San Leandro Municipal Code Art. 1 General Provisions and Definitions

This Chapter may be cited as the City of San Leandro Economic Development Revenue Bond Law.

The Council hereby finds and declares that it is necessary and essential to the well-being of the City that it provide financial assistance to promote the economic development of the City. Such economic development will serve the following public purposes and municipal affairs of the City: (a) the full gainful employment of residents of the City; (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's tax base through increased property values and purchasing power; (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's economy; (h) the lowering of the cost to San Leandro consumers of necessary goods and services; (i) the environmentally optimum disposition of waste materials of the City; and (j) the enhancement of the general economic prosperity, health, safety and welfare of the residents of the City.

The availability of financial assistance pursuant to this chapter will serve those purposes and the general plan of the City by providing private enterprises with new methods of financing capital outlays in the City and by ensuring that economic development within the City 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. The City can promote such public interests pursuant to this chapter without adversely affecting areas outside the City and without conflicting with efforts by the State of California to solve problems of statewide concern.

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 by the City pursuant to this chapter and payable as provided in this chapter.

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 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, and working capital incident to the operation of a Facility.

Council.

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

Facility.

"Facility" means any facility, place or building within the City which is maintained and operated for industrial, commercial or business purposes, conforms to the general plan of the City and is approved by the City for financing pursuant to this chapter, such approval to be given only if the City finds and determines that such financing will substantially promote one or more of the public purposes listed in Section 2-8-105.

Participating Party.

"Participating Party" means any individual, association, corporation, partnership or other entity which is approved by the City to undertake the financing of the Costs of a Facility pursuant of this chapter.

Revenues.

"Revenues" means amounts received by the City as payments 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 (or any property securing such loan), lease sublease or sale agreement, all other rents, charges, fees, income and receipts derived by the City from the financing 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.

None of the Revenues, as defined by this chapter, shall be taken into account in any manner in determining the City's compliance with Article XIIIB of the California Constitution.