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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 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 by the city pursuant to this chapter, which are payable exclusively from revenues and other funds permitted by this chapter, and which are “industrial development bonds” within the meaning of Section 103(b) of the Internal Revenue Code of 1954, as amended, or any similar provision of such Code then in effect.

D. “City” means the city of San Luis Obispo, 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. “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 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 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 therefor 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 twelve 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 of the project;

10. The refinancing of any 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; and

11. 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 entity exempt from federal income taxation pursuant to Section 501(c) of the Internal Revenue Code of 1954, as amended.

I. “Finance” and its variants 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 (i) paying or otherwise providing for or assisting the payment of any or all of the costs of a project pursuant to this chapter, or (ii) 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 of a project pursuant to this chapter.

K. “Project” means real property located within the city and improved with an industrial or commercial structure, and all property in connection therewith or incidental thereto, including machinery, equipment and furnishings, the acquisition of which is financed or otherwise assisted pursuant to this chapter.

L. “Ordinance” means Ordinance No. 1047, codified in this chapter, passed and adopted by the council on October 15, 1985, pursuant to the city Charter, as amended from time to time.

M. “Revenues” 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 revenues, 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 council may in its discretion make available therefor.

N. “State” means the state of California. (Ord. 1047 (part), 1985)