HomeMy WebLinkAboutOrd 1990-2424 ORDINANCE NO. 2424
AN ORDINANCE OF THE CITY OF CHULA VISTA AMENDING
ORDINANCE NO. 1970 RELATING TO THE FINANCING OF
INDUSTRIAL AND COMMERCIAL DEVELOPMENT WITHIN THE CITY OF
CHULA VISTA
WHEREAS, the City Council of the City of Chula Vista has heretofore
adopted its Ordinance No. 1970 entitled "Ordinance of the Cityof Chula Vista
Relating to the Financing of Industrial and Commercial Development Within Said
City in the Interests of the Public Health, Safety and Welfare", adopted on
February 9, 1982; and
WHEREAS, the City is currently considering the institution of proceedings
to provide financing for the acquisition and construction by the San Diego
National Sports Training Foundation, a nonprofit public benefit corporation
organized under the laws of the State of California, of an Olympic Training
Center to be located within the City; and
WHEREAS, the Ci.tyCouncil wishes to amend Ordinance No. 1970 in certain
respects at this time to make clear that said Ordinance auth~ize~' ~UCh
financing proceedings.
The City Council of the City of Chula Vista does ordain as follows:
Section 1. Amendment of Ordinance No. 1970.
The definition of the terms "bonds" and the definition of the term
"Project" in Section 2 of Ordinance No. lgTO are each hereby amended in
their entirety to read as follows:
"'Bonds' means any bonds, notes, interim certificates, debentures or
other obligations issued by the City pursuant to this Ordinance, which
are payable exclusively from revenues and other funds permitted by this
Ordinance".
"'Project' means real or personal property located within the City to be
used for industrial or commercial purposes, and all property in
connection therewith or incidental thereto; such property shall include,
but not be limited to, property to be acquired by a nonprofit
organization exempt from federal income taxation pursuant to Section
501(c)(3) of the Internal Revenue CXode of 1986, as amended, to be used
for any authorized purposes of such nonprofit organization."
Ordinance No. 2424
Page 2
Section 2. Effect of Amendment.
The amendments made pursuant to Section 1 hereof shall apply solely to
Bonds (as such term is defined in Ordinance No. 1970) to be issued by the City
following the effective date of this Ordinance, and not to any Bonds issued by
the City prior to such effective date.
Section 3. Effective Date.
This ordinance shall take effect and be in full force on the thirtieth
day from and after its adoption.
Presented by Approved as to fo by
Ly~nn Chr~s/topher / Bruce M. Boo~aa d/
Di rector of Finance C1 ty Attorne
Ordinance No. 2424
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula
Vista, California, this 27th day of November, t990, by the following vote:
AYES: Councilmembers: Malcolm, Moore, Nader, Cox
NOES: Councilmembers: None
ABSENT: Councilmembers: McCandliss
ABSTAIN: Councilmembers: None
Cox, Mayor
ATTEST:
Beverly ~ el
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do
hereby certify that the foregoing Ordinance No. 2424 had its first reading on
November 20, 1990, and its second reading and adoption at a regular meeting of
said City Council held on the 27th day of November, lg90.
Executed this 27th day of November, 1990.
Beverly A./Authelet, City Clerk