San Rafael Municipal Code Art. XVI Off-Street Vehicular Parking

The city of San Rafael, in addition to all other powers elsewhere enumerated in this charter, shall have power to acquire (whether by purchase, lease, eminent domain, or otherwise), construct, establish, improve, extend, maintain, operate, administer, lease and sublease off-street vehicular parking facilities and places within the city of San Rafael, including any and all public parking lots, garages or other automotive parking facilities, in order to relieve traffic congestion and promote the welfare of the citizens and inhabitants of said city, and for the payment of the cost thereof, to issue bonds payable from the revenues of any such parking facilities and from other revenues, all as hereinafter provided in this article.

The following terms whenever used or referred to in this article, or in any resolution of issue, shall have the following meanings, respectively, unless a different meaning appears from the context:

(a) PROJECT. The term "project" means any one or more off-street vehicular parking facilities referred to in Section 1 and designated by the city as a project in a resolution of issue.

(b) BONDS. The term "bonds" or "revenue bonds" means the written evidence of any obligation issued by the city, payment of which is secured by a pledge of revenues or any part of revenues, as provided in this article, in order to obtain funds with which to carry out any of the purposes of this article, irrespective of the form of such obligation.

(c) The term "existing off-street parking facilities" means and includes any off-street vehicular parking facilities now or hereafter owned by the city and operated or controlled by the city at the time of adoption of a resolution of issue and not theretofore designated by the city as a project in a resolution of issue and not acquired, constructed, established, improved, extended, maintained or operated, in whole or in part, from the proceeds of sale of any revenue bonds.

(d) REVENUES. The term "revenues" means and includes any and all rates, fees and other charges received or receivable in connection with, and any and all income and receipts of whatever kind and character derived by the City, from the operation of a project, or arising from a project, including any such revenues as may have been or may be impounded or deposited in any fund created for the security or further protection of revenue bonds or for the purpose of providing for the payment of the principal thereof or the interest thereon. The term "revenues" also includes net revenues from on-street parking meters within the City now owned or controlled or hereafter acquired or controlled by the City and net revenues of any existing off-street parking facilities to the extent that the same shall be pledged or otherwise made available for the payment of operation and maintenance costs of any project or as security or further protection for bonds by a resolution of issue.

(e) NET REVENUES. The term "net revenues" when used with reference to on-street parking meters within the City means and includes the gross revenues collected by the City during any fiscal year from the establishment and operation of such on-street parking meters after deducting therefrom the actual necessary costs and expenses of the acquisition, installation, maintenance and replacement of such parking meters and of the collection of revenues therefrom, all calculated on sound accounting principles, but without any allowance for depreciation or obsolescence. The term "net revenues" when used with reference to any existing off-street parking facilities means and includes the gross revenues collected by the City during any fiscal year from the establishment and operation of such existing off-street parking facilities after deducting therefrom the actual necessary expenses of maintaining and operating such facilities, calculated on sound accounting principles, but without any allowance for depreciation or obsolescence.

(f) RESOLUTION OF ISSUE. The term "resolution of issue" means any agreement entered into by the council, including any resolution adopted by the council, pursuant to which revenue bonds are issued, and includes any agreement entered into or resolution adopted by the council amending, modifying or supplementing a resolution of issue irrespective of the form thereof.

Without limiting the generality of Section 1 the council of the City of San Rafael has power for any of the purposes of this article:

(a) To acquire, by grant, purchase, gift, devise, lease or by the exercise of right of eminent domain, and to hold, use, sell, lease, sublease or dispose of any real or personal property or any interest in any thereof, including rights-of-way, necessary or appropriate for the full exercise, or convenient or useful for the carrying on, of any of its powers pursuant to this article;

(b) To acquire, by any of the means specified in the foregoing clause (a) , any lands, property or rights-of-way necessary or convenient for the opening, widening, straightening and extending of streets or alleys necessary or convenient for ingress to or egress from any project;

(c) To improve any lands so acquired by the construction thereon of garages or other buildings or improvements necessary or convenient for any project;

(d) To construct, establish, improve, extend, maintain, operate, administer, lease and sublease any project;

