HomeMy WebLinkAbout3923UORDINANCE NO. 3923
ORDINANCE OF THE CITY OF SAN BERNARDINO
AMENDING ORDINANCE NO. 3815 RELATING TO
THE FINANCING OF PROJECTS FOR THE
ENCOUMGING OF INCREASED EMPLOYMENT .
AMENDING SUBSECTION (e) OF SECTION 14 AND
SECTION 18 RELATING TO INTEREST RATES AND
DISCOUNT
THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO DO 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, pay-
able 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. Amendment. Section 18 of Ordinance
No. 3815 shall be amended to read as follows:
"Section 18. Sale of Bonds.
Bonds may be sold at such prices
and in such manner as the Mayor and
Common Council may direct, at public
or private sale. Such Bonds may be
sold at, above, or below the par or
face value thereof, but the sale
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San Bernardino
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price shall not be less than the
percentage of the par or face value
of the Bonds specified in the pro-
ceedings."
Section 3. Effective Date. This Ordinance is
an urgency measure and shall take effect upon adoption.
The facts constituting such urgency are: Such develop-
ments as the present international situation, the energy
crisis, which among other things, are causing the current
rate of inflation, have prompted efforts to control the
inflation and such efforts have raised interest rates of
private lending institutions to an extent not previously
anticipated. The City cannot control these external
forces, but it has enacted Ordinance No. 3815 to help to
alleviate its unemployment problem. In view of the
current situation, the interest rate and discount limita-
tions in Ordinance No. 3815 appear to be unrealistic.
Several projects are currently pending. The high private
interest costs will hamper construction because of lack
of financing. This makes the City financing pursuant to
Ordinance No. 3815 even more critical. The amendment to
Ordinance No. 3815 made by this Ordinance should expedite
the financing of the facilities which will help to
alleviate the severe unemployment problem in the City.
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. .
S'an' Blirnardino
60,009-2-2
I HEREBY CERTIFY that the foregoing Ordinance was
duly adopted by the Mayor and Cornmon Council of the City of
San Bernardino at a regular meeting thereof, held on the
3t4 day of ~(\"c- 0-..
, 1980, by the following vote,
to wit:
ABSTAIN:
Members ~""i1\M.o..ln I l. )\"0000" \lO\\"'Cl."'-Md
~HA"""""'l ~/). ~;r ~IQo,
Members "Y\r\'V\.o
.
Members \ k\ --0\\" ~ ~
Members ~ ~
AYES:
NOES:
ABSENT:
~7//l/ ~~
Ci ty C'rerk
The foregoing Ordinance is hereby approved this
7>>~-I?
7tJ' day of
, 1980.
Approved as to form:
~~,R
City A orney
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