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California Health and Safety Code Sec. 52001. <br /> <br /> The California State Legislature has additionally <br />found and declared that <br /> <br /> it is necessary and essential that counties and cities be <br /> authorized to directly and indirectly make long-term, <br /> low-interest loans to persons not presently eligible for <br /> financing through private sector lending institutions to <br /> finance construction, rehabilitation, and acquisition of <br /> homes in order to encourage investment and upgrade local <br /> areas. <br /> <br />California Health and Safety Code 52002. <br /> <br />City of Pleasanton plans to issue qualified single family <br />mortgage bonds in 1985 in furtherance of the above-stated <br />policies of the California State Legislature and in conformance <br />to the following policies and goals: <br /> <br /> (i) Use of Proceeds. <br /> <br /> The proceeds of the Bonds will be used to finance the <br /> acquisition of residences. <br /> <br /> (ii) Targeting of Proceeds to Housing Type. <br /> <br /> The proceeds of the Bonds will be targeted to both new and <br /> existing housing. <br /> <br /> (iii)Determination of Need for Targeting. <br /> <br /> The City Council adopted, on October 26, 1982, the housing <br /> element of the City of Pleasanton general plan. The <br /> following excerpts from the housing element pertain to <br /> low-income housing and the development and adequacy of <br /> affordable housing in the City of Pleasanton: <br /> <br /> <br />