(e) To fix rates, fees or charges for the use of the facilities provided by any project, or for any services rendered in connection therewith, and to alter, change or modify the same at its pleasure, subject to any contractual obligation which may be entered into by the City with respect to the fixing of such rates, fees or charges; and, by a resolution of issue or otherwise, to enter into covenants to increase rates, fees or charges from time to time; provided, however, that any person shall be permitted to use or operate any facilities provided by any project only upon payment of the regularly established charge therefor, except as may be otherwise specifically provided in a resolution of issue in the case of firemen, policemen and other essential public employees. All rates, fees and charges shall be paid only in such coin or currency as on the date of payment is legal tender for public and private debts, or in scrip or tokens issued only upon payment of the face value thereof in such coin or currency;

(f) At any time and from time to time to issue revenue bonds in order to raise funds for the purpose of establishing any project or of acquiring lands for any project or of acquiring, constructing, completing, improving, extending, maintaining, operating or administering any project, or of refinancing any project, or for any combination of such purposes, which bonds may be secured as hereinafter provided;

(g) To make contracts, leases, subleases and agreements, relative to the acquisition, operation or maintenance of any project or any part of any project with any person or public corporation, political subdivision, city, county, district, the State of California, or the United States of America, or any department or agency of any thereof, subject to any contractual obligation which may be entered into by the City with respect to the issuance of bonds;

(h) To lease for commercial purposes space in any project which in the opinion of the Council is not and will not during the term of such lease be required for off-street vehicular parking facilities, provided that the aggregate of all such space so leased at any one time in any project shall not exceed twenty per cent (20%) of the surface area of such project and that the term of any such lease shall not exceed a period of five (5) years from its date;

(i) To sell, lease, convey or otherwise dispose of any rights, interests or property acquired under this article, subject to any contractual obligation which may be entered into by the City with respect to the issuance of bonds;

(j) To exercise the right of eminent domain for the condemnation of private property or any right of interest therein for any of the purposes of this article;

(k) To adopt such rules and regulations as may be necessary regarding the operation and maintenance of any project and to enable the City to exercise the powers and perform the duties conferred or imposed by this article; and

(l) To do any and all acts or things necessary or appropriate to carry out the purposes of this article and the provisions, covenants and agreements contained in any resolution of issue adopted pursuant to the authority conferred by this article; provided that nothing in this section or elsewhere in this article contained shall be construed directly or by implication to be in any way in derogation or in limitation of any powers conferred upon or existing in the city by virtue of the provisions of the Constitution of the State of California or any other provision of this charter.

In addition to all other powers elsewhere enumerated in this article, the council shall have power to pledge, place a charge upon, or otherwise make available and authorize payment of all or any part of the net revenues collected by the city from the establishment and operation of (i) on-street parking meters within the city now owned or controlled or hereafter acquired or controlled by the city, and (ii) existing city off-street parking facilities, for such periods of years as shall be determined by the council, for the payment of operation and maintenance costs of any one or more projects authorized by this article or as security or further protection for the payment of principal of and interest on bonds issued pursuant to this article.

The council may provide for one or several issues of bonds and may issue bonds in series, or may divide any issue into one or more series or divisions and fix different maturities or dates for each series or division, different rates of interest, or different terms and conditions for the bonds of the several series or divisions. It is not necessary that all bonds of the same authorized issue be of the same kind or character, have the same security, or be of the same interest rate, but the terms thereof shall in each case be provided for by the council by a resolution of issue at the time of or prior to the issue thereof.

Each issue of revenue bonds shall be authorized by the council by a resolution of issue adopted by affirmative votes of at least four (4) members of the council at a duly assembled meeting.

Resolutions of Issue shall provide for the aggregate principal amount, date or dates, maturities, interest rates, denominations and form, and may provide for the registration, transfer and interchange, of any revenue bonds and coupons issued pursuant to this article; and shall prescribe the purpose or purposes for which said bonds are to be issued and the terms and conditions on which said bonds are to be executed, issued, secured, sold and paid, and if desired, the terms and conditions on which said bonds may be redeemed prior to maturity or refunded.

The following provisions shall govern and apply to (a) all revenue bonds issued pursuant to this article and (b) each resolution of issue relating to the bonds thereby authorized:

(1) Date of Bonds. Bonds shall bear dates prescribed by the resolution of issue.

(2) Maturity. Bonds may be serial bonds or sinking fund bonds with such maturities as shall be provided in the resolution of issue. No bond by its terms shall mature in more than forty (40) years from its own date and, in the event any authorized issue is divided into two or more series or divisions, the maximum maturity date of each such series or division shall be calculated from the date on the face of each bond separately, irrespective of the fact that different dates may be prescribed for the bonds of each separate series or division of any authorized issue.

