ORD 0999 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAJ~EDA COUNTY, CALIFORNIA ORDINANCE NO. 999 ORDINANCE ADOPTING A HOME MORTGAGE FINANCE PROGRAM AID AUTHORIZING CITY OFFICERS TO IMPLEMENT THE PROGRAM WHEREAS, there is a shortage in the City of Pleasanton (the "City") of housing affordable by persons in the lower end of the purchasing spectrum, and a consequent need to encourage the construction and rehabilitation of homes affordable by such persons and otherwise to increase the housing supply in the City for such persons; and WHEREAS, the City Council of the City of Pleasanton desires to establish a home mortgage finance program (the "Program") pursuant to Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") in order to address said shortage. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES ORDAIN AS FOLLOWS: Section 1: The City hereby establishes a home mortgage finance program pursuant to the Act and hereby determines to issue revenue bonds pursuant to said Act to provide funds for the Program. Section 2: The City hereby finds and declares that the Program will serve the public purposes of providing financing for decent, safe and sanitary housing that people in the lower end of the purchasing spectrum can afford and of increasing the housing supply. Section 3: The proper officers of the City are hereby authorized and directed to perform any acts and enter into and execute any agreements or other documents that they may deem necessary or appropriate to implement the Program. Section 4: The provisions of this ordinance, being necessary for the welfare of the City and its inhabitants, shall be liberally construed to effect its purposes. Section 5: This ordinance shall be published once within fifteen (715) days after its adoption in "The Valley Times," a newspaper of general circulation published in the City of Pleasanton. Section 6: This ordinance shall be effective thirty (30) days after the date of its final passage and adoption.