San Leandro Municipal Code Art. 1 General Provisions and Definitions

This Chapter may be cited as the City of San Leandro Marina and Park Area Development Revenue Bond Law.

The City Council hereby finds and declares that it is necessary, essential, a public purpose and a municipal affair for the City to be authorized to assist in the provision of financing for the improvement and development of the marina and park areas of the City in order to promote the general public's use and enjoyment of such marina and park areas. The availability of financial assistance pursuant to this Chapter will insure the fulfillment of the City's master plan for improvement and development of the marina and park areas at a lower cost to the municipal taxpayer. Moreover, without financing available pursuant to this Chapter, the fulfillment of such master plan would be in jeopardy. The construction and operation of the facilities eligible for financing hereunder will generate employment, add to the local tax base and otherwise increase commerce and the welfare and property of the City of San Leandro.

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

Bonds.

"Bonds" means any bonds, notes, certificates, debentures or other obligations issued or entered into by the City pursuant to this Chapter and payable exclusively from revenues as in this Chapter defined and from any other funds specified in this Chapter upon which such obligations may be made a charge and from which they are made payable.

City.

"City" means the City of San Leandro.

Cost.

"Cost" means the total of all costs incurred by or on behalf of a participating party necessary or incident to the acquisition, construction, rehabilitation or improvement of a facility, or the refunding or refinancing of obligations incurred to finance such acquisition, construction, rehabilitation or improvement. Cost shall include all such costs which under generally accepted accounting principles are chargeable to the facility's capital account (whether or not actually so charged), including, without limitation, the cost of all lands, structures, real or personal property, machinery, equipment, fixtures, furnishings, franchises, rights and interests acquired or used in connection with a facility, the cost of demolishing or removing any structures (including the cost of acquiring any lands to which such structures may be moved), the cost of engineering, architectural, financial and legal services, plans, specifications, studies, surveys, estimates, administration expenses or other expenses necessary or incident to determining the feasibility of or to acquiring, constructing, rehabilitating, improving or financing a facility, including all costs of issuance of bonds for such purposes, reserves for debt service and for repairs, replacements, additions and improvements, and capitalized bond interest for such period as the City may determine.

Council.

"Council" means the City Council of the City of San Leandro.

Facility.

"Facility" means any facility, place or building within a marina or park area in the City which the Council deems necessary or appropriate to provide for the full, complete and convenient public use and enjoyment of such marina or park area and which is approved by the City for financing pursuant to this Chapter.

Participating Party.

"Participating party" means any individual, association, corporation, partnership or other entity, which, pursuant to the provisions of this Chapter, undertakes the financing of the acquisition, construction, rehabilitation or improvement of a facility or undertakes the refunding or refinancing of obligations incurred to finance such acquisition, construction, rehabilitation or improvement.

Revenues.

"Revenues" means amounts received by the City as payment of principal, interest, and all other charges with respect to a loan under this Chapter, as payments under a lease, sublease or sale agreement with respect to a facility, as proceeds received by the City from mortgage, hazard or other insurance on or with respect to such a loan, lease, sublease or sale agreement, all other rents, charges, fees, income and receipts derived by the City from the financing or refinancing of a facility under this Chapter, any amounts received by the City as investment earnings on moneys deposited in any fund securing bonds, and such other legally available moneys as the Council may, in its discretion, lawfully designate as revenues.