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ORDINANCE NO. 414
URGENCY ORDINANCE
AN URGENCY ORDINANCE OF THE CITY OF IRWINDALE,
CALIFORNIA, AMENDING ORDINANCE NO. 339 RELATING
TO THE FINANCING OF PROJECTS FOR THE ENCOURAGING
OF INCREASED EMPLOYMENT WITHIN THE CITY
THE CITY COUNCIL OF THE CITY OF IRWINDALE, DOES ORDAIN AS
FOLLOWS:
SECTION 1. Section 1 of Ordinance No. 339 of the City
of Irwindale, California ("Ordinance No. 339"), is hereby
amended by adding at the end thereof the following:
"The Internal Revenue Code of 1986, as amended (the
"1986 Code") provides that municipal obligations, the
proceeds of which are used to finance publicly owned
facilities and governmental obligations, are considered
"governmental bonds". The City is hereby authorized and
directed to engage in the issuance of bonds which bonds
may be issued as a "governmental bonds" under the
provisions of 1986 Code. To the event applicable, the
procedures described hereinbelow shall be deemed to apply
to the City in its financing of projects by the issuance
of such "governmental bonds".
SECTION 2. The definition of "Facilities" in Section
17(k) of Ordinance No. 339 is hereby amended to read as follows:
of 'Facilities' means Property suitable for any one or
more of the activities or uses described in this.Ordinance
for which Bonds can be issued, and includes incidental
facilities and appurtenances and appurtenant work and the
acquisition of the land for and the installation and
construction of any building, facility, structure or other
improvement which is publicly owned".
SECTION 3. The definition of "Project" in Section
17(n) or Ordinance No. 339 is hereby amended to read as follows:
" 'Project' means the acquisition of Facilities and the
acquisition of the land for and the installation and
construction of any building, facility, structure or any
improvement which is publicly owned, as authorized by this
Ordinance."
SECTION 4. The definition of "Revenues" as found in
Section 17(r) of Ordinance No. 339 is hereby amended to read as
follows:
" 'Revenues' means all rents, purchase payments and
other income derived by the City from, or with respect to,
the sale, lease or other voluntary or involuntary
disposition of, or repayment of, loans with respect to,
Property, Bond Proceeds, and any receipts derived from the
investment of such income or proceeds in any fund or
account of the City, including for the purposes of
publicly owned Projects and Facilities amounts in the
general fund of the City, tax increment revenues of the
Irwindale Community Redevelopment Agency (the "Agency")
and any other available funds of the City or of said
Agency but does not include receipts designated to cover
Administrative Expenses."
SECTION 5. This Ordinance shall take effect
immediately upon introduction and adoption as an urgency
ordinance pursuant to California law. The City Council hereby
Il
Ordinance No. 414
finds that the adoption of immediate preservation of the public
peace, health or safety in that it is necessary to cause
Ordinance No. 339 to be consistent with the proposed issuance
of the $100,000,000 City of Irwindale, California, Capital
Improvement Revenue Bonds, Series 1987A (the "Bonds"). The
adoption of this Ordinance as an urgency ordinance will permit
the timely issuance of the Bonds. In particular, the City
presently has a readily available source of financing for the
Bonds as the market is ideal at this time for such a unique
financing. Commitments to provide credit enhancement for the
Bonds have been obtained, investment agreement providers have
been notified and the issuance of the Bonds will create
immediate employment opportunities within the City. It is
necessary to adopt this Ordinance as an urgency ordinance in
order to achieve the foregoing benefits in furtherance of the
public health, safety, and welfare and to avoid a delay which
would otherwise result from the approval of this Ordinance as
other than an urgency ordinance.
SECTION 6. The City Clerk is hereby authorized and
directed to publish or post this Ordinance as required by law.
APPROVED and ADOPTED this 18th day of June, 1987.
ATTEST
Arthur Tapia, Mayor
Acting _Cites Clerk
Charles R. Martin, Acting City Clerk of the City of
Le, do hereby certify that the foregoing Ordinance,
Ordinance No. 414, was introduced and adopted upon
urgency, at a special meeting of the Council held on the 18th
day of June, 1987, by the following vote of the Council:
AYES: COUNCILMEN:
NOES: COUNCILMAN:
ABSENT: COUNCILMAN:
J. Breceda, R. Diaz, P. Miranda,
J. Castellanos and Mayor A. Tapia
None
None
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