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