4741ORDINANCE NO. 4741
AN ORDINANCE OF THE CITY OF ANAHEIM ADDING
CHAPTER 1.23 TO TITLE I OF THE ANAHEIM
MUNICIPAL CODE RELATING TO THE AUTHORIZATION OF
GENERAL OBLIGATION BONDS ISSUANCE.
WHEREAS, the City of Anaheim desires to set forth the
procedures to be followed relating to the issuance of general
obligation bonds authorized by the affirmative votes of two-thirds
of the electors of the City; and
WHEREAS, the setting of such procedures constitutes a
municipal affair of the City.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ANAHEIM
DOES ORDAIN AS FOLLOWS:
SECTION 1.
That Chapter 1.23 be, and it is hereby, added to Title I
of the Anaheim Municipal Code to read as follows:
"CHAPTER 1.23
GENERAL OBLIGATION BONDS
SECTION 1.23.010 DEFINITIONS
.010 'City' As used in this
ordinance, 'City' means the City of Anaheim, California,
a municipal corporation and charter city organized and
operating pursuant to the laws of the State of
California and its Charter.
.020 'Charter' As used in this
ordinance, 'Charter' means the Charter of the City of
Anaheim, adopted by the electors of the City at the
Special Municipal Election held on June 2, 19649
approved by the California State Legislature January 14,
1965, as amended.
.030 'Bonds' As used in this
ordinance, 'bonds' means the aggregate principal amount
of all bonds authorized by a proposal approved by the
City electors pursuant to the Charter.
.040 'Municipal Improvement' As
used in this ordinanace, 'municipal improvement'
includes buildings, building improvements, electrical,
water, sewer, road and other public improvements, lands,
and any other real property for the benefit of residents
of the City and surrounding areas necessary or
convenient to carry out the objects, purposes and powers
of the City.
SECTION 1.23.020 AUTHORITY TO INCUR INDEBTEDNESS
Pursuant to this ordinance, the
City may incur indebtedness for any municipal
improvement requiring an expenditure greater than the
amount allowed for it by the annual tax levy.
SECTION 1.23.030 DEBT LIMIT; 'INDEBTEDNESS'
DEFINED
Pursuant to the Charter, the
City shall not incur an indebtedness evidenced by
general obligation bonds which shall in the aggregate
exceed fifteen percent of the total assessed valuation,
for purposes of City taxation, of all the real and
personal property within the City. Within the meaning
of this section 'indebtedness' means bonded indebtedness
of the City payable from the proceeds of taxes levied
upon taxable property in the City.
SECTION 1.23.040 MEASURE OF INDEBTEDNESS INCURRED
An indebtedness is incurred
within the meaning of this ordinance to the extent of
the principal amount of bonds sold and delivered.
SECTION 1.23.050 ELECTION AS CONDITION PRECEDENT
No bonded indebtedness which
shall constitute a general obligation of the City may be
created unless authorized by the affirmative votes of
two-thirds of the electors voting on such proposition at
any election at which the question is submitted to the
electors and unless in full compliance with the
provisions of the Constitution of the State of
California and of the Charter. Such election and
two-thirds approval shall be a condition precedent to
the authorization of bonds pursuant to this ordinance.
SECTION 1.23.060 CHANGE OF PURPOSE; SPECIAL
ELECTION; PROCEDURE
When the City Council
determines by resolution that the expenditure of money
raised by the sale of bonds for the purpose for which
the bonds were voted is impracticable or unwise, it may
call a special election to obtain the consent of the
electors to use the money for some other specified
municipal purpose.
The procedure shall be the same
as when the bond proposition was originally submitted.
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SECTION 1.23.070 ISSUANCE OF BONDS
Bonds may be issued as serial
bonds or as term bonds or the City Council, in its
discretion, may issue bonds of both types. The bonds
-- shall be issued pursuant to resolution of the City
Council and shall bear such date or dates, mature at
such time or times, be divided into two or more series
(which bonds of one series may be made payable at
different times from those of any other series), bear
interest at such fixed or variable rate or rates, be
payable at such time or times, be in such denominations,
be in such form, be executed in such manner, be payable
in lawful money of the United States of America, at such
place or places, be subject to such terms of redemption
and contain such other terms and conditions, as the
resolution or resolutions of the City Council may
provide. The bonds may be sold at either public or
private sale and for such prices as the City Council
shall determine. Pending preparation of definitive
bonds, the City may issue interim receipts, certificates
or temporary bonds which shall be exchanged for such
definitive bonds.
