§ B7.305

REVENUE BONDS OF THE PORT COMMISSION

The Port Commission shall have the exclusive power to perform or accomplish the issuance of revenue bonds in the same manner and to the same extent as is provided for by the San Francisco Harbor Revenue Bond Act of 1951, enacted by Stats. 1951, Chapter 1712, page 4020, of the Statutes of California and codified as Sections 3300 to 3369 of the Harbors and Navigation Code of the State of California, except that the provisions of said Act codified as Section 3338 of the said Harbors and Navigation Code shall not be applicable to these bonds and the bonds shall instead be governed by the following provision:

The San Francisco Port Commission may fix terms and conditions for the sale or other disposition of any authorized issue of bonds and may provide that the bonds may be sold on the basis of the lowest net interest cost to the San Francisco Port Commission, the coupon rates to be fixed by the successful bidder on the sale of the bonds. The San Francisco Port Commission may authorize the City Treasurer to sell bonds at less than their par or face value, but no bond may be sold at a price below 95 percent of the principal amount of the bond and accrued interest thereon. The said San Francisco Port Commission may set the annual rate or rates of interest which the bonds to be issued shall bear, which rate or rates, at the discretion of the said Commission, may be determined by the bidder at the time of sale of said bonds. Such interest may be payable at such periods as may be fixed by the Commission.

All of the other provisions of said Act are by this reference incorporated in and made a part of this Charter, except that where the term “Board of State Harbor Commissioners” is used it shall be deemed to mean the “Port Commission,” and where the term “San Francisco Harbor” is used it shall be deemed to mean all the property under the jurisdiction of the San Francisco Port Commission, and where the term “San Francisco Harbor Bond Finance Board” or “Bond Finance Board” is used it shall be deemed to mean “Board of Supervisors of the City and County of San Francisco,” and where the term “Attorney General of the State of California” is used it shall be deemed to mean “City Attorney,” and where the term “State Treasurer” is used it shall be deemed to mean “City Treasurer,” and where the term “State Controller” is used it shall be deemed to mean “City Controller.” The revenue bonds issued hereunder shall be known as “Revenue Bonds of the Port Commission of San Francisco.”

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