HomeMy WebLinkAbout1989ORDINANCE NO. 1989
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALFIRORNIA, AUTHORIZING THE
ISSUANCE OF AIRPORT REVENUE BONDS FOR THE
PURPOSE OF FINANCING APPROVED PROJECTS AT
THE PALM SPRINGS INTERNATIONAL AIRPORT, AND
PROVIDING THE PROCEDURES AND MATERIAL TERMS
FOR THE ISSUANCE OF SUCH BONDS.
City Attorney's Summary
This ordinance authorizes the issuance of Airport Revenue
Bonds, in order to provide funds for various improvements at
the Palm Springs International Airport. The ordinance further
provides for the procedures that will be followed in issuing such
bonds.
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES ORDAIN AS
FOLLOWS:
SECTION 1. Findings.
A. The City of Palm Springs (the "City") owns and operates the Palm Springs
International Airport (the "Airport") and the Federal Aviation Administration
(the "FAA") has approved, and from time to time, will approve, applications
of the City to impose and use a Passenger Facility Charge ("PFC") for the
purpose, among others, of financing various approved projects for the
Airport (the "Approved Airport Projects").
B. The PFC revenues are permitted to be applied to pay debt service on bonds
issued by the City to finance Approved Airport Projects.
C. The City is a charter city under the Constitution and laws of the State of
California, and has adopted a City Charter.
D. Section 200 of the City Charter provides that the City shall have the power
to make and enforce all laws and regulations with respect to municipal
affairs, subject only to such restrictions and limitations as may be provided
in the City Charter and in the Constitution of the State of California.
E. Pursuant to its municipal affairs powers as a charter city, the City Council
wishes to adopt this Ordinance for the purpose of authorizing the issuance
of revenue bonds by the City the proceeds of which shall be applied to
finance Approved Airport Projects, such revenue bonds to be secured by a
pledge of and lien on the PFC revenues, and providing the terms and
provisions upon which such revenue bonds are issued.
Ordinance No. 1989
Page 2
SECTION 2. Authorization of Bonds. Pursuant to its municipal affairs powers as
a charter city, the City Council hereby authorizes the issuance of its Airport Revenue
Bonds (the "Bonds"), for the purpose of providing funds to finance Approved Airport
Projects. The City Council hereby finds and determines that the issuance of the Bonds
for the purpose of financing Approved Airport Projects constitutes a municipal affair of the
City for all purposes of the City Charter and the Constitution of the State of California.
SECTION 3. Material Provisions of Bonds. The Bonds shall be issued from time
to time under one or more indentures of trust (the "Indenture") between the City and a
trustee (the "Trustee"). The Bonds shall be subject to the following limitations:
(a) Interest on the Bonds will be calculated at a fixed rate, which shall not
exceed the maximum rate of interest permitted by law.
(b) Principal of and interest and redemption premium (if any) on the Bonds shall
be payable from the PFC revenues. The Bonds shall not constitute an
obligation of the City for which the City is obligated to levy or pledge any
form of taxation, and shall not constitute an obligation of the general fund of
the City.
(c) The proceeds of the Bonds, except to the extent required to pay the costs
of issuing and underwriting the Bonds and except to the extent required to
fund a reserve for the Bonds, shall be deposited with the Trustee and
applied for the sole purpose of financing Approved Airport Projects.
SECTION 4. Procedures for Issuing the Bonds. At any time following the adoption
of this Ordinance, the City Council shall consider taking action by resolution approving
the final form of the Indenture and a Preliminary Official Statement describing the Bonds,
authorizing the manner of sale of the Bonds and approving documents relating to such
sale, and approving other matters which are necessary or advisable in order to
consummate the issuance and sale of the Bonds. Such resolution may be adopted prior
to the effective date of this Ordinance, provided that the Bonds shall not be sold prior to
the date on which this Ordinance takes effect in accordance with Section 315 of the City
Charter.
SECTION 5. Severability. If any section or provision of this Ordinance is for any
reason held to be invalid or unconstitutional by any court of competent jurisdiction, or
contravened by reason of any preemptive legislation, the remaining sections and/or
provisions of this Ordinance shall remain valid. The City Council hereby declares that it
would have adopted this ordinance, and each section or provisions thereof, regardless of
the fact that any one or more section(s) or provision(s) may be declared invalid or
unconstitutional or contravened via legislation.
SECTION 6. Publication of this Ordinance. As provided in Section 313 of the
Palm Springs City Charter, the City Clerk shall cause notice of this Ordinance to be
Ordinance No. 1989
Page 3
ADOPTED THIS 22ND DAY OF MAY, 2019.
ATTEST:
ANTHONY E MMC
CITY CLERK
ROBERT
MAYOR
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE) ss.
CITY OF PALM SPRINGS)
e
I, ANTHONY J. MEJIA, City Clerk of the City of Palm Springs, California, do hereby
certify that Ordinance No. 1989 is a full, true, and correct copy, and was introduced at a
regular meeting of the Palm Springs City Council on May 1, 2019, and adopted at a
regular meeting of the City Council held on May 22, 2019, by the following vote:
AYES:
Councilmembers Holstege,
Mayor Moon
NOES:
None
ABSENT:
None
ABSTAIN:
None
Middleton, Roberts, Mayor Pro Tern Kors, and
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Palm Springs, California, this cis day of x "ZD IC7 .
THONY J. EJI
CITY CLER