[Ord. #89-001, § A I]
a.
Declaration of Public Uses and Purposes. The City Council hereby
finds and determines that the construction, acquisition, maintenance
and improvement of public facilities and improvements within the City
and the performance of all undertakings incidental or advantageous
thereto are public purposes for which public money may be spent and
private property acquired, and are governmental functions.
b.
Municipal Affair. The City Council hereby finds and determines that
the activities set forth in paragraph a of this subsection are municipal
affairs, necessary and appropriate to a municipal corporation and
the general welfare of its inhabitants, and are not prohibited by
the Constitution of the State of California nor by the City Charter.
c.
Effect of Section upon Other Law. This section shall not affect any
other provision of law relating to the same or a similar subject but
provides an alternative method of procedure governing the subject
to which it relates; and it shall not abridge, modify or otherwise
affect the right of the City to exercise any power given to it by
the California Constitution or any other law.
d.
AUTHORITY
BONDS
CITY
ORDINANCE
PROJECT
PUBLIC FACILITIES AND IMPROVEMENTS
STATE
Definitions. Unless the context otherwise requires, the definitions
set forth in this paragraph d shall govern the construction of this
section.
Shall mean the public body established pursuant to subsection 2-21.2 of this section.
Shall mean any revenue bonds issued by the Authority pursuant to the provisions of subsection 2-21.3 of this section.
Shall mean the City of Albany.
Shall mean this section, as originally adopted or as subsequently
amended.
Shall mean the construction, acquisition, maintenance or
improvement of public facilities and improvements authorized by this
section.
Shall mean any real or personal property which the City is
authorized under the general laws of the State of California or under
the municipal affairs powers of the City to construct, acquire, operate,
maintain and improve in the furtherance of the public purposes of
the City, including any interests in such property, equipment, furnishings
and other appurtenances which are incidental thereto.
Shall mean the State of California.
[Ord. #89-001, § A II]
a.
Establishment. There is hereby created and established within the
City of Albany a public body corporate and politic known as the "City
of Albany Public Facilities Financing Authority".
b.
Meetings; Vote Necessary to Act. The Authority shall hold meetings
at such times as it shall determine. The concurring votes of three
(3) members of the governing body of the Authority shall be required
for the taking of action.
c.
Governing Body of Authority; Bylaws. The members of the City Council
of the City shall act ex officio as the Board of Directors of the
Authority, which shall be its governing body. At its organizational
meeting the Board shall adopt bylaws governing the conduct of its
affairs in any manner deemed advisable by the Board and not inconsistent
with the terms of this section. Such bylaws may be amended from time
to time by the Board of Directors of the Authority.
d.
Financial Statements. At least once annually the Authority shall
prepare and make available to interested members of the public a statement
of all its financial affairs, audited by independent certified public
accountants.
e.
Order for Dissolution. The City Council may order the dissolution
of the Authority if the Authority has no outstanding indebtedness
and is not a party to any outstanding material contracts, and if the
unanimous written consent of the Board of Directors of the Authority
is first obtained.
[Ord. #89-001, § A III]
a.
Corporate Powers. The Authority may:
1.
Sue and be sued, have a seal, and make and execute contracts and
other instruments necessary or convenient to the exercise of its powers.
2.
Make, and from time to time amend and repeal, bylaws and regulations
not inconsistent with this section to carry into effect the powers
and purposes hereof.
3.
Select and appoint or remove such permanent and temporary officers,
agents, counsel and employees, as it requires, and may determine their
qualifications, duties, and compensation. The powers of the Authority
under this subdivision are subject to all limitations and rights applicable
to similar employment by the City, unless by resolution the City Council
otherwise determines.
b.
Acquisition and Disposal of Property; Facilities; Insurance. The
Authority may:
1.
Purchase, lease, obtain option upon, acquire by gift, grant, bequest,
devise, eminent domain or otherwise, any real or personal property
within the City, or any interest in, or improvements on, such property.
2.
Sell, lease, exchange, transfer, assign, encumber (by mortgage, deed
of trust, or otherwise) or otherwise dispose of any real or personal
property or any interest in such property.
3.
Insure any of its real or personal property or operations against
risks or hazards.
c.
Maintenance and Management. The Authority may acquire, construct,
rent, lease, maintain, repair, manage and operate all or any portion
of any real and personal property, including the leasing of the operation
of the property, and the leasing for commercial purposes of surplus
space or space which it is not economic to use for public purposes.
Leases may be negotiated without competitive bidding or awarded after
competitive bidding in such manner as may be established by the Authority.
d.
Construction, Acquisition, Maintenance and Improvement of Public
Facilities and Improvements. The Authority may do any act to construct,
acquire, maintain and improve public facilities and improvements within
the City, to devote such facilities and improvements to uses and activities
consistent with the public purposes of the City and to acquire and
construct such facilities and improvements on real property owned,
controlled, or operated by it, or on property leased by it from the
City, as may be necessary or appropriate to such uses and activities.
e.
Receipt and Expenditure of Funds. The Authority may receive, control,
and order the expenditure of any and all money and funds pertaining
to public facilities and improvements or related properties, including
but not limited to:
1.
All revenue derived from operations of the Authority.
2.
All money appropriated or made available by the City for such purpose.
3.
The proceeds of all financial aid or assistance by the State or the
Federal government.
