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HomeMy WebLinkAboutESTABLISHMENT/BYLAWS CAPITAL IMPROVEMENT BOARD LEGISLATIVE & LEGALS' �oae It — EstablishmentlBylaws 706-02 Capital Improvement Board Legislative & Legal gg CAPITAL IMPROVEMENT BOARD 1. When formed? Established by Ordinance No. 1059 adopted 4/15/86. 2. Who appoints and 3) how many members? Has a Board of Directors consisting of five members - one each to be a Councilmember. (In effect, they are elected.) 4. Purpose? See attached. Resolution No. 101 adopted 6/17/86. • t9028� .. O JMNW:CFA:dld June *r S t RESOLUTION.NO. 101 RESOLUTION OF THE CITY OF SAN LUIS OBISPO CAPITAL IMPROVEMENT BOARD SETTING TIME AND PLACE OF REGULAR MEETINGS AND APPROVING BY-LAWS F6386 WHEREAS, the City Council of the City of San Luis Obispo has previously adopted its Ordinance No. 1059 (1986 Series) establishing the City of San Luis Obispo Capital Improvement Board (the "Board"), and it is appropriate at this time that the Board establish the time and place of regular meetings and adopt By-laws governing the conduct of business by the Board: NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the City of San Luis Obispo Capital Improvement Board as follows: Section 1. Regular Meetings. The Board shall hold a regular meeting annually at 7 p.m. on the 1st Tuesday in June of each year. The time and place of regular meetings of the Board may be changed from time to time by resolution of the Board. The Board may hold special meetings from time to time as set forth in the by- laws of the Board. Section 2. By-laws. The Board hereby approves By-laws in the form on file with the Secretary, who is hereby directed to certify a copy of said By-laws and file said copy with the minutes of this meeting. On motion of Boardmember Settle, seconded by Boardmember Rappa, PASSED AND ADOPTED this 17th day of June, 1986, by the following vote: AYES: Boardmembers Settle, Rappa, Dovey, Griffin and President Dunin NOES: None ABSENT: None i i I F, R 101 r • • 20026.6- O JM"w:CFA:Ot6 Jum 7. d F6387 BY-LAWS X9 CITY OF SAN LUIS OBISPO CAPITAL IMPROVEMENT BOARD Section 1. Offices. The principal office of the Board for the transaction of business shall be 990 Palm Street, San Luis Obispo, California 93401. The . Board of Directors may, however, fix and change from time to time the principal office from one location to another within the City of San Luis Obispo by noting the change of address in the minutes of the meeting of the Board of Directors at which the address was fixed or changed. The fixing or changing of such address shall not be deemed an amendment to these By-laws. . Section 2 . Se&I . The Board shall have a seal, consisting of two (2) concentric circles with the words "City of San Luis Obispo Capital Improvement Board" and with the date of establishment of the Board. U (�111741111774i7� Section 1. Powers. Subject to the limitations of Ordinance No. 1059 (1986 Series) adopted by the City Council on April 15, 1986, establishing the Board (the "Ordinance"), the terms of these By-laws, and the laws of the State of California, the powers of this Board shall be vested in and exercised by and its property controlled and its affairs conducted by the Board of Directors of the Board. Section 2. Number. The Board of Directors shall have five (5) Directors. The number of Directors may be changed by a By-law or amendment thereof duly adopted by the Board of Directors. Section 3. Election. Tenure of Office and Vacancies. Pursuant to the Ordinance, the Board of Directors shall consist of each member of the City Council of the City, and each Director shall hold office until the expiration of such. Director's term as member of the City Council of the City of San Luis Obispo. Section 4. Compensation. Directors shall serve without compensation but each Director may be reimbursed his or her necessary and actual expenses, including travel incident to his services as Director, pursuant 'to resolution of the Board of Directors. Any Director may elect, however, to decline said reimbursement Section . Reaular M _ann . Regular meetings of the Board of Directors shall be held at such time as the Board may fix by resolution from time to time, and if any day so fixed shall fall upon a legal holiday, then, upon the next succeeding business day at the same hour. No notice of any regular meeting of the Board of Directors need be given to the Directors. Sect a=4LM29tinas. Special meetings of the Board of Directors shall be held whenever called by the President, any Vice President, or by a majority of the Board of Directors. SAGLQL 7. Public Meetinac tioti of M&AI:0 . All proceedings of the Board of Directors shall be subject to the provisions of the Ralph M. Brown Act, constituting Chapter 9 of Part 1 of Division 2 of Title 5 of the California Government Code, and notice of the meetings of the Board shall be given in accordance with such Act. Section 8. Consent to M . MM. The transactions of the Board of Directors at any meeting however called and noticed or wherever held, shall be as valid as though done at a meeting duly held after call and notice if a quorum is present and if either before or after the meeting each Director not present signs a written waiver of notice or a consent to the holding of such meeting or approval of the minutes thereof. All waivers, consents or approvals shall be filed with