(3) Interest. Bonds shall bear interest at a rate of not to exceed six (6) per cent, per annum, payable annually or semi-annually, or in part annually and in part semi-annually.

(4) Coupon or Registered Bonds. Bonds may be issued as coupon bonds or as registered bonds. A resolution of issue may provide for the interchange of coupon bonds for registered bonds and registered bonds for coupon bonds, and may provide that the bonds shall be registered as to principal only, or as to both principal and interest, or otherwise as the resolution of issue shall prescribe.

(5) Redemption. Bonds may be callable upon such terms and conditions and upon such notice as the resolution of issue shall prescribe and upon payment of such premium (not exceeding six per cent (6%) of the par value of such bonds) as may be fixed in the resolution of issue. No bond shall be subject to call or redemption prior to its fixed maturity date, unless the right to exercise such call is expressly stated on the face of the bond.

(6) Source of Payment. All revenue bonds shall be payable exclusively from revenue.

(7) Reference on Bonds to Resolution of Issue. Reference on the face of a revenue bond to the resolution of issue by its date of adoption is sufficient to incorporate all of the provisions thereof and of this article into the body of said revenue bond and its appurtenant coupons. Each taker and subsequent holder of a revenue bond or coupons, whether such coupons are attached to or detached from said revenue bond, shall have recourse to all of the provisions of the resolution of issue and of this article and shall be bound thereby.

(8) Recital in Bonds. All revenue bonds shall contain a recital on their face that neither the payment of principal or nor of interest on such bonds constitute a debt, liability or obligation of the City of San Rafael, except as provided in this article.

(9) Place and Manner of Payment. The principal of and interest on bonds may be paid at any one or more places within or without the State of California and in any specified coin or currency of the United States of America, as may be provided in the resolution of issue.

(10) Execution and Authentication of Bonds: Validity of Signatures and Countersignatures. Bonds may be executed and authenticated by the manual, lithographed or printed facsimile signature of any officer or officers of the city and may also be authenticated by a trustee or fiscal agent appointed by the council. If any of the officers whose signatures or countersignatures appear on the bonds cease to be officers before the delivery of the bonds or coupons to the purchasers thereof, their signatures or countersignatures shall nevertheless be valid and of the same force and effect as if such officers had remained in office until the delivery of the bonds and coupons.

(11) Issuance of Temporary Bonds. Pending the actual issuance or delivery of definitive bonds, the council may issue temporary or interim bonds, certificates or receipts of any denominations whatsoever, and with or without coupons, and with such provisions as the council shall determine, to be exchanged for definitive bonds when ready for delivery. In the absence of an express recital on its face that a temporary bond or interim receipt is non-negotiable, such bond or interim receipt is a negotiable instrument.

(12) Replacement of Lost, Destroyed, Mutilated or Stolen Bonds. Lost, destroyed, mutilated or stolen bonds or coupons may be replaced as provided in the resolution of issue.

(13) Security. All revenue bonds shall be secured by an exclusive pledge and charge upon (a) all or a portion of the gross revenues of the project for the acquisition, construction and completion of which said bonds are issued or authorized to be issued, (b) revenues from on-street parking meters, (c) revenues of any existing off-street parking facilities, all as provided for in the resolution of issue. Gross revenues of a project include improvements and extensions of such project later constructed or acquired. The gross revenues of the project, any interest earned on the gross revenues of the project, and all pledged on-street parking meter revenues and pledged revenues of existing off-street parking facilities shall constitute a trust fund for the security and payment of the principal of and interest on the bonds and so long as any bonds or interest thereon are unpaid said revenues and interest shall not be used for any other purpose; provided, however, that a resolution of issue may provide that if the principal of and interest on the bonds and all charges to protect and secure them are paid when due, an amount for the maintenance and operation costs of the project may be apportioned from revenues, but only to the extent specified in the resolution of issue.

(14) Bonds of Same Issue to be Equally Secured. Bonds of the same issue shall be equally secured by a pledge and charge upon revenues, without priority for number, date of bonds, of sale, of execution, or of delivery; except that if the council authorizes the issuance of bonds of different series it may provide that the bonds in any series shall, to the extent and in the manner prescribed in the resolution of issue, be subordinated and be junior in standing with respect to the payment of principal and interest and the security thereof to such other bonds as may be specified in the resolution of issue.

