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HomeMy WebLinkAbout1739 AN ORDINANCE OF THE CITY OF ARCADIA AMENDING SECTION 2753.6 OF THE ARCADIA MUNICIPAL CODE BY DELETING THE CITY'S POWER TO PURCHASE INDUSTRIAL DEVELOPMENT BONDS AND REQUIRING INDEMNIFICATION FROM THE PARTICIPATING PARTY (DEVELOPER) AND UNDERWRITER, IF ANY, FOR ANY LIABILITY UNDER SECURITIES LAWS. THE CITY COUNCIL OF THE CITY OF ARCADIA DOES HEREBY ORDAIN AS FOLLOWS: SECTION 1. That Section 2753.6 of the Arcadia Municipal Code is hereby amended to read as follows: "SECTION 2753.6. OFFERING OF BONDS. In connection with the issuance of any bonds, the City shall, to the extent permitted by law, be indemnified and held harmless by the Participating Party and the Underwriter of the Bonds (if any) against loss, damage, or liability arising from Federal or State securities laws. If Bonds are sold in a non-public offering, the Purchaser shall deliver to the City a letter stating, in substance, that the Purchaser has exer- cised due diligence in obtaining all information it deems material con- cerning the Participating Party and the Facility." SECTION 2. I f any section, subsection, sentence, clause, phrase or portion of this ordinance is, for any reason, held to be invalid or unconstitutional by the decision of any court of compe- tent jurisdiction, such decision shall not affect the validity of the remaining portions of this ordinance. The City Council of the City of Arcadia hereby declares that it would have adopted this ordinance and each section, subsection, sentence, clause, phrase or portion thereof irrespective of the fact that anyone or more sections, subsections, sentences, clauses, phrases or portions be declared invalid or unconstitutional. SECTION 3. Neither the adoption of this ordinance nor the repeal hereby of any ordinance shall in any manner affect the prosecution for violation of ordin~nces, which violations were committed prior to the effective date hereof, nor be construed as affecting any of the provisions of such ordinance relating to the collection of any such license or penalty or the penal provisions applicable to any violation thereof, nor to affect the validity of any bond or cash deposit in lieu thereof, required to be posted, filed or deposited pursuant to any ordinance and all rights and obligations thereunder appertaining shali continue in full force and effect. -1- 1739 SECTION 4. The Clerk of the Council shall certify to the passage and adoption of this ordinance and shall cause the same to be published in the official newspaper of the City of Arcadia with- in fifteen (15) days after its adoption. PASSED AND ADOPTED BY THE CITY COUNCIL of the City of Arcadia at its regular meeting held on the 2nd day of February, 1982. SIGNED AND APPROVED this 2nd day of February, 1982. ATTEST: ~k~ C~ty Clerk of the C~ty of Arcad~a $2 the C~ty 0 Arcad~a I HEREBY CERTIFY that the foregoing ordinance was adopted at a regular meeting of the City Council of the City of Arcadia, California, held on the 2nd day of February, 1982, by the affirma- tive vote of at least three Councilmen, to wit: AYES: NOES: ABSENT: Councilmen Councilmen None Dring, Pellegrino and Gilb Haltom and Saelid ~~4~ .t~ City Clerk of the City of Arcadia -2- 1739