4.
The proceeds of all Bonds issued pursuant to this section.
5.
The proceeds of all bonds or other obligations issued by the City
for public facilities or improvements.
f.
Investment of Funds. The Authority may invest funds held in reserve
or sinking funds, or funds not required for immediate disbursement,
in property or securities in which cities may legally invest funds
subject to their control under the laws of the State. No such investment
shall be made in contravention of any covenant or agreement with the
owners of any Bonds of the Authority issued and outstanding.
g.
Borrowing. The Authority may borrow money or accept financial or
other assistance from the City, the State, the Federal government,
or any other source for or in aid of any public facility or improvements
within the City, and to such ends may comply with any conditions attached
thereto.
h.
Exercise of Powers. The Authority may exercise all or any part or
combination of the powers granted by this section.
i.
Necessary or Convenient Acts. The Authority may do and perform any
and all other acts and things necessary, convenient, desirable, or
appropriate to carry out the provisions of this section.
j.
Use of Services and Facilities of City. In order that there may be
no unnecessary duplication of effort or expense, the Authority may
provide for the furnishing of services by, and the use of facilities
of, any department, office or agency of the City in lieu of, or in
conjunction with, the direct provision by the Authority of services
and the use of facilities through employment or purchase or other
means. The furnishing of such services and the use of such facilities
of any such department, office or agency shall be upon such terms
and conditions as may be approved by the Authority and the City Council.
[Ord. #89-001, § A IV]
a.
Power to Borrow and Issue Bonds; Nature of Bonds. The Authority shall
have the power to borrow money to provide funds for any project and
to issue in its name revenue bonds to evidence the indebtedness created
by such borrowing. The Bonds of each issue shall constitute special
obligations, and evidence a special indebtedness, of the Authority,
and shall be a charge upon and payable solely from such revenues and
funds as are specified therein and in the proceedings for their issuance.
Such Bonds shall not constitute obligations nor evidence any indebtedness
of the City.
b.
Recitals. All such Bonds shall recite upon their face, in substance,
that they constitute special obligations, and evidence a special indebtedness,
of the Authority, payable, both as principal and interest, and as
to any premiums upon the redemption of any thereof, solely from such
revenues and funds as are specified therein and in the proceedings
for their issuance, and shall also recite upon their face that they
are issued under this section.
c.
Types of Bonds; Sources of Payment. The Authority may issue such
types of Bonds as it determines, including Bonds on which the principal
and interest are payable:
1.
Exclusively from the income and revenue of the facilities or improvements
financed with the proceeds of the Bonds, or with such proceeds and
financial assistance from the State or Federal governments or from
any other source in aid of such projects.
2.
Exclusively from the income and revenue of certain designated facilities
or improvements, whether or not such facilities were financed in whole
or in part with the proceeds of the Bonds, and including income or
revenue from any future extension, betterment, or addition to any
such facilities thereafter to be established.
3.
From its revenues generally, including revenue from the leasing of
public facilities and improvements owned or leased to it.
4.
From any contributions or other financial assistance from the City,
the State or Federal governments, or from any other source.
5.
From any combination of these sources.
d.
Terms and Conditions. Except as limited by express provision of this
section, the Authority, by resolution, or by trust indenture, contract,
or other agreement with or for the benefit of the Bondowners, may
determine all the terms and conditions of each issue, series, or division
of Bonds and of their sale and issuance, and all matters necessary
or appropriate in connection with the Bonds.
e.
Contract with Bondholders. The Authority may provide that any resolution,
trust agreement or indenture adopted or entered into in connection
with the authorization of any Bonds shall constitute a contract with
the owners of such Bonds, not subject to repeal, and not subject to
any modification other than to the extent and in a manner provided
in any such resolution.
f.
Covenants and Agreements. The Authority may provide for such terms,
covenants and agreements as it deems necessary, convenient or advisable
in connection with the issuance and sale of the Bonds.
g.
Issuance and Sale of Bonds. The Bonds may be issued and sold as the
Authority determines and directs, at public or private sale, at or
below their par value and at such rate or rates as shall be determined
by the Authority at the time of sale thereof. The Bonds shall be payable
at the times and in the amounts determined by the Authority in said
resolution.
[Ord. #89-001, § A V]
a.
Validating Proceedings. An action to determine the validity of any Bonds issued by the Authority under this section or of any contracts entered into by the Authority under this section may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure.
b.
Liberal Construction. This section, being necessary for the health,
welfare and safety of the City and its residents, shall be liberally
construed to effect its purposes. Furthermore, the City Council hereby
declares that this section is an exercise of the power granted to
the City by the City Charter and the Constitution of the State and
is an exercise by the City of its powers as to municipal affairs and
its police powers, and this section shall be liberally construed to
uphold its validity under the laws of the State.
c.
Partial Invalidity. If any section, paragraph, sentence, clause or
phrase of this ordinance shall for any reason be held illegal or unenforceable,
such holding shall not affect the validity of the remaining portions
of this ordinance. The City Council hereby declares that it would
have adopted this ordinance and each and every other section, paragraph,
sentence, clause or phrase hereof and authorized the proceedings authorized
to be taken pursuant thereto irrespective of the fact that any one
(1) or more sections, paragraphs, sentences, clauses or phrases of
this ordinance may be held illegal, invalid or unenforceable.