(15) Refunding Bonds. The council may provide for the issuance, sale or exchange of refunding bonds for the purpose of redeeming, retiring or refunding any revenue bonds issued under this article, subject to any limitations contained in the resolution of issue pursuant to which such revenue bonds are issued. All provisions of this article applicable to the issuance of revenue bonds shall be applicable to the refunding bonds and to the issuance, sale or exchange thereof.

(16) Amount of Refunding Bonds. Refunding bonds may be issued in a principal amount sufficient to provide funds for the payment of all bonds to be refunded thereby, and, in addition, for the payment of all expenses incident to the calling, retiring or paying of such outstanding bonds and the issuance of such refunding bonds. Such expenses may include the difference in amount between the par value of the refunding bonds and any amount less than par for which the refunding bonds are sold, any amount necessary to be made available for the payment of interest upon such refunding bonds from the date of sale thereof to the date of payment of the bonds to be refunded, or to the date upon which the bonds to be refunded will be paid pursuant to call thereof or agreement with the holders thereof, and also the premium, if any, necessary to be paid in order to call and retire the outstanding bonds and the interest accruing thereon to the date of call or retirement.

(17) Validity of Bonds Not Affected by Actions of City Relative to Project. The validity of the authorization and issuance of any revenue bonds by the council shall not be dependent on or affected in any way by:

(a) Proceedings taken by the city for the acquisition, construction, or completion of any project or any part thereof.

(b) Any contracts made in connection with the acquisition, construction or completion of any project; or

(c) The failure to complete any project for which bonds are authorized to be issued.

Before selling any bonds the council shall give notice inviting sealed bids in such manner as the council may prescribe. If satisfactory bids are received, the bonds offered for sale shall be awarded to the highest responsible bidder. If no bids are received or if the council determines that the bids received are not satisfactory as to price or responsibility of the bidders, the council may reject all bids received, if any, and either readvertise or sell the bonds at private sale.

The council may sell bonds at a price below the par or face value thereof, provided that the maximum net interest cost (computed on a 360-day year basis) on bonds sold below par or face value shall not exceed an average of six per cent (6%) per annum, payable semi-annually, to the respective maturity dates of said bonds.

All costs and expenses incidental to the issuance and sale of bonds, including the cost of preparation of the bonds and coupons, the cost of all surveys, of preparation of plans and specifications, of all architectural, engineering, inspection, legal, trustee's and fiscal agent's fees, the creation of a bond reserve fund, the creation of a working capital fund, and bond interest estimated to accrue during the period of acquisition or construction of a project and for a period of not to exceed six (6) months thereafter, all as provided for in the resolution of issue, may be paid out of the proceeds of sale of the bonds.

The following provisions shall govern and apply to each resolution of issue adopted by the council:

(1) Construction Fund; Investment. A resolution of issue may provide that the proceeds of sale of all revenue bonds authorized thereby shall either be deposited in a fund separate and apart from all other funds of the city or paid direct to any bank or trust company designated by the council as the fiscal agent of the city, and that said proceeds shall be held by the city or such fiscal agent in a separate account to be designated the Construction Fund and be disbursed in the manner and upon the conditions provided in the resolution of issue for the object and purpose of the acquisition, construction and completion of the project therein designated, including the payment of all incidental expenses and interest and the creation of funds as provided for in Section 11 of this article. Moneys in any construction fund may be invested as the council in its sole discretion shall determine, subject only to such limitations as may be provided in the resolution of issue.

(2) Construction Fund Surplus. A resolution of issue may provide that any moneys in a construction fund remaining unexpended after said object and purpose shall have been completed shall be applied to the payment of the principal of and interest on said bonds, and that none of said moneys shall be transferred to any other fund of the city or used for any purpose other than as specified in the resolution of issue.

(3) Continuous Operation of Project; Repairs, Renewals and Replacements. A resolution of issue may provide that, so long as any bonds thereby authorized shall be outstanding, the city shall operate the project designated in the resolution of issue continuously and in an efficient and economical manner and in good working order and condition and shall make all necessary repairs, improvements and replacements.

(4) Rates, Fees and Other Charges. A resolution of issue may provide that the council will prescribe, revise and collect rates, fees and charges for use of the facilities provided by the project acquired, constructed or completed from the proceeds of sale of the bonds issued pursuant to such resolution of issue, or for any services rendered in connection with such project, and for use of any on-street parking meters and existing off-street parking facilities any revenues from which are pledged to secure the bonds; that such rates, fees and charges shall at all times be sufficient to yield revenues from the project and net revenues from such on-street parking meters and existing off-street parking facilities equal to all redemption payments and interest charges on said bonds as the same fall due, together with such additional sums as may be required for any sinking fund, reserve fund or other special fund provided for the security or further protection of said bonds, or as a depreciation charge or other charge in connection with such project; and that such rates, fees and charges shall not be reduced below an amount sufficient to provide funds to meet all obligations specified in the resolution of issue.

