(Added by O-3086)


24.1.1 CITATION.

This Chapter may be cited as the Torrance Revenue Bond procedural law.


The procedure for the issuance of revenue bonds shall be as follows:

a)    The City Council, exercising the powers reserved to the City under the Constitution of the State of California and provisions of the Charter of the City, by resolution, may issue and sell revenue bonds, including without limitation, refunding bonds, when the public interest requires.

b)    By a regular or special meeting and by a majority vote of all members, the City Council shall adopt a resolution authorizing the issuance of said revenue bonds without the requirement of submitting the proposition of issuing revenue bonds to the qualified voters of the City. The resolution shall state all the terms and conditions upon which the bonds are being offered for sale, that the bonds are to be revenue bonds payable exclusively from the revenues of an enterprise and such other funds as may be legally available for such purpose, and that the bonds are not to be secured by the taxing power of the City.

c)    Before selling the revenue bonds, or any part thereof, the City Council shall either negotiate the private sale of the revenue bonds with a responsible purchaser or purchasers, who may be purchasing for their own account or for purposes of resale, or give notice inviting sealed bids for the sale of the revenue bonds by publication of the notice once in a newspaper of general circulation within the City at least ten (10) days prior to the date of opening bids stated in the notice, together with such other notices as are deemed advisable pursuant to a resolution of the City Council or as may be required by law. If bids are invited and satisfactory bids are received, the revenue bonds offered for sale shall be awarded to the lowest responsible bidder. If no bids are received, or if the City Council determines that the bids received are either not responsive to the notice inviting the same or not satisfactory as to price or responsibility of the bidders, the City Council may reject all bids received, if any. In the event no bids are received or all bids are rejected, the City Council may either readvertise or sell the bonds at private sale subject to confirmation thereof by resolution adopted by a majority of all members of the City Council. The private sale may be made upon terms and conditions other than those contained in the resolution authorizing issuance of the revenue bonds and the notice inviting bids therefor.

d)    The City may exercise all of the rights and powers and perform the duties and covenants contained in the Revenue Bond Law of 1941 (commencing with Government Code Section 54300), if included in the resolution authorizing issuance of the revenue bonds, which are by this reference, with the exceptions stated in this Chapter, incorporated in this Chapter. Government Code Sections 54380 through 54388, both inclusive, and Government Code Sections 54310, 54311 and 54402 (b) are not incorporated in this Chapter and shall not be applicable to revenue bonds issued by the City.