the corporate records ansuch d made a part of the minutes of the meeting. Section 9. Quorum. A quorum shall consist of a majority of the members of the Board of Directors unless a greater number is expressly required by statute, by the Ordinance, or by these By-laws. Every act or decision done or made by at least three of the Directors present at a meeting duly held at which a quorum is present, shall be the act of the Board of Directors. Section 10. Order of Business. The order of business at the regular meeting of the Board of Directors and, so far as possible, at all other meetings of the Board of Directors, shall be essentially as follows, except as otherwise determined by the Directors at such meeting: (a) Report on the number of Directors present in person or by proxy in order to determine the existence of a quorum. (b) Reading of the notice of the meeting r and proof of the delivery or mailing thereof, or the waiver or waivers of notice of the meeting then filed, as the case may be. (c) Reading of unapproved minutes of previous meetings of the Board of Directors and the taking of action with respect to approval thereof. = (d) Presentation and consideration of reports of Officers and committees. (e) Unfinished business. -2- o (f) New business. -1 0 (g) Adjournment. Section 11. Resignation and Removal of Directors: Any Director may resign at any time by giving written notice to the President or to the Board of Directors. Such resignation shall take effect at the time specified therein, and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it +.' effective. Any Director may be removed by the Board of Directors with or without cause at any regular meeting or at any special meeting of the Board of Directors, the notice of which, among other things, indicates that the removal of one or more Directors identified therein shall be considered at such meeting. Section 12. Nonliability for Debts. The private property of the Directors shall be exempt from execution or other liability for any debts, liabilities or obligations of the Board and no Director shall be liable or responsible for any debts, liabilities or obligations of the Board. Section 13. Indemnity by Board for Litigation Expenses of Officer. Director or i' Em Ig_oyee. Should any Director, officer or employee of the Board be sued, either alone or with others, because he is or was a director, officer or employee of the Board, in any proceeding arising out of his alleged misfeasance or nonfeasance in the performance of his duties or out of any alleged wrongful act against the Board or by the Board, indemnity for his reasonable expenses, including attorneys' fees incurred in the defense of the proceedings, may be assessed against the Board or its receiver by the court in the same or a separate proceeding if the person sued acted in good faith and in a manner such person reasonably believed to be in the best interests of the Board and, in the case of a criminal proceeding, had no reasonable cause to believe the conduct of such person was unlawful. The amount of such indemnity shall equal the amount of the expenses, including attorneys' fees, incurred in the defense of the proceeding. Section 1. Officers. The officers of the Board shall be a President, a Vice President and such other officers as the Board of Directors, may appoint. When the duties do not conflict, one person, other than the President, may hold more than one of these offices. The City Administrative Officer of the City of San Luis Obispo shall act ex officio as the Executive Director of the Board, the Finance Director of the City shall act gx officio as Chief Financial Officer of the Board, and the City Clerk of the City of San Luis Obispo shall act g3 officio as the Secretary of the Board. Section 2. Election of Officers. The President' and Vice President shall be chosen annually by the Board of Directors and each shall hold office until he shall resign or shall be removed, shall resign or otherwise shall be disqualified to serve or his successor shall be elected and qualified to serve. -3- Section 3. Subordinate Officers. The Board of Directors may elect or authorize the appointment of such other officers than those hereinabove mentioned as the business of the Board may require, each of whom shall hold office for such period, have such authority and perform such duties as are provided in these By-laws, or as the Board of Directors from time to time may authorize or determine. Section 4. Removal of Officers. Any officer may be removed, either with or without cause, by a majority of the Directors then in office at any regular or special meeting of the Board, or, except in the case of an officer chosen by the Board of Directors, by any officers upon whom such power of removal may be conferred by the Board of Directors. Should a vacancy occur in any office as a result of death, resignation, removal, disqualification or any other cause, the Board of Directors may delegate the powers and duties of such office to any officers or to any Directors until such time as a successor for said office has been elected or appointed. Section 5. President The President shall preside at all meetings of the Board of Directors and exercise and perform such other powers and duties as may be from time to time assigned to him by the Board of Directors or be prescribed by these By-laws. The President shall