Yountville Municipal Code Ch. 3.44 Revenue Bonds

This chapter is adopted by the Town Council after voter approval of Measure M submitted to the voters on November 3, 2009. This chapter shall not be amended or repealed except by voter approval.

(Ord. 379-09)

A. The Town of Yountville depends on the transient occupancy tax (TOT) for the majority of its operating revenue.

B. The TOT revenue is not guaranteed and can be adversely affected by conditions beyond the control of the Town of Yountville, including general economic conditions, floods, earthquakes, fires, competitions from new hotels and resorts, restaurant closings and agricultural pests and other factors that could negatively impact the wine industry.

C. The Town of Yountville has prospered since its incorporation in 1965 without the need to issue revenue bonds secured by the TOT.

D. Citizens of the Town of Yountville should have a role in the decision to incur long-term debts or obligations.

(Ord. 379-09)

The Town Council is authorized to provide for the issuance of revenue bonds. The aggregate amount of revenue bonds the Town may have outstanding at any time, without the prior approval of a majority of the Town voters, is $2,000,000.00.

(Ord. 379-09)

No voter approval shall be required with respect to revenue bonds:

A. Approved unanimously by the Town Council if the bonds are to finance buildings, fixtures or equipment which are deemed necessary by the Town Council to comply with an order of a duly constituted State or Federal authority having jurisdiction over the subject matter; or

B. Approved by the Town Council if the bonds are adopted in case of a state of war, a state of emergency, or a local emergency.

(Ord. 379-09)

All revenue bonds must be issued and sold in accordance with State law and/or any procedure provided for by this chapter.

(Ord. 379-09)