3.92.055 Sacramento Tourism Infrastructure District No. 2018-04.
A. This section modifies the Property and Business Improvement District Law of 1994 (California Streets and Highways Code sections 36600 through 36671) (the "PBID Law") with respect to Sacramento Tourism Infrastructure District No. 2018-04 (the "District").
B. Section 36640 of the PBID Law is hereby amended to provide that the city council may, by resolution, pledge any assessment revenues the District generates to the payment of any bonds, notes, loans, interim certificates, debentures, installment-purchase agreements, leases, or other obligations the city issues or incurs (each, an "Obligation," and collectively, the "Obligations").
C. A pledge of assessment revenues to the payment of an Obligation must be evidenced by the indenture, trust agreement, loan agreement, lease, installment-purchase agreement, revolving-credit agreement, credit or liquidity agreement, or other instrument or agreement under which the city issues or incurs the Obligation.
D. An Obligation may extend for more than 30 years and may be payable from assessments and other revenues. Accordingly, section 36640 of the PBID Law is hereby amended to provide that the amount of debt service to retire an Obligation may be more than the amount of revenue estimated to be raised from assessments in the District over 30 years.
E. This section, being necessary for the health, welfare, and safety of the city and its residents, is to be liberally interpreted to carry out its purposes.
F. This section provides a complete, additional, and alternative method for doing the things authorized, and it is supplemental and additional to the powers conferred by other laws, including the PBID Law.
G. The validity of any Obligation does not depend on, and is not affected in any way by, any city proceedings to acquire, construct, or complete any properties or projects for which the Obligation is issued or any agreements made in connection with the acquisition, construction, or operation of those properties or projects. An Obligation will be incontestable, and its issuance or incurrence and delivery will conclusively establish the due performance of all conditions precedent to its issuance, incurrence, and delivery.
H. This section may not be amended to have a material, adverse effect upon the rights of any holder of any outstanding Obligation without the holder's written consent, except as follows: this section may be amended at any time (1) if the amendment is needed to cure an ambiguity or to correct or supplement a defective provision; (2) if the city council finds that the amendment will not materially impair or adversely affect the city's interests or the interests of the holder; (3) if the city council finds that the amendment is necessary or desirable to assure the exemption from gross federal income taxation of interest on an Obligation, if applicable; or (4) if the amendment will apply solely to Obligations issued after its effective date.
I. To the extent this section is inconsistent with any general statute or special act, including the PBID Law, this section will control.
J. If, for any reason, any part of this section is invalid, then all valid parts that are severable from the invalid part remain in effect. (Ord. 2018-0025 § 2)