also be the chief corporate officer of the Board and shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the Board. He shall preside at all meetings of the Board of Directors. He shall be gg officio member of all standing committees, and shall have the general powers and duties of management usually vested in the office of President of a public corporation and shall have such other powers and duties as may be prescribed by the Board of Directors or by these By-laws. Section 6. Vice President In the absence or disability of the President, the Vice President shall perform all the duties of the President and when so acting shall have all the powers of and be subject to all of the restrictions upon the President. The Vice President shall have such other powers and perform such other duties as may from time to time be prescribed for them, respectively, by the Board of Directors or by these By-laws. Section 7. Secretary. The Secretary shall keep or cause to be kept a book of minutes at the principal office or at such other place as the Board of Directors may order. of all meetings of the Directors, with the time and place of holding, whether regular or special, and if special, how authorized, the notice thereof given. the names of those present at Directors' meetings and the proceedings thereof. The Secretary shall give or cause to be given notice of all meetings of the Board of Directors of the Board, shall keep the corporate records in safe custody and shall have such other powers arid perform such other duties as may be prescribed by the Board of Directors or these By- laws. -4- Section 1. Nature of Obiects and Purposes. The business of this Board is to be operated and conducted in the promotion of its objects and purposes as set forth in the Ordinance. Section 2. Distribution of Assets During Continuance of Board. During the continuance of the Board, it may distribute any of its assets to the City of San Luis Obispo. If for any reason the City is unable or unwilling to accept the assets of the Board, said assets shall be distributed to the Federal Government, or to a state or local government for public purposes, or to a nonprofit fund, foundation or corporation which is organized and operated exclusively for charitable purposes. Section 3. Dissolution. The Board may be dissolved by majority vote of the Directors if at the time of such dissolution the Board has no outstanding indebtedness and is not a party to any outstanding material contracts. Upon the dissolution or termination of this Board, and after payment or provision for payment, all debts and liabilities, the assets of this Board shall be distributed to the City of San Luis Obispo, California. If for any reason the City is unable or unwilling to accept the assets of the Board, said assets will be distributed to the Federal Government or to a state or local government for public purposes; or to a nonprofit fund, foundation, or corporation which is organized and operated for charitable purposes. General Provisions Section 1. Payment of Money,Signatures. All checks, drafts or other orders for payment of money, notes or other evidences of indebtedness issued in the name of or payable to the Board and any and all securities owned by or held by the Board requiring signature for transfer shall be signed or endorsed by the Chief Financial Officer. Section 2. Execution of Contracts. The Board of Directors, except as in the By- laws otherwise provided, may authorize any officer or officers, agent or agents, to enter into any contract or execute any contract or execute any instrument in the name of and on behalf of the Board and such authority may be general or confined to specific instances and unless so authorized by the Board of Directors, no officer, agent or employee shall have any power or authority to bind the Board by any contract or engagement or to pledge its credit or to render it liable for any purpose or in any amount. Section 3. Fiscal Year. The fiscal year of the Board shall commence on the 1 st day of July of each year and shall end on the 30th day of June of the next succeeding year. Section 4. Amendment of By-laws. These By-laws may be amended at any time and from time to time by majority vote of the Board of Directors. -5- N I• ORDINANCE NO. 1059 (1986 SERIES) AN ORDINANCE OF THE CITY OF SAN LUIS OBISPO ESTABLISHING THE CITY OF SAN LUIS OBISPO CAPITAL IMPROVEMENT BOARD, A PUBLIC FACILITIES FINANCING AUTHORITY, AND PRESCRIBING THE POWERS AND PURPOSES THEREOF WHEREAS, the City of San Luis Obispo (the "City") is a municipal corpora- tion and charter city duly organized and existing under a freeholders' charter pursuant to which the City has the right and power to make and enforce all laws and regulations in respect to municipal affairs and certain other matters in accordance with and as more particularly provided in Sections 3, 5 and 7 of Article RI of the Constitution of the State of California and Section 203 of the Charter of the City (the "City Charter"); and WHEREAS, the City is proposing to construct and improve various public facilities and improvements which will necessitate the use of a public authority to implement the financing presently contemplated; and WHEREAS, in order to implement the financing of such facilities and improve- ments, it is necessary to authorize the establishment of said public authority as provided herein; , BE IT ORDAINED by the Council of the City of San Luis Obispo as follows: SECTION 1. CHAPTER 3.42 CAPITAL IMPROVEMENT BOARD 3.42.010 Declaration of Public uses and purposes. The Council hereby finds and determines that the construction, acquisition, maintenance and improvement of public facilities and improvements within the City and the performance of all undertakings incidental or advantageous thereto are public purposes for which public money may be spent and private property acquired, and are governmental functions. 