Municipal Code, Complete - City of Santa Barbara

10.70.650 Serial or Term Bonds; Resolution; Conditions.
The bonds may be issued as serial bonds or as term bonds, or the Council in its discretion, may issue bonds of
both types. The bonds shall be authorized by resolution of the Council and shall bear such date or dates, mature at
such time or times, 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 either coupon or registered, carry such registration privileges, be executed in such
manner, be payable in lawful money of the United States of America at such place or places, and be subject to such
terms of redemption as the resolution or resolutions of the Council may provide. The bonds may be sold at either a
public or private sale and for such prices as the Council shall determine. Pending preparation of the definitive bonds,
the city may issue interim receipts, certificates, or temporary bonds, which shall be exchanged for definitive bonds.
The Council may sell any bonds or other evidences of indebtedness at a price below the par value thereof. (Ord.
4062, 1980.)
10.70.660 Terms and Conditions.
Any resolution or resolutions authorizing any bonds or any issue of bonds may contain provisions respecting any
of the following terms and conditions, which shall be a part of the contract with the holders of the bonds:
a) That the bonds shall state in substance that
1) The bond and interest are payable solely from:
(i) the gross or net, as the case may be, revenues from the operation of the parking place or places
acquired and improved with the proceeds, if such is the case;
(ii) the net revenues, or a portion thereof, from parking meters on certain public ways within the district,
if such is the case;
(iii) annual special benefit assessments, to be levied upon real property in the district, if such is the case;
and
2) Neither the city nor any of its officers is to be held otherwise liable for its principal or interest;
b) That maintenance and operation of the parking places shall be provided, and for the fixing and collecting of
rentals, fees and charges for the availability or use of parking facilities, for the establishment of a maintenance fund
and a bond fund into which all revenues derived from the operation of the parking facilities shall be placed, for the
use of moneys in the respective funds, for payment of the expenses of operating and maintaining the parking places,
for the payment of the bonds and the interest thereon, or for the establishment and maintenance of any reserve funds,
sinking funds or other funds designed for securing or paying the bonds and the interest thereon;
c) Restrictions on the operation by the city or the district of other facilities for the public parking of motor
vehicles which would compete with the facilities, the revenues of which are pledged to the payment of the bonds and
the interest thereon;
d) Provisions not inconsistent with this chapter, which are necessary or desirable to carry out its intent and
purpose;
e) That the provisions of the resolution shall constitute covenants for the benefit and protection of the holders of
the bonds, and any holder may enforce the covenants by mandamus or other appropriate remedy;
f) That any provisions of the resolution, except a provision as to the amount or time of payment of principal or
interest on the bonds, may be later eliminated or modified by the Council, if the holders of a fixed percentage of the
outstanding bonds have agreed in writing to the elimination or modification;
g) That the proceeds of the sale of the bonds shall be placed in the city treasury to the credit of the proper
district fund and applied exclusively to the objects and purposes for which the same were issued;
h) That the proceeds may be used to pay the interest on the bonds during the period of construction of any
parking place and for a period of twelve (12) months thereafter, except that the total period during which interest is
paid from the proceeds shall not exceed three (3) years from the date of the bonds;
i) That when the acquisitions and improvements have been accomplished, any unexpended bond proceeds shall
be placed in the bond fund for the payment or securing of the principal and interest of the bonds, or may be used to
pay the cost of additional acquisitions and improvements for the district, and expenses incidental thereto, pursuant to
change and modification proceedings; and
j) That after the bonds and all interest thereon have been fully paid, or prior thereto to the extent permitted by
express provision of the resolution providing for the issuance of the bonds, all revenues derived from the operation of
the parking places and not required for the operation and maintenance of the parking places may be used for the
further improvement of the parking places for the benefit of the district, as the Council may decide. Any excess
revenues shall be paid into the general fund of the city or the fees and charges reduced so that there will be no
excessive revenue. (Ord. 4062, 1980.)
10.70.670 Personal Liability.
Neither the members of the 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. (Ord. 4062, 1980.)
270-9 rev. 12/31/95