Torrance Municipal Code § 25.1 General Provisions and Definitions

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 provide financing to induce industrial, commercial, manufacturing, retail and nonprofit enterprises to locate in the City, to expand, enlarge or modernize existing enterprises within the City and otherwise to promote commerce and industry within the City.

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

a) "Bonds" means any bonds, notes, certificates, debentures or other obligations issued 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 payable.

b) "City" means the City of Torrance.

c) "Cost" means the total of all costs incurred by or on behalf of a participant as approved by the City as reasonable and necessary for carrying out all works and undertakings necessary or incident to acquisition, construction, improvement, equipping, financing or refinancing of a facility. "Costs" shall include all such costs, including costs for construction undertaken by a participant as its own contractor, which under generally accepted accounting principles are not properly chargeable as an expense of operation and maintenance and also including, without limitation, the fees of participant’s counsel, bond counsel, administrative fees of the City, trustee’s fees, survey fees and architect’s compensation, commitment fees and the cost of bond insurance, letter of credit commissions, or other related costs.

d) "Council" means the City Council of the City of Torrance.

e) "Facility" means any land, building or other improvement for use by any participant for manufacturing, processing, assembling, warehousing, transporting, expediting or other handling of agricultural or manufactured products, any commercial, retail or office building enterprise or any other enterprise operated for profit or not for profit which will, directly or indirectly, provide goods or services to the residents of the City of Torrance, and any research enterprise in support of any of the foregoing, including, without limitation, all real or personal property necessary for the operation of such facility for its intended purposes.

f) "Participant" means any person, company, corporation, partnership, firm or other entity or group of entities engaged in business, commercial, recreational or cultural operations or activities within this City as a facility, or desiring to establish, improve or expand such facility, which requires and applies for financing pursuant to the terms of this Chapter.

g) "Revenues" means amounts received by the City as repayment of principal, interest, premium, if any, and all other charges with respect to a loan made under this Chapter, any proceeds received by the City from mortgage, hazard or other insurance on or with respect to such a loan, including bond insurance and guarantee bonds, 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 a reserve fund or any similar fund securing the bonds, and such other moneys as the Council may, in its discretion, lawfully designate as revenues.