3.42.020 Municipal affair.. The Council hereby finds and determines that the activities set forth in Section 3.42.010 are municipal affairs, necessary and appropriate to a municipal corporation and the general welfare of its inhabitants, and are not prohibited by the Constitution of the State of California nor by the City Charter. 3.42.030. Effect of Chapter upon other law. This Chapter shall not affect any other provision of law relating to the same or a similar subject but provides an alternative method of procedure govern- ing the subject to which it relates; and it shall not abridge, modify or other- wise affect the right of the City to exercise any power given to it by the Constitution or any other law. 0 1059 3.42.040 Definitions. Unless the context otherwise requires, the definitions set forth in this Section shall govern the construction of this Chapter. "Board" means the public body established pursuant to Section 3.42.050 of this Chapter. "Bonds" means any revenue bonds issued by the Authority pursuant to the provisions of Article III of this Chapter. "City" means the City of San Luis Obispo.. "Chapter" means this Chapter, as originally adopted or as subsequently amended. "Project" means the construction, acquisition, maintenance or improvement of public facilities and improvements authorized by this Chapter. "Public facilities and.improvements" means any physical structure of a public nature and use which public entities are traditionally authorized to construct, acquire, operate, maintain and improve in the furtherance of public purposes, including interests in real property, equipment, furnishings and other appurtenances which are incidental thereto. "State" means the State of California. 3.42.050 Establishment of Board. A. There is hereby created and established within the City of San Luis Obispo a public body corporate and politic known as the City of San Luis Obispo Capital Improvement Board, a public facilities financing authority. B. The Board shall hold meetings at such times as it shall determine. The concurring votes of three members of the governing body of the Board shall be required for the taking of action. C. The members of the Council shall act ex officio as the governing body of the Board. At its organizational meeting the Board shall adopt by-laws govern- ing the conduct of its affairs in any manner deemed advisable by the Board and not inconsistent with the terms of this Chapter. Such by-laws may be amended from time to time by the governing body of the Board. D. At least once annually the Board shall prepare and make available to interested members of the public a statement of all its financial affairs, audited by independent certified public accountants. E. The Council may order the dissolution of the Board if the Board has no outstanding indebtedness and is not party to any outstanding material contracts, and if the unanimous written consent of the members of the Board is first obtained. -2- 3.42.060 Powers of the Authority. A. Corporate powers. The Board may: (1) Sue and be sued, have a seal, and make and execute contracts incl other instruments necessary or convenient to the exercise of its powers. (2) Make, and from time to time amend and repeal, bylaws and regula- tions not inconsistent with this Chapter to carry into effect the powers and purposes hereof. (3) Select and appoint or remove such permanent and temporary officers, agents, counsel and employees, as it requires, and may determine their quali- fications, duties, and compensation. The powers of the Board'under this sub- division are subject to all limitations and rights applicable to similar employment by the City, unless by resolution the Council otherwise determines. B. Acquisition and disposal of property; facilities; insurance. The Board may: (a) Purchase, lease, obtain option upon, acquire by gift, grant, bequest, devise, or otherwise, any real or personal property within the City, or any interest in, or improvements on, such property. (b) Sell, lease, exchange, transfer, assign, encumber (by mortgage, deed of trust, or otherwise) or otherwise dispose of any real or personal property or any interest in such property. (c) Insure any of its real or personal property or operations against risks or hazards. C. Maintenance and management. The Board may acquire, construct, rent, lease, maintain, repair, manage and operate all or any portion of any real and personal property, including the leasing of the operation of the property, and the leasing for commercial purposes of surplus space or space which it is not economic'to use for public purposes. Leases may be -negotiated without competitive bidding or awarded after competitive bidding in such manner as may be established by.the Board. D. Construction, acquisition, maintenance and improvement of public. facilities and improvements: