Torrance Municipal Code Art. 1 General Provision

This Chapter may be cited as the "Torrance Seismic Safety Building Rehabilitation Bond Procedural Law."

The procedure for the issuance of bonds or other obligations to finance seismic safety building rehabilitation shall be as follows:

a) The City Council, exercising the powers reserved to the City under the Constitution of the State of California and provisions of the Charter of the City, by resolution (or agreement the terms of which are incorporated by reference in such resolution), may issue and sell bonds or other obligations to finance seismic safety building rehabilitation when the public interest requires.

b) At a regular or special meeting and by a majority vote of all members, the City Council shall adopt a resolution authorizing the issuance of such bonds or other obligations without the requirement of submitting the proposition of issuing bonds or other obligations to the qualified voters of the City, except as and to the extent otherwise required hereby. The resolution shall state all the terms and conditions upon which the bonds or other obligations are being offered for sale or may incorporate the terms and conditions contained in a separate agreement setting forth such matters, and shall state that the bond or other obligations are to be payable exclusively from moneys received from the recipients of the proceeds of such bonds or other obligations and from such other funds as may be legally available for such purpose and that the bonds or other obligations are not to be secured by the taxing power of the City.

c) Before selling the bonds or other obligations, or any part thereof, the City Council shall either negotiate the private sale of the bonds or other obligations with a responsible purchaser or purchasers, who may be purchasing for their own account or for purposes of resale, or give notice inviting sealed bids for the sale of the bonds or other obligations by publication of the notice once in a newspaper of general circulation within the City at least ten days prior to the date of opening bids stated in the notice, together with such other notices as are deemed advisable pursuant to a resolution of the City Council or as may be required by law. If bids are invited and satisfactory bids are received, the bonds or other obligations offered for sale shall be awarded to the lowest responsible bidder. If no bids are received, or if the City Council determines that the bids received are either not responsive to the notice inviting the same or not satisfactory as to price or responsibility of the bidders, the City Council may reject all bids received, if any. In the event no bids are received or all bids are rejected, the City Council may either readvertise or sell the bonds or other obligations at private sale subject to confirmation thereof by resolution adopted by a majority of all members of the City Council. The private sale may be made upon terms and conditions other than those contained in the resolution authorizing issuance of the bonds or other obligations and the notice inviting bids therefor.

d) Any district formed pursuant to this Chapter may consist of contiguous and/or noncontiguous parcels.

e) The resolution authorizing the issuance of the respective bonds or other obligations issued pursuant to this Chapter (or an agreement the terms of which are incorporated by reference in such resolution) may establish (i) the form of such bonds or other obligations, (ii) redemption terms and redemption notice provisions relating to such bonds or other obligations, (iii) structures eligible for financing, (iv) costs eligible for financing, and (v) provisions relating to the issuance of additional bonds or other obligations prior to, on parity with or subordinated to the lien of the bonds or other obligations issued pursuant to such resolution.

f) The bonds or other obligations issued pursuant to this Chapter may be issued from time to time in any number of series and may be issued to refund bonds or other obligations issued pursuant hereto.

g) The City is authorized to join by agreement with any other entity, public or private, to facilitate the exercise of the City’s powers pursuant to this Chapter. The City is authorized to acquire and/or dispose of real and/or personal property in any manner that is deemed appropriate by a majority of the City Council to facilitate the exercise of the City’s powers pursuant to this Chapter.

h) All elections and public hearings shall be conducted in accordance with the statutes incorporated by reference into this Chapter.

i) The City may exercise all of the rights and powers and perform the duties and covenants contained in (i) the Improvement Bond Act of 1915 (commencing with Section 8500 of the Streets and Highways Code of the State of California), (ii) the Refunding Act of 1984 for 1915 Improvement Act Bonds (commencing with Section 9500 of the Streets and Highways Code of the State of California), (iii) the provisions of the Public Resources Code of the State of California relating to Geologic Hazard Abatement Districts (commencing with Section 26500 of Public Resources Code of the State of California), and (iv) the provisions of the Health and Safety Code of the State of California relating to Seismic Safety Building Rehabilitation Loans (commencing with Section 55000 of the Health and Safety Code of the State of California), as appropriate and to the extent referenced in the resolution authorizing the issuance of the bonds or other obligations, which are by this reference, with the exceptions stated in this Chapter, incorporated in this Chapter as in effect on the date of adoption of the ordinance codified in this Chapter and as they may be amended to the extent set forth in the resolution authorizing the issuance of the respective bonds or other obligations. Each of the provisions set forth above shall serve as independent authority for the issuance of bonds or other obligations pursuant to this Chapter. Sections 8651.5, 8652, 8689, 9403, 9404, 9405, 9406, 9407, 9408, 9409, 9410, 9411, 9414, 9415, 9416, 9417, 9450, 9451, 9452, 9453, 9454, 9455, and 9456 of the Streets and Highways Code of the State of California, Sections 26550, 26560, 26566, 26569.7, 26570 and 26583 and the second and third sentences of Section 26567 and the second sentence of Section 26571 of the Public Resources Code of the State of California, and Sections 55001(b), 55001(c), 55002 and 55115 and the second, third and fourth paragraphs of Section 55100 of the Health and Safety Code of the State of California, and any other provisions of the statutes incorporated by reference into this Chapter inconsistent herewith to the extent of such inconsistencies and no further, are not incorporated in this Chapter and shall not be applicable to bonds or other obligations issued by the City pursuant to this Chapter.