(5) Holding and Application of Revenues. A resolution of issue may require the city to hold or cause to be held in trust the revenues pledged to the payment of the principal of and interest on the bonds issued pursuant to said resolution of issue, or to any reserve or other fund created for the security or further protection of the bonds, and to apply such revenues or cause them to be applied only as provided in the resolution of issue.

(6) Preservation and Protection of Security of Bonds. A resolution of issue may require the city to preserve and protect the security of the bonds issued thereunder and the rights of the holders thereof and to warrant and defend such rights.

(7) Discharge of Lien Claims. A resolution of issue may require the city to pay and discharge or cause to be paid and discharged all lawful claims for labor, materials and supplies or other charges which, if unpaid, might become a lien or charge upon revenues, or which might impair the security of any bonds issued for the acquisition, construction or completion of any project.

(8) Limitations Upon Power to Encumber Project. A resolution of issue may limit, restrict or prohibit, except upon such terms and conditions as may be provided therein, any right, power or privilege of the city to mortgage or otherwise encumber, or to sell, lease or dispose of a project or to enter into any lease or agreement which impairs or impedes the operation of a project or of any part thereof necessary to provide adequate revenues, or which otherwise impairs or impedes the rights of the holders of the bonds with respect to such revenues.

(9) Proceeds of Project Taken by Eminent Domain. A resolution of issue may provide that if any part of a project shall be taken by eminent domain or other proceeding authorized by law, the proceeds to the city therefrom shall be applied to the replacement of such project or to the payment and retirement of the bonds issued pursuant to such resolution of issue, or as otherwise set forth in said resolution of issue.

(10) Insurance. A resolution of issue may specify or limit the kinds and amounts of insurance to be maintained by the city on a project or any part thereof (including insurance of any project against loss of revenues from any cause whatsoever, against public liability or property damage and against loss by fire or any other hazard, as may be provided in any resolution of issue), and providing for the payment of the premiums thereon, and specifying the use and disposition of proceeds of any such insurance thereafter collected.

(11) Books, Records and Accounts. A resolution of issue may provide:

(a) that the city will keep accurate books and records of account showing all revenues received from the operation of any project and all expenditures thereof, and all revenues from on-street parking meters and existing off-street parking facilities pledged or otherwise made available as security or as further protection for the bonds issued pursuant to said resolution of issue;

(b) that all such books and records shall be open at all times during business hours to the inspection of the holders of one or more of the bonds or of any specified percentage of such holders or their duly authorized representatives;

(c) that annual or other periodic statements of the condition of such project and of all of said other revenues will be furnished to the holders of the bonds;

(d) that summaries of all such statements will be published at least annually in the official newspaper of the city; and

(e) that the books and records of the city pertaining to the operation of any project and to all of said other revenues shall be audited by independent public accountants in such manner and under circumstances as may be set forth in said resolution of issue.

(12) Trustees; Fiscal Agent, Paying Agents. A resolution of issue may designate a bank or trust company, qualified to do business in the State of California, as a trustee or fiscal agent for the city and holders of bonds issued under said resolution of issue, and may authorize any such trustee to act on behalf of the holders of the bonds or any stated percentage thereof, and to exercise and prosecute on behalf of the holders of the bonds such rights and remedies as may be available to the holders. A resolution of issue may authorize the city to designate any bank or trust company in any city in which any bonds are made payable as the city's paying agent in such city. A resolution of issue may fix and determine the conditions upon which any trustee, fiscal agent or paying agent shall receive, hold or disburse any or all revenues deposited with it by or by authority of the city or the council. A resolution of issue may prescribe the duties and powers, if any, of any such trustee, fiscal agent or paying agent with respect to the issuance, authentication, sale or delivery of the bonds, the payment of the principal thereof and interest thereon, the redemption thereof, the registration and discharge from registration of bonds and the management of any funds provided for in the resolution of issue as security for the bonds.