In the discretion of the City
Council, any bonds issued under the provisions of this
ordinance may be secured by a trust agreement or
indenture by and between the City and a corporate
trustee or trustees, which may be any trust company or
bank having the powers of a trust company within or
without the State of California. Such trust agreement
or indenture, unless otherwise provided in the
resolution providing for the issuance of bonds, may
contain such provisions for protecting and enforcing the
rights and remedies of the bondholders and of the
trustee or trustees and may restrict the individual
right of action by bondholders. In addition to the
foregoing, any such trust agreement or indenture, unless
otherwise provided in the resolution providing for the
issuance of bonds, may contain such other provisions as
the City Council may deem reasonable and proper for the
security on the bondholders.
SECTION 1.23.080 PROCEEDS; PREMIUMS AND ACCRUED
INTEREST; PRICE; USE OF SURPLUS
All premiums and accrued
interest received on sale shall be placed in the fund to
be used for the payment of principal of and interest on
the bonds, and the remainder of the proceeds of the
bonds shall be placed in the treasury to the credit of
the proper improvement fund and applied exclusively to
the purpose and object recited in the resolution of
issuance; provided, however, that when said purpose and
object has been accomplished any moneys remaining in
such improvement fund shall be transferred to the
general fund.
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SECTION 1.23.090 DELIVERY; RECEIPT OF PRICE
The City Council may provide
for delivery of any bonds at places inside or outside
the City or the State of California, and for receipt and
transmittal of the purchase price in such manner as it
deems appropriate.
SECTION 1.23.100 PERSONAL LIABILITY
Neither the members of the City
Council nor any person executing the bonds shall be
liable personally on the bonds or be subject to any
personal liability or accountability by reason of the
issuance thereof.
SECTION 1.23.110 SECURITY FOR BONDS ISSUED
PURSUANT TO THIS ORDINANCE
Bonds issued pursuant to the
provisions of this ordinance shall be secured by the
full faith and credit of the City.
SECTION 1.23.120 TAX LEVY; DURATION; AMOUNT;
PRINCIPAL AND INTEREST
If necessary to provide for the
payment of the principal of and interest on bonds issued
pursuant to this ordinance, the City Council shall
annually levy and collect a tax upon all taxable
property in the City, in addition to all other taxes
authorized by law.
SECTION 1.23.130 LIBERAL CONSTRUCTION
This ordinance, 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 ordinance is an exercise of the power granted
to the City by the Charter and is an exercise by the
City of its powers as to municipal affairs and its
police powers, and this ordinance shall be liberally
construed to uphold its validity under the laws of the
State of California.
SECTION 1.23.140 SUPPLEMENTAL AND ADDITIONAL
POWERS
This ordinance shall be deemed
to provide a complete, additional and alternative method
for doing the things authorized hereby and shall be
regarded as supplemental and additional to the powers
conferred by other laws. The issuance of bonds under
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the provisions of this ordinance need not comply with
the requirements of any other law applicable to the
issuance of bonds.
SECTION 1.23.150
effect in accordance with
relating to the adoption
SECTION 2.
EFFECT OF THIS ORDINANCE
This ordinance
the provisions
of ordinances."
SAVINGS CLAUSE
shall take
of the Charter
Neither the adoption of this ordinance nor the repeal
hereby of any other ordinance of this City shall in any manner
affect the prosecution for violations of ordinances, which
violations were committed prior to the effective date hereof, nor
be construed as a waiver of any license or penalty or the penal
provisions applicable to any violation thereof. The provisions of
this ordinance, insofar as they are substantially the same as
ordinance provisions previously adopted by the City relating to
the same subject matter, shall be construed as restatements and
continuations, and not as new enactments.
THE FOREGOING ORDINANCE is approved and adopted by the
City Council of the City of Anaheim this 29th day of July, 1986.
MAYOR OF THE CITY OF XFAHE M
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CITY CLERK OF THE CITY OF ANAHEIM
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing Ordinance No. 4741 was introduced at a regular meeting of the
City Council of the City of Anaheim, held on the 22nd day of July, 1986, and
that the same was duly passed and adopted at a regular meeting of said City
Council held on the 29th day of July, 1986, by the following vote of the
members thereof:
AYES: COUNCIL MEMBERS: Kaywood, Overholt, Bay, Pickler and Roth
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said
Ordinance No. 4741 on the 29th day of July, 1986.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal
of the City of Anaheim this 29th day of July, 1986.
CITY CLERK OF THE CITY OF ANAHEIM
(SEAL)
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original Ordinance No. 4741 and was published once in the
Anaheim Bulletin on the 8th day of August, 1986.
CITY CLERK