HomeMy WebLinkAboutMC-025U
.MC25 _,'"
San Betna.rdino
60,009-21-3 '
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ORDINANCE NO. MC-25
ORDINANCE OF THE CITY OF SAN BERNARDINO
fu~N0ING ORDINANCE NO. 3902 RELATING TO
ASSESS1<1ENT BONDS FOR PUBLIC IMPROVEr-IENTS
IN THE CITY (URGENCY)
THE MAYOR AND COr-mON COUNCIL OF THE CITY OF SAN
BERNARDINO DO ORDAIN AS FOLLOWS:
Section 1. Amendment. Subsection (b) of Section
12 of Ordinance No. 3902 shall be amended to read as follows:
U (b) The purposes for which the
proceeds of the bondscmay be used may
also include, without limitation, inci-
dental expenses, such as engineering,
appraisal, legal fees, bond counsel fees,
financing consultant fees, land and
right-of-way acquisition, interest :
during the construction period, reserve
funds and expenses of financing the
district and expenses of all pro-
ceedings for the authorization, issuance
and sale of the bonds or related thereto
and the prohibitions in Streets &
Highways Code Section 10204.1 shall not
apply. U
Section 2. Amendment. section 12 of Ordinance
No. 3902 shall be amended to add subsection (d) thereto to
read as follows:
U(d) Surplus in the improvement
fund shall be determined as provided in
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San Be:>:"nardino
60,009-21-3 .
MC25
the resolution providing for the issuance
of the bonds and any such surplus shall be
applied as set forth in such resolution,
and the provisions of Streets and Highways
Code Section 10427.1 shall not apply."
section 3. Effective Date. This Ordinance is
an urgency measure and shall take effect upon adoption. The
facts constituting such urgency are: The city presently has
in process, pursuant to Ordinance No. 3902, as amended, an
assessment proceeding in the northwestern section of the
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city. The" improvement project for which said assessment
proceeding is a part consists of 200 residential units which
are expected to have a beneficial impact in upgrading this
area. It is expected that this project will ultimately
prove to be an anchor in this area of the city and that the
undesirable consequences of the previous conditions, which
have been injurious to the city's public peace, health and
safety, will be reduced. To this end the Redevelopment
Agency of the city has made the land available for this
project and the city has issued its Single Family Residential
Mortgage Revenue Bonds, 1980, Series A, to finance the
homeowners purchase of the homes on a tax exempt basis. The
development of this project has been and still is on a tight
time schedule and the improvements contemplated by the
assessment proceedings being taken under Ordinance No. 3902
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San Bernarchno
60,009-21-3 .
are crucial to the overall project. The recent disastrous
fire has further increased the housing shortage in the city.
Inflation, high interest rates and other factors require
immediate action. This amendment will enable certain costs
to be included in the assessment bond issue, to the ultimate
benefit of the project. It will also expedite the crediting
of any surplus to the assessment. Because of the necessity
of this project to the public peace, health and safety of.
the city and the urgent time schedule it is necessary that
this Ordinance take effect upon adoption.
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San Eernilrdino
60,009-21-3
I HEREBY CERTIFY that the foregoing Ordinance was
duly adopted by the Milyor and Cowmon Council of the City of
San Bernilrdino at a
regular
meeting thereof, held on
the 19th day of
January
, 1981, by the following
vote, to wit:
AYES:
Councilmen r.a"raneda. Wheeler, Gerwiq, Hudson,
Hobbs, Strickler
NAYS:
N"",e
ABSENT:
Councilman Hernandez
~'1/dI ~f//
,/ Cl ty Clerk
The foregoing Ordinance is hereby approved this
19th day of
January
, 1981.
APPROVED AS TO FORM:
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