Torrance Municipal Code Art. 2 Financing Facilities

The City may use the proceeds of bonds issued hereunder to make, purchase, or otherwise contract for the making of, a secured or unsecured loan, upon such terms and conditions as the City shall deem proper, to any participant for the cost of acquiring or constructing a facility or refinancing thereof; provided, however, that no such loan shall exceed the total cost of such facility as determined by the participant and approved by the Council.

a) The City may use the proceeds of bonds or other moneys provided by or on behalf of a participant to acquire, construct, enlarge, remodel, renovate, alter, improve, furnish, equip and lease a facility solely for the purpose of selling or leasing such facility to such participant and may contract with such participant to undertake on behalf of the City to construct, enlarge, remodel, renovate, alter, improve, furnish and equip such facility.

b) The City may sell or lease, upon such terms and conditions as the City shall deem proper, to a participant any facility owned by the City under this Chapter, including a facility conveyed to the City in connection with a financing under this Chapter, but not then being financed hereunder.

Any person may apply to the City for approval as a participant and for approval of a facility for financing under this Chapter by submitting an application to the City in the form approved by the City.

The City shall require that participants and contractors or subcontractors engaged in the construction of a facility financed or refinanced under this Chapter shall provide equal opportunity for employment, without discrimination as to race, marital status, sex, color, religion, national origin or ancestry.

The City Manager shall propose standards and procedures for applications submitted under this Chapter and shall prepare a form for such applications, such standards, procedures and form to be approved by the Council and used by participants applying after the date of such approval.

The City may charge participants application, commitment, financing and other fees, in order to recover all direct administrative and other costs and expenses incurred in the exercise of the powers and duties conferred by this Chapter.

The City may obtain, or aid in obtaining, from any department or agency of the United States or of the State of California or any private company, any insurance or guarantee as to, or of, or for the payment or repayment of, interest or principal, or both, or any part thereof, on any loan, lease or sale obligation or any instrument evidencing or securing the same, made or entered into pursuant to the provisions of this Chapter; and may accept payment in such manner and form as provided therein in the event of default by a participant, and may assign any such insurance or guarantee as security for the bonds.

The City may fix rents, payments, fees, charges and interest rates for financing under this Chapter and may agree to revise from time to time such rents, payments, fees, charges and interest rates to reflect changes in interest rates on bonds, losses due to defaults or changes in other expenses related to this Chapter, including City administrative expenses.

The City may hold deeds of trust or mortgages as security for loans under this Chapter and may pledge or assign the same as security for repayment of bonds. Such deeds of trust or mortgages may be assigned to, and held on behalf of the City by, any bank or trust company appointed to act as trustee by the City in any resolution or indenture providing for issuance of bonds.

The City may employ such engineering, architectural, financial, accounting, legal or other services as may be necessary in the judgment of the City for the purposes of this Chapter.

In addition to all other powers specifically granted by this Chapter, the City may do all things necessary or convenient to carry out the purposes of this Chapter.