Constitution. (Added by Ord. 12-00, File No. 992117, App. 2/11/2000)