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HomeMy WebLinkAbout419258 ORDINANCE NO. 419 AN URGENCY ORDINANCE OF THE CITY COUNCIL OF THE CITY OF IRWINDALE, CALIFORNIA, REGARDING THE FINANCING OF CERTAIN CAPITAL IMPROVEMENT PROJECTS WITHIN THE CITY OF IRWINDALE, CALIFORNIA, IN ACCORDANCE WITH SECTION 43608 OF THE GOVERNMENT CODE CONCERNING GENERAL OBLIGATION BONDS THE CITY COUNCIL OF THE CITY OF IRWINDALE, CALIFORNIA, DOES ORDAIN AS FOLLOWS: SECTION 1. The City of Irwindale, California (the "City"), is a municipal corporation and a charter city duly organized and existing under and pursuant to a City Charter (the "City Charter") and the Constitution and the laws of the State of California. By adoption of its Resolution No. 87-12-1114 on July 30, 1987 (the "Resolution"), the City Council of the City of Irwindale, California (the "City Council"), has previously undertaken actions preparatory of the incurring of certain obligations in connection with the acquisition or improvement of real property and the construction, financing and acquisition of certain capital improvements within the City (the "Project"). It is desirable at this time that the City Council approve an Ordinance as authorized by Section 43608 of the Government Code (the "Act") to issue and sell general obligation bonds to raise money for the Project (the "Bond Program"). Sections 43610 and 43610.1 of the Act set forth the contents to be included in this Ordinance. The City Council deems it desirable to consider the Ordinance ordering the submission of the ballot measure of incurring a bonded debt for the purpose set forth in the Resolution to the qualified voters of the City at an election to be held for that purpose. SECTION 2. The object and purpose of incurring the indebtedness is for the acquisition, construction and development of the Project. SECTION 3. The estimated cost of the Project is Ten Million Nine Hundred Eighty Thousand Dollars ($10,980,000). SECTION 4. The principal amount of the indebtedness is not to exceed Twelve Million Dollars ($12,000,000). SECTION 5. As provided in Section 53531 of the Act, the maximum rate of interest on the bonds shall not exceed twelve percent (12%). Said interest shall be payable semiannually except that interest for the first year after the date of the bonds may be made payable at the end of said year. SECTION 6. The election shall be held on November 3, 1987. By adoption of the Resolution, the City Council has previously requested that the Board of Supervisors of the County of Los Angeles (the "Board of Supervisors") consolidate said election with the community college district and school district election to be held on said date. The County of Los Angeles (the "County") is hereby requested to call said election on said date, and is further requested to take all actions that may be required by the laws of the State of California to submit to the electors of the City the following bond measure: CITY OF IRWINDALE, CALIFORNIA, SHALL the City of Irwindale, California, incur a bonded indebtedness in the sum not to exceed $12,000,000 for the purpose of raising money for the following purposes, including, but not limited to, the acquisition and improvement of real property and the acquisition, construction and completion of certain public improvements within the City? 25c ORDINANCE NO. 419 By adoption of this Ordinance, the measure as described in Section 5 of the Resolution is amended to conform to the bond measure described in this Section 6. SECTION 7. By adoption of the Resolution, the City Council has previously requested the County to authorize the County Registrar of Voters to hold the election. The City Council also hereby requests and authorizes the Board of Supervisors to canvass the ballots pursuant to Section 23306 of the Elections Code. SECTION 8. The total principal amount of the bonds is not to exceed Twelve Million Dollars ($12,000,000). Legal or other fees incidental to or connected with the authorization, issuance and sale of the bonds is presently estimated to be P Four Hundred Eighty Thousand Dollars ($480,000). The cost of printing the bonds and other costs and expenses incidental or connected with the authorization, issuance and sale of the bonds is presently estimated to be Sixty Thousand Dollars ($60,000). SECTION 9. In accordance with Section 5013 of the Elections Code, arguments may be filed for and/or against the ballot measure, and in accordance with Section 5016 of the Elections Code, the City Clerk shall select one of the arguments in favor and one of the arguments against the measure for printing and distribution. The City Clerk shall give preference and priority in the following sequence: A. The legislative body or any member thereof as authorized; B. Individual property owners or bona fide association of property owners or combinations of property owners and associations who are the bona fide sponsors or proponents of the measure; C. Bona fide associations of property owners; and D. Individual property owners who are eligible to vote on the measure. SECTION 10. By adoption of the Resolution, the City Attorney has previously been directed to prepare an impartial analysis on the combined ballot proposition and file it with the City Clerk. In accordance with Section 5011 of the Elections Code, such analysis shall show the effect of the bond measure on the existing law and the general operation of the proposed bond measure. SECTION 