What Are We Doing?
Opposing the hostile take-over of Liberty Apple Valley
Chapter 3.35 of Title 3 of the Municipal Code is added to read:
3.35 VOTER APPROVAL PRIOR TO ISSUANCE OF PUBLIC DEBT SECURED BY FEES OR CHARGES ON SERVICES
(a) No ordinance or resolution authorizing the issuance of bonds or other forms of public debt in an amount exceeding five million dollars ($5,000,000) to provide funds for the acquisition, construction, improvement, or financing of an enterprise, secured by revenues derived from the operation of the enterprise, shall become effective unless approved by the voters, except as provided herein.
(b) For purposes of this Section:
(1) The terms
revenues shall have the same meaning as provided for in the Revenue Bond Law of 1941 (Chapter 6, Part 1, Division 2, Title 5, commencing with Section 54300, of the Government Code).
(2) The term
public debt includes, but is not limited to, certificates of participation, or public leaseback, secured by the revenues derived from the operation of the enterprise, or lease payments made to advance the purpose of the enterprise.
(c) An ordinance or resolution authorizing the issuance of public debt exceeding five million dollars ($5,000,000) to provide funds for the acquisition, construction, or improvement of an enterprise, secured by revenues derived from the operation of the enterprise, shall not be subject to voter approval provided that all of the following requirements are satisfied:
(1) The Council conducts a public hearing on the issuance of the public debt at least ten (10) days before approving an ordinance or resolution authorizing the issuance of the public debt;
(2) The Council certifies, based on a financial analysis and following a public hearing, that the projected revenues from the enterprise exceed the amount of public debt proposed to be issued;
(3) The ordinance or resolution specifies that the public debt shall not be secured by the taxing power of the Town; and
(4) The ordinance or resolution includes a requirement that the Town conduct an annual, independent audit to ensure that the proceeds of the public debt are expended only in connection with the enterprise.
(d) Any election required by this Section shall comply with the provisions of Article 3, Chapter 6, Part 1, Division 2, Title 5 (commencing with Section 54380) of the Government Code.
(e) The exception in subdivision (c) shall not apply to any form of indebtedness requiring voter approval under state law.
SECTION 4. Conflicting Law. If this initiative measure and another measure addressing the issuance of public debt by the Town of Apple Valley appear on the same ballot, and a majority of the voters vote in favor of both measures, then the measure receiving more votes shall become valid, binding, and adopted in its entirety, and the other measure shall be null and void in its entirety. The voters expressly declare this to be their intent, regardless of any contrary language in any other ballot measure.
SECTION 5. Severability. This initiative measure shall be interpreted and applied so as to be consistent with all federal and state laws. If any provision of this Act or part thereof, or any application thereof, is for any reason held to be invalid or unconstitutional, the remaining sections and applications shall not be affected but shall remain in full force and effect, and to this end, the provisions of this initiative measure are severable.
SECTION 6. Effective Date. This Ordinance shall be deemed adopted upon the date that the vote is declared by the Council and shall go into effect ten (10) days after that date, as provided in section 9217 of the Elections Code.