Res78 7978 - Laserfiche WebLink

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a "3. Notwithstanding any provision of this charter to the contrary, and without complying with Section 48e, the Board shall have power to acquire, construct, improve and finance any enterprise in the Port Area. For the payment of the cost of any enterprise or any part thereof (including all incidental expenses , interest during construction, reserve funds and other funds necessary for the better securing of the bonds hereinafter referred to) the Board may, by resolution adopted by the affirmative votes of four-fifths (4/5ths) of all its members and approved by the affirmative votes of a majority of the members of the Council and without compliance with Section 65 of the charter by the Board or the Council, issue revenue bonds in the name of the Board payable exclusively from any or all revenues of such enterprise. "4. Such revenue bonds shall be issued by the Board pursuant to the provisions of the Revenue Bond Law of 1941 (California Government Code Sections 54300 and following) as-in-effect-en-the-effective-cute-ef-the-charter-amenelment adding-this-seetfen-to-the-charter as the same may, from time to time, be amended (and all of the provisions of said Law, as amended, are incorporated in this section by reference and made a part hereof) : excepting, however, that no election shall be required for the issuance of any revenue bonds by the Board; that the terms ' local agency' and 'legislative body' as used in said Law shall mean the Board; and that the term 'enterprise' as used in said Law shall have the meaning set forth in paragraph 2 of this section. "5. If any revenue bonds shall be issued under this section, then Section 48b and the first two paragraphs and the first sentence of the third paragraph of Section 48c of the Charter shall be inapplicable so long as any such revenue bonds shall remain outstanding and unpaid. The general fund of the city shall not be liable, and the credit , or taxing power of the city shall not be pledged, for the payment of any such revenue bonds or their interest and such bonds shall not be secured by a legal or equitable pledge of, or charge, lien or encumbrance upon, any of the property of the City or the Board or any income or receipts of the City or the Board excepting only revenues of the enterprise. "6. The authorization granted to the Board by this section to issue revenue bonds is complete and no authoriza- tion for their issuance shall be required except as provided in this section and Section 65 of the Charter shall not apply; provided, however, that the provisions of this section shall constitute an alternative method of financing and that the city may, in its discretion, provide for the financing of any facilities or improvements in the Port Area in any other manner permitted by the Charter or the laws of the State of California, including the issuance of general obligation bonds of the city therefor. "7. Revenue bonds issued under this section shall not be taken into consideration in determining the bonded indebtedness which the city is authorized to incur and shall be excluded from any limitation provided by Section 65 or otherwise by this Charter or by law on the amount of bonded indebtedness of the city. " -13-