(13) Competitive Projects. A resolution of issue shall contain a covenant that the city shall not, while any revenue bonds authorized by this article are issued or outstanding, acquire, construct, complete or maintain any off-street vehicular parking facilities or places within the City of San Rafael excepting those hereinafter described, which compete in any way with any project or which are similar to any off-street vehicular parking facilities or places maintained or operated by the city or the council through the issuance of revenue bonds pursuant to this article; excepting, however, any and all off-street vehicular parking facilities now or hereafter maintained by the city in any area adjacent to the City Hall and used exclusively for official parking.

(14) Limitation on Additional Indebtedness. A resolution of issue may limit or restrict the incurring of additional indebtedness payable in whole or in part from the revenues charged with payment of the bonds issued pursuant to such resolution of issue.

(15) Events of Default. A resolution of issue may designate the rights, limitations, powers and duties arising upon breach by the city of any of the covenants, conditions or obligations therein contained, and may provide the terms and conditions upon which all bonds issued thereunder may be declared or become due and payable prior to maturity and the terms and conditions upon which such declaration and its consequences may be waived.

(16) Amendment or Modification of Resolution of Issue. A resolution of issue may prescribe a procedure by which its terms and conditions may be subsequently amended or modified with the consent of the city and the vote or written assent of the holders of a specified principal amount or proportion of the bonds issued and outstanding, including

(a) provisions for meetings with bondholders and the manner in which the consents of the bondholders may be given;

(b) a specific statement of the effect of each such amendment or modification upon the rights of the holders of all of the bonds and interest coupons appertaining thereto; and

(c) if desired, a provision that bonds held by the city or by the State of California or any public corporation, political subdivision, city, county, district or any agency of any thereof, shall not be counted as outstanding bonds or be entitled to vote or consent, but shall nevertheless be subject, to any such amendment or modification.

(17) Use of Surplus. After all of the revenue bonds issued pursuant to a resolution of issue shall have been fully paid or discharged, or provision for their payment and discharge irrevocably made, any surplus moneys in any construction fund or other fund provided for the security or further protection of the bonds shall, subject to the limitations and restrictions in said resolution of issue, become and be the property of the city and be used by the city for any lawful purpose.

(18) Additional Covenants and Agreements. A resolution of issue may provide for such other acts and matters and may include any and all such additional covenants and agreements on the part of the city as the council shall deem necessary or advisable for the better security of the bonds issued thereunder or to make said bonds more marketable.

Except as provided otherwise in any resolution of issue the holder of any bond issued pursuant to this article may by mandamus or other appropriate proceedings require and compel the performance of any of the duties imposed upon the city or the council or any official or employee of the city or assumed by any thereof in connection with the acquisition, construction, completion, operation, maintenance, repair, reconstruction or insurance of any project, or the collection, deposit, investment, application and disbursement of rates, fees and charges derived from the operation and use of any project and all other revenues, or in connection with the deposit, investment or disbursement of the proceeds received from the sale of the bonds under this article. The enumeration of such rights and remedies does not, however, exclude the exercise or prosecution of any other rights or remedies available to the holders of bonds issued pursuant to this article.

The provisions of this article constitute full and complete authority for the issuance of revenue bonds as herein provided by the council of the City of San Rafael and no other procedure, or proceedings, consents, approvals, orders or permission from any municipal officer or board of the City of San Rafael, shall be required for the acquisition, construction or completion of any project, or the issuance of any revenue bonds under this article, except as specifically provided in this article.

The powers and authorities conferred by this article are in addition to and supplemental to all other powers and authorities conferred upon the City of San Rafael. The method provided in this article for the acquisition, construction and completion of projects and the issuance of revenue bonds shall be deemed an additional method of acquiring, constructing and completing such projects and providing funds therefor: provided that the City of San Rafael may, in its discretion, acquire any properties for the off-street vehicular parking facilities and issue general obligation bonds of the City of San Rafael therefor, subject, however, to the condition that the City of San Rafael shall not, while any revenue bonds authorized by this article are issued and outstanding, acquire, construct or complete any off-street parking facilities, other than those specifically described in paragraph (13) of Section 12 of this article, which compete with any project operated or maintained through the issuance of revenue bonds by the council.

Revenue bonds issued under this article shall not be taken into consideration in determining the bonded indebtedness which the City of San Rafael is authorized to incur pursuant to Section 14 of Article III of this charter and shall be excluded from any limitation provided by this charter or by law on the amount of bonded indebtedness of the city.

(Senate Concurrent Resolution No. 71, May 15, 1953).