HomeMy WebLinkAboutOrd 1983-2044 ORDINANCE NO. 2044
AN ORDINANCE OF THE CITY OF CHULA VISTA AMENDING
SECTION 3.48.020 BY REPEALING EXISTING H THROUGH N,
ADDING NEW H THROUGH M THEREFOR, AND AMENDING
SECTION 3.48.030 B OF CHAPTER 3.48 OF THE CHULA VISTA
MUNICIPAL CODE RELATING TO FINANCING OF INDUSTRIAL
AND COMMERCIAL DEVELOPMENT
The City Council of the City of Chula Vista does ordain
as follows:
SECTION I: That Section 3.48.020 of Chapter 3.48 of the
Chula Vista Municipal Code be, and the same is hereby amended by
repealing existing H through N and substituting new H through M,
to read as follows:
Sec. 3.48.020 Definitions.
Unless the context otherwise requires, the
following definitions shall govern the construction of
this chapter:
H. "Exempt Organization" means an entity exempt from
federal income taxation pursuant to Section 501(c) of
the Internal Revenue Code of 1954, as amended.
I. "Finance" and its variants means the lending of
moneys or any other thing of value, or the purchase of
loans or the entering into of leases or installment sale
agreements, for the purpose of (i) paying or otherwise
providing for or assisting the payment of any or all of
the Costs of a Project pursuant to this chapter or (ii)
providing funds to be used as working capital or
otherwise for general expenditures of Exempt Organ-
izations pursuant to this chapter.
J. "Participating party" means any person, corporation,
partnership, firm or other entity or group of entities
requiring financing for the acquisition of a project
pursuant to this chapter.
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K. "Project" means real property located within the
City and improved with an industrial or commercial
structure, and all property in connection therewith or
incidental thereto, including machinery, equipment and
furnishings, the acquisition of which is financed or
otherwise assisted pursuant to this chapter. "Project"
also includes residential real property for family units
as described in and within the meaning of Section
103(b)(4)(A) of the Internal Revenue Code of 1954, as
amended, and regulations and rulings thereunder,
including all property in connection therewith or
incidental thereto.
L. "Ordinance" means Ordinance No. 1970, passed and
adopted by the City Council of the City on February 9,
1982, pursuant to the City Charter, as amended from time
to time.
M. "Revenue" means, with respect to a project, all
amounts received as repayment of principal, interest and
all other charges received for, and all other income and
revenue (including the proceeds of insurance) derived
by, the City in connection with such project, and any
receipts derived from the investment of such income or
revenue, including moneys deposited in a sinking,
redemption or reserve fund or other fund to secure the
bonds or to provide for the payment of the principal of
or interest on the bonds and such other moneys as the
City Council may in its discretion make available
therefor.
N. "State" means the State of California.
SECTION II: That Section 3.48.030 B of Chapter 3.48 of
the Chula Vista Municipal Code be, and the same is hereby amended
to read as follows:
Sec. 3.48.030 Powers.
The City is authorized and empowered:
B. To issue bonds (i) for the purpose of financing or
otherwise assisting the acquisition of projects
authorized by this chapter or (ii) for the purpose of
providing funds to be used as working capital or
otherwise to finance general expenditures of Exempt
Organizations, or (iii) for the purpose of funding or
refunding bonds.
SECTION III: This ordinance shall take effect and be in
full force on the thirty-first da~-from and after its adoption.
Presente~,b Approved as to form by
Paul G. Desrochers T~as J. 'Ha~6n,' "' '
Community Development Director Acting City Attorney
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FIRST READ AT A REGULAR MEETING OF THE CITY COUNCIL OF THE
Y OF CHULA VISTA, CALIFORNIA, HELD AuguSt 23 , 19 83_~__, AND
FINALLY PASSED AND ADOPTED AT A REGULAR MEETING THEREOF HELD August 30 ·
19 83 ~ BY THE FOLLOWING VOTEj TO-WIT:
AYES: Councilmen: Cox, Moore, McCandliss, Scott, Malcolm
NAYES: Councilmen: None
ABSTAIN: Coex:ilmen: None
ABSENT: Councilmen: None
~y~e City of Chula Vista
,_ ,I'E OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chulo Vista, California,
DO HEREBY CERTIFY that the above and foregoing is o full, true and correct copy of
ORDINANCE NO, 2044 ,and that the some has not been amended or repealed.
DATED
(seal) City Clerk
CC-660
T
ORDINANCE NO. 2044
AN ORDINANCE OF THE CITY OF CHULA VISTA AMENDING
SECTION 3.48,020 BY REPEALING EXISTING H THROUGH N,
ADDING NEW H THROUGH M THEREFOR, AND AMENDING
SECTION 3.48,030 B OF CHAPTER 3.48 OF THE CHULA VISTA
MUNICIPAL CODE RELATING TO FINANCING OF INDUSTRIAL
AND COMMERCIAL DEVELOPMENT
By a unanimous vote on August 30, 1983, the City
Council placed the ordinance on second reading and
adoption.
The amendment allows organizations exempt under 501 (c)
(3) of the Internal Revenue Code, such as Bay General
Community Hospital, to issue, with City approval, tax ex-
empt revenue bonds for the purpose of providing short-term
working capital funds under the strict requirements of
the Internal Revenue Service.
Copies of the ordinance are available at the office
of the City Clerk, City Hall, 276 Fourth Avenue,
Chula Vista, CA.
Dated: September 2, 1983
~Vista, California