Laserfiche WebLink
6.5.D. - Page 1 <br /> RE PO RT <br /> To the Honorable Mayor and City Council <br /> From the Cit Mana er <br /> September 24, 2012 <br /> SUBJECT <br /> An Ordinance Amending Ordinance No. 785 Relating to Proceedings Taken Pursuant to <br /> the Parking District Law of 1951 <br /> RECOMMENDATION <br /> Waive Second Reading and Adopt an Ordinance Amending Ordinance No. 785 Relating <br /> to Proceedings Taken Pursuant to the Parking District Law of 1951. <br /> BACKGROUND <br /> This Ordinance came before the City Council for first reading and introduction at the <br /> September 10, 2012 City Council meeting. <br /> ANALYSIS <br /> Ordinance No. 785 currently provides that in the event the City sells property originally <br /> acquired from bond proceeds, "the proceeds of the sale shall be used for the following <br /> purposes and in the following order of priority <br /> (a) For the purchase of other off-street parking places or facilities for the <br /> parking district, or for improvements, additions and extensions to the existing facilities <br /> therein <br /> (b) To pay the principal of and interest on the parking bonds of this issue or <br /> any additional parking bonds of the district then outstanding <br /> (c) To make the refunds provided in Section 35705 provided in the Parking <br /> District Law" <br /> The proposed amendment provides that "the proceeds of the sale shall be used for the <br /> following purposes: <br /> (a) For the purchase of other off-street parking places or facilities for the <br /> parking district, or for improvements, additions and extensions to the existing facilities <br /> therein; <br /> (b) To pay the principal of and interest on the parking bonds of this issue or <br /> any additional parking bonds of the district then outstanding; <br /> Page 1 of 2 <br />