HomeMy WebLinkAboutMC-143U
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~San Bernardino
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ORDINANCE NO. MC-143
ORDINANCE OF THE CITY OF SAN BERNARDINO AMENDING
ORDINANCE NO. 3815 RELATING TO THE FINANCING OF
PROJECTS FOR THE ENCOURAGING OF INCREASED EMPLOY-
MENT WITHIN THE CITY BY AMENDING SUBSECTION (e) OF
SECTION 14 RELATING TO INTEREST RATES
THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO DO HEREBY ORDAIN AS FOLLOWS:
Section 1. Amendment. Subsection (e) of Section
14 of Ordinance No. 3815 shall be amended to read as follows:
"(e) For the Bonds to bear interest at such
rate or. rates (or variable rates, as the case may
be) per annum not to exceed those specified in the
proceedings, which may be equal to but may not
exceed such rate or rates as are permitted under
the Constitution of the State of California,
payable at such time or times and at such place or
places within or without the State and evidenced
in such manner as the City may deem appropriate;".
Section 2. Effective Date. This Ordinance 1S an
urgency measure and shall take effect upon adoption. The
facts constituting such urgency are: The present expenditure
and income problems of the United States and efforts to
reduce the rate of inflation, coupled with the economic
downturn, all of which has been widely reported in the
media, have raised interest rates for a period of time not
210.38(et)
2/23/82
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KC-143
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previously anticipated. Unemployment is rising. The City cannot
control these external forces, but it has enacted Ordinance
No. 3815 relating to the financing of projects for the
encouraging of increased employment within the City. High
interest rates have prevented the City from proceeding with
many of the projects which have been approved by the Mayor
and Common Council. There are current financings which are
ready to proceed and which can increase employment within
the City. There should be no doubt that the City, under its
home rule powers, can set any interest rate that it chooses
on these issues, within the limits set forth in the Constitu-
tion of the state of California, as no burden falls upon the
taxpayers of the City. The close relationship between
employment and the public peace, health and safety requires
the City to use every power it has to increase employment.
This makes the City financing pursuant to Ordinance No. 3815
critical. The amendment to Ordinance No. 3815 made by this
Ordinance is declaratory of the original intent of the
Ordinance and is made for the purpose of clarification so
that ,there will be no doubt that the city can proceed within
Consitutional limits to finance projects which will help to
alleviate the unemployment problem in the City.
2l0.38(et)
2/23/82
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Mc-i43
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.Sang"l'nerClino
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I HEREBY CERTIFY that the foregoing Ordinance was
duly adopted by the Mayor and Common Council of the, City of
San Bernardino at a regular meeting thereof, held on the
1st day of
March
, 1982 by the following vote, to wit:
AYES:
Councilmen:
Castaneda, Reilly, Hernandez
Botts, Quiel, Hobbs
NOES:
None
ABSENT:
Council Member Strickler
ABSTAIN:
None
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ci.-ty Clerk
The foregoing Ordinance is hereby approved this
d(~day of March
, 1982.
Approved as to form:
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city ttorney
2l0.38(et)
2/23/82
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