Watsonville Municipal Code Art. 2 Financing Facilities

The City is hereby authorized to make, purchase, or otherwise contract for the making of a mortgage or other secured or unsecured loan, with the proceeds of bonds and upon such terms and conditions as the City shall deem proper, to any participating party for the costs of a facility.

(§ 1, Ord. 541-81 C-M, eff. January 21, 1982)

The City is hereby authorized to acquire, construct, enlarge, remodel, renovate, alter, improve, furnish, equip, and lease as lessee, with the proceeds of bonds, a facility to such participating party and is further authorized to contract with such participating party to undertake on behalf of the City to construct, enlarge, remodel, renovate, alter, improve, furnish, and equip such facility.

The City is authorized to sell or lease, upon such terms and conditions as the City shall deem proper, to a participating party any facility owned by the City under this chapter, including a facility conveyed to the City in connection with a financing authorized by this chapter but not being financed under this chapter.

(§ 1, Ord. 541-81 C-M, eff. January 21, 1982)

Any person may apply to the City for approval as a participating party and for the approval of a facility for financing under this chapter. Applications shall set forth such information as the City may require in order to enable the City to evaluate the applicant, the facility, and its proposed costs.

(§ 1, Ord. 541-81 C-M, eff. January 21, 1982)

The City is hereby authorized to charge participating parties application, commitment, financing, and other fees in order to recover all administrative and other costs and expenses incurred in the exercise of the powers and duties conferred by this chapter. The Council shall direct the City Clerk to transmit a letter agreement or contract to a participating party which agreement will obligate such party to pay such fees and expenses as the Council may charge or incur under this chapter.

(§ 1, Ord. 541-81 C-M, eff. January 21, 1982)

The City is hereby authorized to obtain, or aid in obtaining, from any department or agency of the United States or of the State or any private company, any insurance or guarantee as to, or of, or for the payment or repayment of interest or principal, or both, rents, fees, or other charges, or any part thereof, on any loan, lease, or sale obligation, or any instrument evidencing or securing the same, made or entered into as authorized by this chapter, and is authorized to accept payment in such manner and form as provided therein in the event of a default by a participating party, and to assign any such insurance or guarantee as security for bonds.

(§ 1, Ord. 541-81 C-M, eff. January 21, 1982)

The City is hereby authorized to fix rents, payments, fees, charges, and interest rates for a financing authorized by this chapter and to 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.

(§ 1, Ord. 541-81 C-M, eff. January 21, 1982)

The City is hereby authorized to hold deeds of trust or mortgages on security interests in personal property as security for loans and other obligations authorized by this chapter and to pledge or assign the same as security for the repayment of bonds. Such deeds of trust, mortgages, or security interests, or any other interest of the City in any facility, 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 the issuance of bonds.

(§ 1, Ord. 541-81 C-M, eff. January 21, 1982)

The City is hereby authorized to contract for 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.

(§ 1, Ord. 541-81 C-M, eff. January 21, 1982)

Except as specifically provided in this chapter, the acquisition, construction, installation, reconstruction, rehabilitation, or improvement of a facility financed under this chapter shall not be subject to any requirement relating to buildings, works, or improvements owned or operated by the City, and any requirement of public competitive bidding or other procedural restriction imposed on the award of contracts for the acquisition or construction of a City building, work, or improvement or to the lease, sublease, sale, or other disposition of City property shall not be applicable to any action taken under this chapter.

(§ 1, Ord. 541-81 C-M, eff. January 21, 1982)

In addition to all other powers specifically granted by this chapter, the City is hereby authorized to contract for and do all things necessary or convenient to carry out the purposes of this chapter; provided, however, the City shall not have the power to operate a facility financed under this chapter as a business, except temporarily in the case of a default by a participating party.

(§ 1, Ord. 541-81 C-M, eff. January 21, 1982)