AgdaPkt 2012-09-10 - Laserfiche WebLink

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6.5.D. - Page 1 RE PO RT To the Honorable Mayor and City Council From the Cit Mana er September 10, 2012 SUBJECT An Ordinance Amending Ordinance No. 785 Relating to Proceedings Taken Pursuant to the Parking District Law of 1951 RECOMMENDATION Waive First Reading and Introduce an Ordinance Amending Ordinance No. 785 Relating to Proceedings Taken Pursuant to the Parking District Law of 1951. BACKGROUND On May 17, 2012, the City Council authorized City staff to commence negotiations for the sale and development of Block 2. Block 2 is located in the City's Parking District No. 1 and was originally purchased with parking bonds. Thus, staff has been evaluating the City's obligations as a result of the sale. The State of California enacted the Parking District Law of 1951 authorizing the formation of parking districts, issuance of bonds, and assessment of property in connection with such districts. The Parking District Law of 1951 provides that where a district is formed in a charter city and there is a conflict between state law and the city's charter, the city's charter controls. Per its Charter authority and consistent with the Parking District Law of 1951, on January 17, 1955, the City authorized parking districts and established procedures for the formation of such parking districts and issuance of bonds by adoption of Ordinance No. 785, an Ordinance relating to Proceedings Heretofore or Hereafter Taken pursuant to the Parking District Law of 1951, which superseded the and controlled over the provisions of the state law where inconsistent. On February 28, 1955, the City formed Parking District No. 1 of the City of Redwood City and authorized the issuance of bonds for the Parking District No. 1 by adoption of Ordinance No. 789, an Ordinance relating to the Formation of Parking District No. 1. Soon thereafter, bonds were issued for Parking District No. 1 in accordance with Resolution No. 1894, a Resolution Providing for the Issuance of Bonds, Providing for the Pledge of Parking Revenues and Covenants for the Protection of the Bonds, and Directing Levy of Annual Ad Valorem Assessments to Pay the Principal and Interest Thereof.