CHAPTER 4.08
BOND ISSUE PROCEDURES

4.08.010 Short title — Enactment — Purposes.

This chapter shall be known as the "Petaluma Bond Law," and is enacted by the council of the city under and pursuant to the powers granted and reserved to the city under Sections 3 and 5 of Article XI of the Constitution of the State of California and Section 81 of the Charter of the city, and is enacted for the purpose of establishing a procedure for the issuance and sale of revenue and improvement bonds of the city for certain purposes. This chapter shall constitute a special procedure for the carrying out and enforcement of the rights and powers belonging to the city and such procedure shall control and be followed in the issuance and sale of revenue and improvement bonds as in this chapter so provided. The procedures of this chapter are alternative to the procedures of general state law. When issued under the authority of this chapter, the bonds shall so recite. (Ord. 1843 NCS §1 (part), 1991: Ord. 1026 NCS §1, 1971.)

4.08.020 Issuance of revenue bonds.

Whenever the public interest and necessity so require, the council of the city may, acting under this chapter by resolution or resolutions issue revenue bonds for the following purposes:

A.    The obtaining, conserving, treating and supplying of water for domestic use, irrigations, sanitations, industrial use, fire protection, recreation, or any other public or private use;

B.    The collection, treatment or disposal of garbage or refuse matter;

C.    The collection, treatment or disposal of sewage, waste or storm water, including drainage. The procedure for the issuance of such revenue bonds shall be the procedure set forth in the Revenue Bond Law of 1941 (commencing with Section 54300 of the California Government Code), and by this reference, with the exception hereinafter stated, the provisions of said law are incorporated in this chapter; provided, however, that no election to authorize the issuance of such revenue bonds shall be required or held, and to that end Sections 54380 through 54387 of the Government Code are not incorporated in this chapter and shall not be applicable to the issuance of such revenue bonds.

D.    The refunding of bonds or other obligations of the city, so long as: (i) the proceeds of such bonds were applied to the acquisition or construction of projects satisfying the purposes set forth in paragraphs A, B or C above; and (ii) such bonds or obligations were payable from, or were in fact paid from, revenues generated by any of the enterprises specified in paragraphs A, B, or C above. (Ord. 2112 NCS §2, 2001: Ord. 1843 NCS §1 (part), 1991: Ord. 1026 NCS §2, 1971.)

4.08.030 Issuance of improvement bonds.

The council of the city may issue improvement bonds to represent unpaid special assessments levied pursuant to the Municipal Improvement Act of 1913 (commencing with Section 10000 of the California Streets and Highways Code) or the Landscaping and Lighting Act of 1972 (commencing with Section 22500 of the California Streets and Highways Code).

The procedure for the issuance of improvement bonds shall be the Improvement Bond Act of 1915 (commencing with Section 8500 of the California Streets and Highways Code), as now or hereafter amended, with the following exceptions:

A.    Notwithstanding the limitations of Section 8651.5 of the California Streets and Highways Code, the council of the city may establish a redemption premium for the retirement of bonds in advance of their normal maturity in any amount or percentage, or in no amount. The premium may be different for different bond maturities or for different dates of advance bond retirement, or both.

(Ord. 1843 NCS §1 (part), 1991.)