3.48.020 Definitions.
Unless the context otherwise requires, the following definitions shall govern the construction of this chapter:
A. “Acquisition” and its variants means acquisition, construction, improvement, furnishing, equipping, remodeling, repair, reconstruction or rehabilitation.
B. “Administrative expenses” means all reasonable and necessary expenses incurred by the City in the administration of the provisions of this chapter with respect to a particular project and the financing or refinancing thereof, including without limitation compensation to City agents, employees and staff; fees and expenses of paying agents, trustees, bond counsel and financing consultants; and costs of printing and advertising.
C. “Bonds” means any bonds, notes, interim certificates, debentures or other obligations issued either by the City pursuant to this chapter, or by any other legal entity for purposes permitted by this chapter, which obligations are payable exclusively from revenues and other funds permitted by the applicable law under which such obligations were issued or entered into.
D. “City” means the City of Chula Vista, California, a chartered city in the state existing under and exercising powers pursuant to the City Charter and the Constitution of the state.
E. “City Charter” means the Charter of the City, as amended from time to time.
F. “City Council” means the City Council of the City.
G. “Costs” means, with reference to a project, any or all of the following costs incurred for the acquisition or financing thereof:
1. Obligations of the participating party incurred for labor and materials in connection with the acquisition of the project;
2. The cost of acquisition of any property, whether real or personal and improved or unimproved, including franchise rights and other intangible property, and any interests therein required for the acquisition of the project;
3. The cost of demolishing, removing or relocating any building or structure, and the cost of making relocation assistance payments required by law;
4. The cost of contract bonds and of insurance of all kinds that may be required or necessary during the course of the acquisition or financing of the project;
5. All costs of engineering, legal and consultant services, including the costs of the participating party for surveys, estimates, plans, and specifications and preliminary investigation thereof, and for supervising construction, as well as for the performance of all other duties required by or consequent upon the proper acquisition of the project;
6. All costs incurred in connection with proceedings by the participating party necessary to comply with the California Environmental Quality Act of 1970, as amended;
7. All amounts required to fund any reserve funds for bonds and any interest on bonds becoming due and payable during a period not exceeding the period of acquisition of the project and 12 months thereafter;
8. All administrative expenses;
9. All costs which the participating party shall be required to pay, under the terms of any contract or contracts, for the acquisition or financing of the project;
10. The refinancing of existing indebtedness secured by an interest in any real property comprising any portion of the project, so long as, and to the extent that, such refinancing does not cause interest on the bonds to become taxable under Section 103 of the Internal Revenue Code of 1954, as amended;
11. All costs incurred in connection with the refunding of any bonds issued with respect to a project; and
12. Any sums required to reimburse the participating party for advances made for any of the above items or for any other costs incurred and for work done which are properly chargeable to the project.
H. “Exempt organization” means an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.
I. “Finance” and its variants, including without limitation refinance and refinancing, means the lending of moneys or any other thing of value, or the purchase of loans or the entering into of leases or installment sale agreements, for the purpose of:
1. Paying or otherwise providing for or assisting the payment of any or all of the costs of a project pursuant to this chapter; or
2. Providing funds to be used as working capital or otherwise for general expenditures of exempt organizations pursuant to this chapter.
J. “Participating party” means any person, corporation, partnership, firm or other entity or group of entities requiring financing for the acquisition or refinancing of a project pursuant to this chapter.
K. “Project” means real property improved with an industrial, commercial or utility structure, including but not limited to real property to be used by an exempt organization in connection with its authorized purposes, and all property in connection therewith or incidental thereto, including all machinery, equipment and furnishings, the acquisition or refinancing of which is financed or otherwise assisted pursuant to this chapter; provided, however, that no project to be financed or refinanced may be located outside the City unless the City Council shall find and determine that such project would directly benefit the citizens of the City by substantially promoting one or more of the public interests recited in CVMC 3.48.010. “Project” also includes qualified residential rental property as described in and within the meaning of Section 142(d) of the Internal Revenue Code of 1986, as amended, and regulations and rulings promulgated thereunder, including all property in connection therewith and incidental thereto.
L. “Ordinance” means Ordinance No. 1970, passed and adopted by the City Council of the City on February 9, 1982, pursuant to the City Charter as amended from time to time.
M. “Revenue” means, with respect to a project, all amounts received as repayment of principal, interest and all other charges received for, and all other income and revenue (including the proceeds of insurance) derived by, the City in connection with such project, and any receipts derived from the investment of such income or revenue, including moneys deposited in a sinking, redemption or reserve fund or other fund to secure the bonds or to provide for the payment of the principal of or interest on the bonds, and such other moneys as the City Council may in its discretion make available therefor.
N. “State” means the state of California. (Ord. 2669 § 1, 1996; Ord. 2550 § 1, 1993; Ord. 2498 § 2, 1992; Ord. 2044 § 1, 1983; Ord. 2040, 1983; Ord. 1970 § 2, 1982).