Bonds—Approval of purpose.
Riverside Municipal Code § 2.51.090
in effect2.51.090 - Bonds—Approval of purpose.
The Authority may adopt a resolution authorizing or providing for the issuance of bonds provided that:
A. An application for assistance under this chapter is submitted to the Authority requesting the issuance of bonds to finance a project. Prior to making any commitment for such assistance, the Authority shall find and declare on the basis of all information reasonably available to it, that such assistance:
1. Will tend to maintain or provide gainful employment for the inhabitants of the City;
2. Shall serve a public purpose by contributing to the prosperity, health, welfare, and safety of the inhabitants of the City;
3. Will stimulate the economy, development or redevelopment of the City;
4. Will result in the creation, or retention, of a significant number of jobs; and
5. The project would not have been undertaken without the issuance of the bonds therefor.
Such findings and determinations shall be conclusive for all purposes of this chapter. The Authority may make the foregoing findings and declarations on a prospective basis prior to the receipt of any such application; provided further, that the proceeds of bonds issued by the Authority are not disbursed to any applicant or applicants until such findings and declarations are made specifically with respect to such applicants or applicants' project or projects.
B. The Authority may issue bonds to refund bonds issued pursuant to this chapter without making any of the foregoing findings.
(Ord. 4976 § 3(b), 1981)
Source: City of Riverside, California, Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/ca/riverside/codes/code_of_ordinances?nodeId=PTIICOOR_TIT2ADPE_CH2.51ECDEAU_2.51.090BOPPPUFetched: 11/1/2026