Santa Rosa Municipal Code Art. I Bond Act of 1901

In the authorization and issuance of general obligation bonds of the City, the provisions of Article 1 (commencing with Section 43600), Chapter 4, Division 4, Title 4 of the Government Code shall apply, excepting as otherwise provided in this article.

(Prior code App. A, § 600)

The bonds shall mature in such annual amounts, at such times but not to exceed 40 years, and be payable at such places as the Council determines, and the provisions of Sections 43619 and 43620 of the Government Code shall not apply.

(Prior code App. A, § 601)

The bonds and coupons shall be signed and countersigned by such officer or officers as the City Council shall by resolution direct, and the City seal shall be affixed.

(Prior code App. A, § 602)

All signatures, excepting one on the bonds and the seal, may be in facsimile, printed, lithographed or engraved thereon.

(Prior code App. A, § 603)

(A) In addition to all uses permitted by the Government Code of California and the City's Charter, the City may incur indebtedness pursuant to this article for the purpose of funding affordable local housing. The City may apply general obligation bond proceeds designated for affordable housing projects directly to acquire, rehabilitate, preserve or construct affordable housing and/or indirectly as loans, grants, or other disbursements to qualified individuals, business entities, corporations, partnerships, associations and government agencies for the acquisition, rehabilitation, preservation or construction of such affordable housing projects. Proceeds of the bonds may be used to pay or reimburse the City for the costs of City staff when they are performing work on or necessary and incidental to the bond projects.

(B) Grants or loans made pursuant to this section shall not be construed to be gifts of public funds in violation of Section 6 of Article XVI of the California Constitution.

(Ord. 2018-018 § 2)

(A) The City Council may initiate proceedings under this article by passing a resolution by a majority vote of all its members, determining that the public interest or necessity demands the acquisition, construction, or completion of any municipal improvement(s) or other work or improvement for which bond proceeds may be used, and ordering the submission of the proposition of incurring a bonded debt for the purpose set forth in said resolution to the qualified voters of the City at the next regular or special municipal election occurring not less than 88 days thereafter. No further resolutions or ordinances shall be required to accomplish the purposes of this section.

(B) Such resolution shall state:

(1) The object and purpose of incurring the indebtedness.

(2) The estimated cost of the public improvements.

(3) The amount of the principal of the indebtedness.

(4) The rate or maximum rate of interest on the indebtedness, which shall not exceed 12 percent, and need not be recited if it does not exceed four and one-half percent.

(5) The date of the election.

(C) The resolution may provide that the estimated cost stated therein of the public improvements includes any or all of the following:

(1) Legal or other fees incidental to or connected with the authorization, issuance and sale of the bonds.

(2) The costs of printing the bonds and other costs and expenses incidental to or connected with the authorization, issuance and sale of the bonds.

(3) If the public improvements are revenue-producing public works, bond interest estimated to accrue during the construction period and for a period of not to exceed 12 months after completion of construction. If such statement is made, the proceeds of the sale of the bonds may be used to pay such of the foregoing as are stated in the ordinance.

(4) This subdivision shall not be construed to authorize the City to use the proceeds of the sale of bonds for a purpose for which it could not use its general fund.

(5) Propositions for more than one object or purpose may be submitted at the same election.

(Ord. 2018-018 § 2)

This article, being necessary for the health, peace and safety of the City and its residents, shall be liberally construed in order to effectuate its purposes. No error, irregularity, informality, and no neglect or omission of any officer, in any proceeding taken under this article, which does not directly affect the authority of the City to issue bonds under this article, shall void or invalidate any such proceeding, any bonds issued by the City or any levy of ad valorem taxes to pay principal of and interest on such bonds.

(Ord. 2018-018 § 2)

This article provides a complete, additional and alternative method for doing the things authorized hereby, and shall be regarded as supplemental and additional to the powers conferred by other laws. The issuance of bonds authorized by this article need not comply with the requirements of any other law applicable to the issuance of bonds.

(Ord. 2018-018 §2)