The Board may do any act to construct, acquire, maintain and improve public facilities and improvements within the City, to devote such facilities and improvements to uses and activities consistent with the public purposes of this Chapter and to acquire and construct such facilities and improvements on real property owned, controlled, or operated by it, or on property leased by it from the City, as may be necessary or appropriate to such uses and activities. -3- E. Receipt and expenditure of funds. The Board may receive, control, and order the expenditure of any and al.1 money and funds pertaining to public facilities and improvements or related properties, including but not limited to: (a) All revenue derived from operations of the Board. (b) All money appropriated or made available by the City for such purpose. (c) The proceeds of all financial aid or assistance by the State of the Federal governemnt. (d) The proceeds of all Bonds issued pursuant to this Chapter. (e) The proceeds of all bonds or other obligations issued by the City for public facilities or improvements. F. Investments. The Board may invest funds held in reserve or sinking funds, or funds not required for immediate disbursement, in property or securities in which cities may legally invest funds subject to their control under the laws of the State. No such investment shall be made in contravention of any covenant or agreement with the holders of any Bonds of the Authority issued and outstanding. G. Borrowing. The Board may borrow money or accept financial or other assistance from the City, the State, the Federal government, or any other source for or in aid of any public facility or improvements within the City, and to such ends may comply with any conditions attached thereto. H. Exercise of powers. The Board may exercise all or any part or combination of the powers granted by this Chapter. I. Necessary or convenient acts. The Board may do and perform any and all other acts and things necessary, convenient, desirable, or appropriate to carry out the provisions of this Chapter. J. Use of services and facilities of City. In order that there may be no unnecessary duplication of effort or expense, the Board may provide for the furnishing of services by, and the use of facili- ties of, any department, office or agency of the City in lieu of, or in conjunc- tion with, the direct provision by the Board of services and the use of facilities through employment or purchase or other means. The furnishing of such services and the use of such facilities of any such department, office or agency shall be upon such terms and conditions as may be approved by the Board and the Council. -4- 3.42.070 Revenue Bonds. A. Power to Borrow and Issiue'Bonds• Nature of Bonds. The Board shall have the power to borrow money to provide funds for any project and to issue in its name revenue bonds to evidence the indebtedness created by such borrowing. The Bonds of each issue shall constitute special obligations, and evidence a special indebtedness, of the Authority, and shall be a charge upon and payable solely from such revenues and funds as are speci- fied therein and in the proceedings for their issuance. Such Bonds shall not constitute obligations nor evidence any indebtedness of the City. B. Recitals. All such Bonds shall recite upon.their face, in substance, that they constitute special obligations, and evidence a special indebtedness, of the Board, payable, both as principal and interest, and as to any premiums upon the redemption of any thereof, solely from such revenues and funds as are specified therein and in the proceedings for their issuance, and shall also recite upon their face that they are issued under this Chapter. C. Types of Bonds; sources of payment. The Board may issue such types of Bonds as it determines, including Bonds on which the principal and interest are payable: (1) Exclusively from the income and revenue of the facilities or improvements financed with the proceeds of the Bonds,.or with such proceeds and financial assistance from the State or Federal governments or from any other source in aid of such projects. (2) Exclusively from the income and revenue of certain designated facilities or improvements, whether or not such facilities were financed in whole or in part with the proceeds of the Bonds, and including income or revenue from any future extension, betterment, or addition to any such facilities thereafter to be established. (3) From its revenues generally, including revenue from the leasing of public facilities.and improvements owned or leased to it. (4) From any contributions or other financial assistance from the City, the State or Federal governments, or from any other source. (5) From any combination of these sources. D. Terms and conditions. Except as limited by express provision of this Chapter, the Board, by resolution, or by trust indenture, contract, or other agreement with or for the benefit of the Bondholders, may determine all the terms and conditions of each issue, series, or division of. Bonds and of their sale and issuance, and all matters necessary or appropriate in connection with the Bonds. -5- o E. Contract with Bondholders. The Board may provide that any resolution, trust agreement or indenture adopted or entered into in connection with the authorization of any Bonds shnil constitute a contract with the