11. (a) That notice is hereby given that written arguments, not to exceed three hundred (300) words in length, for or against the measure, shall be filed not later than 5:00 P.M. on August'12, 1987, at the Office of the City Clerk. (b) That any argument submitted for or against the measure shall be accompanied by a statement set forth in Section 5350 of the Elections Code, signed and completed by the author of such argument. SECTION 12. That if any person submits an argument against the bond measure as set forth herein, and an argument has been filed in favor of the bond measure, the City Clerk shall then immediately sent a copy of that argument to the person filing the argument in favor of said bond measure. The person filing the argument in favor of the bond measure may prepare and submit a rebuttal argument not to exceed two hundred fifty (250) words. If any person submits an argument for the bond measure as set forth herein, and an argument has been filed against the bond measure as set forth herein, the 266 ORDINANCE NO. 419 City Clerk shall then send copies of the argument in favor of the bond measure to the person filing an argument against said bond measure who then may prepare and submit a rebuttal argument to the argument in favor of the bond measure, such rebuttal argument not to exceed two hundred fifty (250) words. The rebuttal arguments shall be filed with the City Clerk not more than ten (10) days after the final date for filing the direct argument. Rebuttal arguments shall be printed in the same manner as direct arguments and each rebuttal argument shall immediately follow the direct argument which it seeks to rebut. SECTION 13. This right of rebuttal, as provided by this Ordinance, is applicable only to the bond measure relating to this election, and shall not apply to any future City elections. SECTION 14. That the City Clerk is hereby ordered to certify to the passage of this Ordinance and to file a certified copy thereof with the County Registrar of Voters, and shall cause this Ordinance to be published once a day for each day from August 11 to August 18 inclusive, in the San Gabriel Valley Tribune. SECTION 15. That the City Clerk is hereby ordered to prepare a synopsis of the bond measure and publish a notice thereof# in accordance with Section 22835 of the Elections Code. Said notice shall constitute the notice of bond election and notice of measure. SECTION 16. This Ordinance shall take effect immediately upon introduction and adoption as an urgency ordinance pursuant to California law. The City Council hereby finds that the adoption of this Ordinance as an urgency ordinance is necessary for the immediate preservation of the public peace, health or safety in that it is necessary to cause the election to be held on November 3, 1987, in connection with the above -referenced bond measure, to be consolidated with the community college district and school district election to be held on said date. In order for the bond measure to consolidated, this Ordinance must be effective and published in accordance with the provisions hereinabove as expeditiously as possible. The City has been provided with a unique financing opportunity at this time to issue general obligation bonds pursuant to the Bond Program. The City has previously issued the $102,350,000 City of Irwindale, California, Capital Improvement Revenue Bonds, Series 1987 A (the "Series A Bonds"). Although the proceeds of the Series A Bonds are available for use by the City to finance the cost of certain public improvements, the intended use of the proceeds of the Series A Bonds is to finance the cost of public improvements primarily located within the redevelopment project area of the Irwindale Community Redevelopment Agency (the "Agency"). It is intended that the proceeds of the general obligation bonds issued pursuant to the Bond Program be used to finance the cost of public improvements located within the City and within the redevelopment project area and to provide for the coordinated and orderly implementation of the intended public improvements. In particular, the City presently has a readily available source of financing by issuing general obligation bonds issued pursuant to the Bond Program and this type of general obligation bond financing may not necessarily be available subsequent to December 31,1987. The bond proceeds of such general obligation bonds are necessary to fill a gap in the public improvement financing plan of the City as shall be coordinated with the financing plan of the Agency to be undertaken with the proceeds of the Series A Bonds. It is therefore imperative that this bond measure be consolidated with the November 3, 1987 election and ORDINANCE NO. 419 if successful, to issue bonds prior to December 31, 1987. 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. APPROVED and ADOPTED THIS 3rd day of August, 1987. Arthur Ft. Tapia, Mayor ATTEST: IIeputy City Clerk L�� I hereby certify that the foregoing urgency ordinance, being Ordinance No. 419 was introduced as an urgency ordinance at a special meeting of the City Council of the City of Irwindale, held on the 3rd day of August, 1987, and was duly passed, approved and adopted by said Council, approved and signed by the Mayor and attested by the Deputy City Clerk by the following vote of the Council: AYES: Councilmen: J. Breceda, R. Diaz, P. Miranda, J. Castellanos and Mayor A. Tapia NOES: Councilmen: None ABSENT: Councilmen: None 26]