holders of such Bonds, not subject to repeal, and not subject to any modification other than to the extent and in a manner provided in any such resolution. F. Covenants and agreements. The Board may provide for such covenants and agreement on the part of the Board as it`deems necessary or advisable for the better security of any Bonds. G. Provisions for security and marketability. The Board may provide for such other acts and matters as -it may deem to be necessary, convenient, or desirable to secure the Bonds or to make them more marketable. H. Issuance and sale of Bonds. .The Bonds may be issued and sold as the Board determines and directs, at public or private sale, at or below their par value and at a rate of interest not to exceed the rate determined by the Authority in the resolution providing for the issuance thereof. The Bonds shall be payable at the times and in the amounts determined by the Board in said resolution. Without limiting the generality of the foregoing, the Bonds may also be issued directly to the seller of land, improvements or property acquired for Board purposes, as all or part of the purchase price thereof,.on such terms as may be established by the agreement for acquisition.. 3.42.080 Validating proceedings. An action to determine the validity of any Bonds issued by the Board under this Chapter or of any contracts entered into by the Board under this Chapter may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure. 3.42.090 Liberal Construction. This Chapter, being necessary for the health, welfare and safety of the City and its residents, shall be liberally construed to effect its purposes. Furthermore, the Council hereby declares that this Chapter is an exercise of the power granted to the City by the City Charter and the Constitution of the State and is an exercise by the City.of its powers as to municipal affairs and its police powers, and this Ordinance shall be liberally construed to uphold its validity under the laws of the State. 3.42.100 Partial Invalidity. If any Section, paragraph, sentence, clause or phrase of this Chapter shall for any reason be held illegal or unenforceable, such holding shall not affect the validity of the remaining portions of this Chapter. The Council . hereby declares that it would have adopted this Chapter and each and every other Section, paragraph, sentence, clause or phrase hereof and authorized the proceed ings authorized to be taken pursuant thereto irrespective of the fact that an}, one or more Sections, paragraphs, sentences, clauses or phrases of this Chaps l may be held illegal, invalid or unenforceable. SECTION 2. This Ordinance, together with the ayes and noes, shall be published once in full, at least three (3) days prior to its final passage in the Telegram -Tribune, a newspaper published and circulated in said City, and the same shall go into effect at the expiration of thirty (30) days after its said final passage. INTRODUCED AND PASSED TO PRINT by the Council of the City of San Luis Obispo at a meeting held on the 1st. day of. April , 1986, on motion of Councilman.Settle seconded by Councilwoman Rappa , and on the following roll call vote: AYES: Councilmembers Settle, Rappa, Griffin and Mayor Dunin NOES: Councilwoman Dovey ABSENT: None 1 I v/ Y APPROVED: A OR RON DUNIN -7- ORDINANCE NO. 1059 o (1986 Series) FINALLY PASSED this 15th day of April , 19 86, on motion of Councilwoman Ranna seconded by Councilman Settle and on the following roll call vote: AYES: Councilmembers Rappa, Settle, Griffin and Mayor Dunin NOES: Councilwoman Dovey ASSENT: None 'May on Dunin ATTEST: ty'Clerk Pam Voges iaiil911il l ii�iil City of San L IS o61Spo COUNCIL. AGENDA REPORT FROM: Roberta Goddard, Director of Finance SUBJECT: PAEETINr GATE:--- �/� April 15, 1986 j ITEM NU ER: Financing Public Improvements: Madonna Road and South Higuera Street CAO RECOMMENDATION: Give final passage to Ordinance 1059 establishing a Capital Improvement Board and establishing the powers and purposes thereof: BACKGROUND: On April 1, 1986, the City Council passed -to -print Ordinance 1059 establishing the Capital Improvement Board. The establishment of this Board is the first step in implementing an Asset Transfer Program, one of three financing plans for the road improvements in and around the Central Coast Plaza. If adopted, the ordinance would become effective May 15. 1986. ALTERNATIVES: The Council may: 1) Adopt the ordinance; 2) Deny the ordinance; 3) Continue the item. PROS -AND -CONS: 1) Adopting the ordinance would allow the Asset Transfer financing to proceed in a timely manner. HR 3838 has been delayed and interest rates are very low right now. 2) Denying the ordinance would mean the Asset Transfer Program could not proceed and the Council would need to identify another source of revenue for the planned street improvements. 3) Continuing the item to a future date may delay the financing, making it more costly if HR 3838 passes and interest rates go up. CITIZEN_ PARTICIPATION: When the ordinance was introduced, there was no public comment. city oV san r�s oaispo 0 ONZO COUNCIL AGENDA REPORT FISCAL IMPACT: None directly. If bonds are issued, they would generate revenue for public projects, and debt service issues would need to be addressed in the future. RECOMMENDATION: -------------- Give final passage to the attached Ordinance 1059 as introduced. v2-2